Toorak, VIC

Penthouse Apartment

The Loan is secured by a first registered mortgage over a 414m² penthouse apartment located in Toorak, VIC, approximately 5km south east from the Melbourne CBD.

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Springfield Avenue Sub-Trust, and to provide equity release. The Borrower conducted the previous sub-trust in a prompt and punctual manner. 

The subject is within a ground plus 3 level residential apartment style development, that was constructed circa 2019, known as 'The Springfield'. The development itself comprises 13 residential apartments in total and is considered to be in excellent physical condition.

The Security Property is a half-floor, 3 bedroom penthouse apartment. It has four (4) basement car parks, and a 54m² storage area with a single basin sink. The property includes built-in cupboards and ensuite bathrooms within the bedrooms.

The property is well located near all necessary services and amenities, with numerous shopping options, multiple educational institutions and several recreational facilities within the area. It is also well connected to public transport, with tram services and bus services in close proximity. Toorak and Hawksburn Railway Stations are within walking distance.

The principals are founders of a Melbourne property developer group with a successful track record of developments in residential, commercial and hotels. They have a substantial net asset position and notable experience in property investment and development.

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.
• Interest for the Term of the Loan has been lodged on deposit with the Manager.
• 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 6 months, subject to early or late repayment, from 29 January 2024 to 28 July 2024.

Investment Details

• Target Return

  8.45% net

• Loan to Value Ratio

  65%

• Term

  3 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.