The Loan is secured by a first registered mortgage over an 860m² residential property zoned R3 Medium Density Residential in Willoughby, NSW, approximately 9km north of the Sydney CBD.
The property is improved with a freestanding double-storey dwelling comprising 3 bedrooms and 1 bathroom.
The Borrower also owns the adjoining property and has lodged a Development Application for the construction of eight (8) x 3 bedroom townhouses across the two (2) sites with a decision by Council anticipated during the Loan Term.
The purpose of the Loan was to assist with the acquisition of the Security Property for future development.
The Borrower is a Special Purpose Vehicle (SPV) established in June 2020 to acquire and develop the Security Property. The Borrower Group is a joint venture between one of Australia’s leading residential property developers and a well-renowned builder.
- The Loan was advanced at a Loan to Value Ratio of 64%.
- The Target Return is 6.60% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by personal and corporate guarantees and a General Security Agreement over the Borrower.
- Interest for the Term of the Loan has been lodged on deposit with the Manager.
- The Loan Term is 10 months, subject to early or late repayment, from 20 April 2021 to 19 February 2022.
Target Return6.6% net
Loan to Value Ratio64%
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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