CBD Development Site
This Loan refinanced the Wills Street Sub-Trust. The loan was maintained by the Borrower in a punctual fashion. The Manager undertook a new credit assessment and renewed the loan for a further term with new Loan Terms and conditions. Investors in the original Wills Street Sub-Trust have been fully repaid.
The Loan is secured by a first registered mortgage over a well-positioned CBD development site in Wills Street, Melbourne, VIC.
The Security Property has an approved Planning Permit for the construction of a 35 level contemporary tower to comprise 200 residential apartments and 3 ground floor retail tenancies.
The Borrower is an active and experienced property developer with over 20+ years’ experience in property development in Melbourne, VIC.
- The Loan was advanced at a Loan to Value Ratio of 39%.
- 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 personal and corporate guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 6 months, subject to early or late repayment, from 7 December 2018 to 6 June 2019.
Target Return7.65% net
Loan to Value Ratio39%
|Security||1st registered mortgage, joint and several personal and corporate guarantees and a General Security Agreement over the Borrower|
|Asset||CBD development site located in Melbourne, VIC|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.