Elermore Vale & Marmong Point, NSW

Six (6) titled residential lots and a DA Approved development site

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Thomas Holmes Drive No. 4 Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner.

The Loan is secured by a first registered mortgage over six (6) individually titled residential lots located in Elermore Vale, NSW and a 32.75ha DA approved Aged Care development site located in Marmong Point, NSW. The properties are approximately 13km west and 23km south west of the Newcastle CBD, respectively.

The Borrower intends to develop the Elmore Vale property. A DA is lodged for subdivision into 43 residential lots with determination anticipated in the near future.

The Marmong Point property is predominantly uncleared but has DA approval for a Retirement Village consisting of 94 independent living units contained within 47 double storey buildings. 

The Borrowers operate a substantial aged care operation in and around Newcastle and Lake Macquarie and have over 30 years’ experience in development and management of aged care facilities.

The Borrower Group is well known to the Manager who has provided multiple loans to the group.  All facilities have been conducted in a prompt and punctual manner. 

• The Loan was advanced at a Loan to Value Ratio of 50%.
• The Target Return is 10.20% 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 with the Manager.
• The Loan Term is 12 months, subject to early or late repayment, from 21 February 2024 to 20 February 2025.

Investment Details

• Target Return

  10.2% net

• Loan to Value Ratio

  50%

• Term

  9 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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