Residential Apartments – Residual Stock Loan
The Loan is secured by first registered mortgages over nine (9) residential apartments in Edgecliff, NSW, approximately 4kms east of the Sydney CBD. The Security Properties form part of a recently completed development known as ‘Elements’, comprising of 19 x 1, 2 and 3-bedroom residential units. 10 of the apartments have been sold, leaving 9 residential apartments which form the security for this Loan.
This Loan is a residual stock facility whereby the Loan and LVR will be reduced during the Loan Term from individual apartment sales. When agreed sales proceeds are received from sale of individual apartments, these funds will be returned to Investor’s BDMIT Cash Units.
The purpose of the Loan was to refinance the incumbent construction funder, and provide funds to payout an existing shareholder.The Borrower is a substantial and established Eastern Suburbs development company. The Loan is supported by both corporate and personal guarantees.
- The Loan was advanced at a Loan to Value Ratio of 63%.
- The Target Return is 7.45% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by multiple guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 12 months, subject to early or late repayment, from 30 April 2019 to 29 April 2020.
Target Return7.45% net
Loan to Value Ratio63%
|Security||1st registered mortgage, multiple guarantees and a General Security Agreement over the Borrower|
|Asset||9 strata titled residential apartments in Edgecliff, NSW|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.