Box Hill South, VIC
Permit Approved residential development site
The Loan is secured by a first registered mortgage over multiple residential accommodation units for future re-development in Box Hill South, VIC, approximately 18km east of the Melbourne CBD.
The Security Property is a 1.27ha Neighbourhood Residential Zoned (NRZ5) site currently improved with 43 vacant independent aged care units.
The Security Property holds an approved planning permit for the re-development of the Security Property into 53 double storey residential townhouses.
The Borrower Group intend to re-develop the Security Property in line with the approved planning permit.
The Loan is intended to be repaid via a refinance for construction once a sufficient level of pre-sales is achieved.
The Borrower Group are a substantial, active and experienced Melbourne based property developer.
- The Loan was advanced at a Loan to Value Ratio of 59%.
- The Target Return is 7.20% 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 Term of the Loan has been lodged on deposit.
- The Loan Term is 6 months, subject to early or late repayment, from 23 April 2021 to 22 October 2021.
Target Return7.2% net
Loan to Value Ratio59%
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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