Littleton Villas comprises the development of 62 residential townhouses to be completed over 3 stages. The security for this advance is 15 residual townhouses in Stage 2 and the balance of land in Stage 3.
Stages 1 and 2 have been successfully completed along with civil works over stage 3. All townhouses in Stage 1 and 6 out of 22 townhouses in Stage 2 have been sold and settled. The construction of the townhouses in Stage 3 will occur at a later stage.
The 15 residual lots comprise of detached and semi-detached 3-bedroom townhouses ranging in internal size from between 123m2 and 133m2.
It is envisaged that the sale of the 15 townhouses will fully repay the loan advance during the Loan Term. It is not intended that there will be any residual debt on the Stage 3 land at the expiration of the Loan Term.
The Borrower Group is a substantial and successful residential developer with over 30 years experience in residential development in Brisbane.
- The Loan was advanced at a Loan to Value Ratio of 64%.
- The Target Return is 7.70% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by directors guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 23 November 2018 to 22 November 2019.
Target Return7.7% net
Loan to Value Ratio64%
|Security||1st registered mortgage, directors guarantee and a General Security Agreement over the Borrower|
|Asset||15 residential townhouses in Richlands, QLD|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.