Kangaroo Point, QLD
The Loan is secured by a first registered mortgage over six (6) residential apartments at Kangaroo Point, QLD, 4169, approximately 2kms east of the Brisbane CBD. The 6 residential apartments are part of an 11 storey 69-apartment development known as “Magnus”. The Magnus complex consists of 1 and 2 bedroom apartments, as well as a shared common and dining area with a pool on the roof. To date 62 units in the development have been sold with 1 being held by the borrower as a passive investment. The last 6 apartments are Security for this Loan.
This is a residual stock facility whereby the Loan will be reduced during the Loan Term from individual lot sales. When proceeds are received from sale of individual lots, these funds will be returned to Investor’s BDMIT Cash Units.
The purpose of the Loan was to release equity to the Borrower to undertake another development project.
The Borrowers are established and successful privately-owned development companies based in Brisbane.
- The Loan was advanced at a Loan to Value Ratio of 62%.
- The Target Return is 7.70% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by first registered mortgages, 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 November 2018 to 19 November 2019.
Target Return7.7% net
Loan to Value Ratio60%
|Security||1st registered mortgage, multiple joint and several guarantees and a General Security Agreement over the Borrower|
|Asset||6 residential apartments in luxury complex|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.