Palmers Island, NSW

10ha rural residential dwelling

The Loan is secured by first registered mortgage over a 10ha rural residential property with an established dwelling located in Palmers Island, approximately 7km west of Yamba on the NSW north coast.

The established dwelling comprises five (5) bedrooms, three (3) bathrooms, multiple living areas, office and media room and is of good quality presentation and finish.

The purpose of the Loan was to refinance an existing loan encumbering the Security Property and to provide a small equity release to the Borrower for non-structural improvements on the dwelling.

The land has deep water frontage to the Clarence River with the dwelling elevated well above the 1:100 year flood event level.

The surrounding area comprises similar but inferior quality properties and is well serviced by schools and shopping facilities. The Loan is anticipated to be repaid from the sale of the Borrower's marina business, which the Directors of the borrowing entity currently own and operate in a partnership.

• The Loan was advanced at a Loan to Value Ratio of 65%.
• The Target Return is 9.45% 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 is to be paid by the Borrower monthly in advance. The Manager has assessed the financial position of the Borrower and Guarantors as part of its credit approval process and is satisfied that they are financially capable to service a loan of this nature.
• The Loan Term is 12 months, subject to early or late repayment, from 24 October 2023 to 23 October 2024.

Investment Details

• Target Return

  9.45% net

• Loan to Value Ratio

  65%

• 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.