Cleveland and Birkdale, QLD
Two residential properties
The Loan is secured by 1st registered mortgage over two (2) double storey residential properties located in Cleveland and Birkdale in QLD. Cleveland and Birkdale are suburbs of the greater Brisbane metropolitan area and are located approximately 30km and 24km east of the Brisbane CBD respectively, in the Redland City Council area.
The Cleveland property is situated on 811m2 of waterfront land and features a freestanding contemporary double storey residential dwelling. The dwelling features 5 bedrooms, 4 bathrooms, study, media room and open plan living areas. Other improvements include an outdoor pool, patio, 3 car garage and private deep-water jetty.
The Birkdale property comprises a circa 1975 double storey brick residence on a 2,419m2 block. The property includes 4 bedrooms, 2 bathrooms with a 2 car garage and patio. There is also an external shed/garage.
The purpose of the Loan was to acquire the Birkdale property for renovation and subdivision into three (3) lots. The Cleveland property was provided as additional Security.
The Borrower Group are experienced property developers and investors based in Brisbane. The Group is well known to the Manager and previous loans have been conducted in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 51%.
- The Target Return is 5.65% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by 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 12 months, subject to early or late repayment, from 2 February 2022 to 1 February 2023.
Target Return5.65% net
Loan to Value Ratio51%
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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