Mixed use development site
The Security Property comprises a 1,104m2 mixed use development site located in the established suburb of McKinnon, VIC, approximately 15kms south-east of the Melbourne CBD.
The property holds a Planning Permit for the construction of a 6-storey building to comprise 33 residential units, 6 retail units and 2 levels of basement car parking. Upon completion the development will comprise a total net saleable area of 2,838m2.
The Loan is anticipated to be repaid via refinance for construction once pre-development works have been completed and the Borrower has achieved a sufficient level of pre-sales to meet bank construction funding requirements.
The Borrower group is an experienced local property developer with over 20 years experience.
- The Loan was advanced at a Loan to Value Ratio of 58%.
- The Target Return is 7.65% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by joint and several personal and corporate guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 15 months, subject to early or late repayment, from 2 October 2018 to 1 January 2020.
Target Return7.65% net
Loan to Value Ratio58%
|Security||1st registered mortgages, joint and several guarantees and a General Security Agreement over the Borrower|
|Asset||Mixed use future development site|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.