Caringbah South, NSW
This Loan refinanced the Willarong Road Sub-Trust. The previous loan was maintained by the Borrower in a prompt and punctual fashion. The Manager undertook a new credit assessment and renewed the loan for a further term, with new Loan documentation containing new Loan Terms and conditions. Investors in the original Willarong Road Sub-Trust have been fully repaid.
The Loan is secured by a first registered mortgage over a residential property comprising 929m² zoned E4-Environmental Living. The property is located in the prime Sutherland Shire suburb of Caringbah South situated nearby shops, schools, beaches and public transport.
The site is currently improved with a two-storey dwelling and double garage. The Borrower proposes to undertake a residential redevelopment consisting of a duplex complex on the Security Property and the adjoining property. The Borrower has lodged the Development Application and a decision from Council is expected during the Loan Term.
The Borrower has experience in residential property development in Sydney, particularly coastal suburbs.
- The Loan was advanced at a Loan to Value Ratio of 55%.
- The Target Return is 7.45% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by an unlimited guarantee and a General Security Agreement over the Borrower.
- The Loan Term is 9 months, subject to early or late repayment, from 1 September 2018 to 31 May 2019.
Target Return7.45% net
Loan to Value Ratio55%
|Security||1st registered mortgage, unlimited guarantees and a General Security Agreement over the Borrower|
|Asset||Residential property at Caringbah South, NSW|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.