Beaconsfield, VIC

18 recently subdivided residential land lots - Residual Stock Loan

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Rix Road No.5 Sub-Trust.

The Loan is a Residual Stock Facility whereby it is intended the Loan and LVR will be reduced during the Loan Term from sales of the Security Properties.

The Loan is secured by first registered mortgage over 18 recently subdivided residential land lots located in Beaconsfield, VIC, approximately 46km south of the Melbourne CBD.

The Security Property forms part of Stage 3 within a master planned development owned by the Borrower and comprises 18 of 30 recently subdivided land lots, ranging from approximately 278m² to 1,140m² in size.

The Borrower Group is an experienced residential property development company based in Melbourne. They have completed various townhouse, apartment, and land subdivision projects in the mid and outer south-eastern suburbs of Melbourne.

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 8.45% 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 corporate guarantees and a General Security Agreement over the Borrower.
• 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 (pay interest) a Loan of this nature.
• The Loan Term is 15 months, subject to early or late repayment, from 6 December 2023 to 5 March 2025.

Investment Details

• Target Return

  8.45% net

• Loan to Value Ratio

  65%

• Term

  10 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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