Residential & Retail Stock
This Loan refinanced the Batesford Road Sub Trust. The Loan was maintained by the Borrower in a punctual fashion. The Manager undertook a new credit assessment and renewed the Loan for a further term with loan documentation containing new loan terms and conditions. Investors in the original Batesford Road Sub-Trust have been fully repaid.
The Loan is secured by a first registered mortgage over three strata title residential apartments and four retail lots, located in a recently completed mixed use development in the established suburb of Chadstone, VIC, approximately 16kms south-east of Melbourne’s CBD.
The Security Property forms part of a recently completed mixed use 6-storey development which comprised 212 apartments, 4 retail office premises and 221 basement car parks. The development was fully sold prior to construction completion, except for the subject properties which were retained by the Borrower. The development was fully sold prior to the construction completion, except for the subject properties which were retained by the Borrower.
The Borrower is a retail supermarket operator and property investor. They have a substantial net asset position invested in commercial investment properties and project developments.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 7.05% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by joint and several unlimited guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 31 August 2018 to 30 August 2019.
Target Return7.05% net
Loan to Value Ratio65%
|Security||1st registered mortgage, unlimited guarantees and a General Security Agreement over the Borrower and a related party entity.|
|Asset||Seven strata title residential apartments and retail lots at Chadstone, VIC|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.