St Leonards, NSW
The Loan is secured by a first registered mortgage over four (4) adjoining residential properties at St Leonards NSW, approximately 6.5 km north of Sydney’s CBD.
The Security Properties collectively form part of a potential residential redevelopment site in the St Leonards South Gateway Precinct which is subject to a Draft Master Plan which achieved Gateway Determination from the NSW State Government on 2 September 2016.
The four (4) residential Security Properties were purchased by the Borrower Group for future development purposes at an amount substantially in excess of the Managers valuation of the assets. The properties were purchased from cash and were unencumbered at the time of making this Loan. The Borrower Group owns a further 21 residential properties in the St Leonards South Gateway Precinct.
The Borrower is the Australian arm of a major Chinese development group. The Australian entity has significant net balance sheet assets and development projects in Sydney and Adelaide. The Australian parent is a guarantor to this advance.
- The Loan was advanced at a Loan to Value Ratio of 65% of the Managers 'as is' valuation completed for mortgage purposes.
- The Target Return is 7.55% 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 14 months, subject to early or late repayment, from 19 October 2018 to 18 December 2019.
Target Return7.55% net
Loan to Value Ratio65%
|Security||1st registered mortgage, multiple joint and several guarantees and a General Security Agreement over the Borrower|
|Asset||Four adjoining residential properties|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.