Harkness (Melton West), VIC
Englobo land zoned Urban Growth
The Loan is secured by a first registered mortgage over 14.95 hectares of englobo land zoned Urban Growth located in Harkness (Melton West) VIC, approximately 40km west of the Melbourne CBD. The Security Property is well located, bordering on existing residential development and within 5km of retail amenities, public transport and educational facilities. Harkness is a recently established and rapidly developing suburb within the City of Melton.
The facility is additionally secured by Director/Shareholder guarantees and corporate guarantees from the Borrower Group that hold significant real estate assets and income.
The purpose of the Loan was to release equity to assist with the Borrower Group’s other development projects. The land was unencumbered at time of making the Loan.
- The Loan was advanced at a Loan to Value Ratio of 60%.
- The Target Return is 8.00% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by first registered mortgages over the security properties, unlimited joint and several personal and corporate guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 20 September 2018 to 19 September 2019.
Target Return8% net
Loan to Value Ratio60%
|Security||1st registered mortgages, unlimited joint and several guarantees and a General Security Agreement over the Borrower and a related party entity.|
|Asset||14.95 hectares of englobo land zoned Urban Growth located at Harkness, VIC|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.