This Loan refinanced the Cliff Road Sub-Trust. The loan was maintained by the Borrower in a prompt and punctual fashion and the Manager undertook a new credit assessment and renewed the Loan for a further Term with Loan documentation containing new Loan terms and conditions. Investors in the previous Cliff Road Sub-Trust have been fully repaid.
The Loan is secured by a first registered mortgage over a ground floor retail stratum located in a recently completed mixed-use development in Wollongong, NSW, approximately 68kms south of the Sydney CBD.
The Security Property comprises a large (1,830m2) ground floor retail stratum which presents as a cold shell and is vacant at present. The Borrower intends to let the property to a high-end restaurant operator. The property holds Development Approval for subdivision into six (6) strata-titled lots however the strata plan has not been registered.
The Borrower Group is a long-term client of the Manager and has undertaken substantial and numerous property development projects in Wollongong over the past 25 years. All previous loans were conducted in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 57%.
- The Target Return is 6.70% 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.
- Interest for the initial 6 months of the Loan Term has been lodged on deposit.
- The Loan Term is 12 months, subject to early or late repayment, from 17 December 2020 to 16 December 2021.
Target Return6.7% net
Loan to Value Ratio57%
Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.
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