DA Approved Residential Development Site
The Loan is secured by a first registered mortgage over a DA approved residential development site comprising 2,092m2 of land in Carlingford, approved for a 9 level residential development comprising 41 apartments. The Borrowing Group has been responsible for approx. $1.4 billion worth of development projects in the north and north-west of Sydney.
The Security Property is close to schools, public transport and amenities. The Borrower Group is an existing Balmain Private client and have significant assets and proven capacity for developments of this nature.
It is likely that the Loan will be repaid by construction financing.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 8.95% 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 a General Security Agreement over the Borrower.
- The Loan Term is 9 months, subject to early or late repayment, from 18 August 2018 to 27 May 2019.
Target Return8.95% net
Loan to Value Ratio65%
|Security||1st registered mortgage, Guarantee and Indemnity from the director and beneficial owner, and a General Security Agreement over the Borrower|
|Asset||Residential Development Land in Carlingford, 22kms north-west of Sydney CBD|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.