Thornhill Park, VIC
Future residential development site
The Loan is secured by a first registered mortgage over an 8.088ha vacant development site located in Thornhill Park, VIC, approximately 37km west of the Melbourne CBD by road.
The purpose of the Loan was to assist with the acquisition of the Security Property.
The property is zoned part 'Urban Growth Zone' and part 'Farming Zone' and is predominantly vacant land with an established detached dwelling with ancillary shedding within the northern section of the site. The net developable area is estimated at 6.928ha.
The Manager notes that the Valuer believes that development of the site as a residential subdivision is considered the highest and best use.
The Borrower is a joint venture between two (2) individuals with substantial net assets. The Directors have substantial experience in property investment and development with over 40 years' of experience in real estate and the development of land in Melbourne’s fringe and growth suburbs.
The Borrower Group is well known to the Manager who has provided multiple loans to the Group. All facilities have been conducted in a prompt and punctual manner
- The Loan was advanced at a Loan to Value Ratio of 60%.
- The Target Return is 8.95% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
- Interest for the Term of the Loan has been lodged on deposit with the Manager.
- The Loan Term is 12 months, subject to early or late repayment, from 16 October 2023 to 15 October 2024.
Investment Details
-
Target Return
8.95% net -
Loan to Value Ratio
60% -
Term
5 Months
Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.
Start now by investing in an individual loan to commence building your own first mortgage investment portfolio with Balmain Private.