Tarneit, VIC

Permit approved residential development site

The Loan is secured by first registered mortgage over a Planning Permit approved residential development site located in Tarneit, VIC, approximately 25km west of the Melbourne CBD.

The property is zoned 'Urban Growth' and is within the Wyndham Planning Scheme.

A Planning Permit has been issued allowing for a multi-lot subdivision of 64 residential lots ranging from 253m² to 390m² (average 296m²) and a single commercial super lot of 8,300m².

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Tarneit Road Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner and in accordance with loan documentation.

The Borrower is a Special Purpose Vehicle (SPV) established specifically to hold the subject property and carry out the proposed development.

The Borrower Group owns a successful corporate advisory and investment management fund.

• The Loan was advanced at a Loan to Value Ratio of 51%.
• The Target Return is 9.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by a Director’s guarantee 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 22 December 2023 to 21 December 2024.

Investment Details

• Target Return

  9.2% net

• Loan to Value Ratio

  51%

• Term

  7 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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