Residential property with future development potential
The Loan is secured by a first registered mortgage over a residential property located within the Leppington Precinct of the South West Growth Centre, approximately 38kms south-west of the Sydney CBD.
The Security Property has a land area of 24,680m2 and is improved with a single storey brick and tile residential dwelling. The property has potential for redevelopment upon re-zoning. The property is positioned within the South West Growth Centre Boundary although is directly to the southern boundary of land that has already undergone rezoning and is gazetted.
The purpose of the Loan was to provide a further 12 months whilst the Borrower Group await re-zoning.
The Borrower Group is a substantial and successful residential land developer with over 20 years’ experience in land subdivisions in the western suburbs of Sydney. The Group is well known to the Manager and previous loans have been conducted in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 45%.
- The Target Return is 7.45% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by a Director’s guarantee and a General Security Agreement over the Borrower.
- Interest for the initial 3 months of the Term of the Loan has been lodged on deposit.
- The Loan Term is 12 months, subject to early or late repayment, from 1 February 2021 to 31 January 2022.
Target Return7.45% net
Loan to Value Ratio45%
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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