St Ives, NSW
DA Approved Residential Development Site
This Loan refinanced the Douglas Street 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 Douglas Street Sub-Trust have been fully repaid.
The Loan is secured by way of first registered mortgages over a 5,729m2 residential development site located in St Ives, NSW approximately 24kms north of the Sydney CBD.
The Security Property is currently improved with a single-storey brick main residence, four garages, greenhouse, guest house, in-ground swimming pool and full-sized tennis court. The property benefits from DA consent, provided in October 2018, allowing for the construction of 18 x 1-2 storey detached and semi-detached over 55's residential dwellings with basement car parking.
The Directors of the borrowing entity are major shareholders of a Sydney based property development firm.
- The Loan was advanced at a Loan to Value Ratio of 55%.
- 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 along with a General Security Agreement over the Borrower.
- The Loan Term is 9 months, subject to early or late repayment, from 8 December 2018 to 7 September 2019.
Target Return7.95% net
Loan to Value Ratio55%
|Security||1st registered mortgages, joint and several personal and corporate guarantees and a General Security Agreement over the Borrower|
|Asset||Residential development site with DA approval|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.