Bellfield, VIC
Permit Approved residential development site
The Loan is secured by first registered mortgage over a 701m² Permit Approved residential development site located in Bellfield, VIC, approximately 11km north east of the Melbourne CBD.
The purpose of the Loan was to assist with the acquisition of the Security Property.
The site is zoned ‘General Residential Zone – Schedule 1’ under the Banyule City Council Planning Scheme. The surrounding environment comprises modern townhouse developments and single and double level residences.
The Security Property is presently improved by a single level brick dwelling, which is considered to be of no added value to the land.
The Borrower is a Special Purpose Vehicle (SPV) established for the sole purpose of acquiring and developing the Security Property. The Borrower Group has completed a number of successful townhouse development projects across Melbourne, run a successful garment wholesaling business and holds significant real estate assets.
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 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 for the Term of the Loan has been lodged on deposit with the Manager.
- The Loan Term is 18 months, subject to early or late repayment, from 27 October 2023 to 26 April 2025.
Investment Details
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Target Return
9.45% net -
Loan to Value Ratio
65% -
Term
11 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.
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