Portarlington and Greenvale, VIC
Rural Residential Properties
The Loan is secured by first registered mortgages over two (2) rural residential properties located in Greenvale and Portarlington , VIC.
The purpose of the Loan was to assist in the purchase of the Portarlington property with the Borrower providing the Greenvale property as additional security.
The Security Property at Portarlington, VIC is a 36,420m2 rural lifestyle property, improved by an 8-bedroom, 5-bathroom residential dwelling, a separate 3-bedroom, 3-bathroom day spa/retreat dwelling and a 4-bedroom bungalow. It is located approx. 25 kms from the Geelong city center approx. 50 kms from the Melbourne CBD. The second Security Property at Greenvale is a rural residential property on 20,234m2 with a current planning permit to sub-divide into 41 residential lots.
The Loan is anticipated to be repaid via a refinance into a construction facility to develop the Greenvale property.
- The Loan was advanced at a Loan to Value Ratio of 39%.
- 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 multiple joint and several guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 4 December 2018 to 3 December 2019.
Target Return7.7% net
Loan to Value Ratio39%
|Security||1st registered mortgage, multiple joint and several guarantees and a General Security Agreement over the Borrower|
|Asset||Two rural residential properties outside Melbourne.|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.