Fully Invested

Double Bay, NSW

Luxury residential apartment development nearing completion

The Loan is a residual stock loan secured by a first registered mortgage over a luxury residential apartment development nearing completion in Double Bay, NSW, approximately 4km east of the Sydney CBD.

The Security Property consists of a 4 storey boutique residential apartment building containing seven (7) residential apartments over two (2) levels of basement car parking. The project is currently nearing completion with Practical Completion estimated to be in August 2021. The Borrower Group has funded the works from equity to date. The Manager completed an on-site inspection of the project prior to Loan settlement and was satisfied with its progress.

The apartments range in size and configuration from a 1 bedroom 67m² apartment to a 6 bedroom + study sub-penthouse 344m² apartment.

This facility is a residual stock facility whereby the Loan will reduce during the Loan Term from sales of the completed Security apartments. On completion of the sale of an individual Security Property, the Loan facility will be reduced by the agreed net sale proceeds and these funds will be returned to Investors.

The Borrowers are part of a substantial family group who have had several property development and investment projects as well as other business interests in the last 20 years.

  • The Loan was advanced at a Loan to Value Ratio of 65%.
  • The Target Return is 6.05% 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 General Security Agreements over the Borrowers and a related entity.
  • Interest for the Term of the Loan has been lodged on deposit with the Manager.
  • The Loan Term is 12 months, subject to early or late repayment, from 31 May 2021 to 30 May 2022.

Investment Details

  • Target Return
    6.05% net
  • Loan to Value Ratio
    65%
  • Term
    8 Months

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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