Residential – Permit Approved Development Site
The Loan is secured by first registered mortgages over a permit approved residential land subdivision development site in Beaconsfield, VIC, approximately 50km south east of the Melbourne CBD. The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust. The Borrower has conducted the previous sub-trust in a prompt and punctual manner and in accordance with loan documentation.
The Security Properties comprise a total of 23,553m2 land across two (2) adjoining sites that hold permit approval for 23 individual residential land lots and 18 individual residential land lots, respectively. The Security Properties form part of the Borrower’s master planned ‘Beaconsfield Wattle Estate’, a permit approved staged residential land subdivision development of 70 residential lots in total.
The Borrower intends to commence civil works in late 2021 and will fund works from their own cash resources.
The Borrower Group is an experienced residential property development company based in Melbourne. They have completed various townhouse, apartment and land subdivision projects in the mid and outer south-eastern suburbs of Melbourne such as Oakleigh, Clayton, Keysborough, Beaconsfield and Officer. The Borrower Group also holds significant real estate assets.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 5.35% 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 is to be paid by the Borrower monthly in advance. The Manager has assessed the financial position of the Borrower and Guarantors and is satisfied that they are financially capable to service a loan of this nature.
- The Loan Term is 12 months, subject to early or late repayment, from 20 August 2021 to 19 August 2022.
Target Return5.35% net
Loan to Value Ratio65%
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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