Residential Investment Property
The Loan is secured by a first registered mortgage over a residential dwelling held as a long term investment property on a site of 732m² in Sunnybank, QLD, approximately 13.5kms south of the Brisbane CBD. The property is a recently renovated large 5-bedroom house and adjoining 4-bedroom house generating rental income of $860/week.
The purpose of the Loan was to provide the Borrower with funding to complete development works associated with stage 3 of their 27-townhouse development at Calamvale QLD. The project is expected to be completed in August 2019. The Security Property was unencumbered at the time of making the Loan.
The Borrower Group is a family owned development management company that has completed numerous apartment and townhouse projects in Brisbane.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- 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 personal guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 21 December 2018 to 20 December 2019.
Target Return7.7% net
Loan to Value Ratio65%
|Security||1st registered mortgage, personal guarantees and a General Security Agreement over the Borrower|
|Asset||Recently renovated residential investment property|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.