This facility is a refinance of the Catlin Avenue Sub-Trust. Investors in the original Sub-Trust were repaid and the Manager undertook a new credit assessment, valuation and renewed the loan for a further Term with Loan documentation containing new Loan Terms and conditions. The previous facility was conducted promptly and within the terms of the loan agreement.
The Loan is secured by a first registered mortgage over two residential properties. A 5 bedroom residential house on 1,457 square meters of land in upmarket McKellar, ACT approx. 15kms from the Canberra city center and 3 units (on one title) on 556 square meters at Batemans Bay, NSW approx. 280 kms south of the Sydney CBD.
The Borrower intends to sell the Batemans Bay property during the Term of the Loan.
The Borrower Group is an existing and long-standing Balmain client who has met all obligations on multiple loans in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 7.45% 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 24 months, subject to early or late repayment, from 5 November 2018 to 4 November 2020.
Target Return7.45% net
Loan to Value Ratio65%
|Security||1st registered mortgage, multiple joint and several guarantees and a General Security Agreement over the Borrower|
|Asset||Owner-occupied 5 bedroom house in McKellar, ACT, and 3 well positioned short term holiday rental units at Batemans Bay, NSW|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.