DA approved residential development site
The Loan is secured by a first registered mortgage over a 2.466ha, DA approved residential development site in the urban growth suburb of Thomastown, VIC, 17kms north of the Melbourne CBD. The property holds a planning permit which allows for the construction of 56 residential townhouses to comprise 14 x 2 bedroom and 42 x 3 bedroom townhouses with living areas ranging from 89m2 to 210m2.
The purpose of the Loan was to fund early works costs associated with the proposed development on the Security Property. The property was unencumbered at the time of making the Loan.
The Borrower Group is an experienced Melbourne based property development, construction and sales company established in 2011.
- The Loan was advanced at a Loan to Value Ratio of 37%.
- The Target Return is 7.95% 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 9 months, subject to early or late repayment, from 10 December 2018 to 9 September 2019.
Target Return7.95% net
Loan to Value Ratio37%
|Security||1st registered mortgage, personal and corporate guarantees and a General Security Agreement over the Borrower|
|Asset||DA approved residential development site|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.