Thornhill Park, VIC

12.22ha residential development site within approved PSP

The Loan is secured by first registered mortgage over a 12.22ha residential development site located in Thornhill Park, VIC, approximately 31km west of the Melbourne CBD. 

The purpose of the Loan was to refinance the existing Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Iramoo Circuit Sub-Trust for a further term. The Borrower conducted the previous sub-trust in a prompt and punctual manner.

The site is within a 3km radius of public transport, schools and retail amenities. 

The site is zoned ‘Urban Growth’ under the Melton Planning Scheme and is within the approved Toolern Precinct Structure Plan (PSP). 

A Planning Permit application has been lodged. Based on the PSP and the Subdivision Concept Plan, the subject land will deliver 90 conventional residential lots and one residential super lot. The site will also provide part of a government school and non-government education facility, a conservation area, arterial road and 4.99ha of active open space. 

The Borrower is a privately owned property investment and development company which holds substantial net property assets. The Directors have significant experience in property investment and development, including land acquisition and development such as the subject. 

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 58%.
• The Target Return is 9.35% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by joint and several personal guarantees and a General Security Agreement over the Borrower.
• Interest for the initial 12 months of the Loan Term has been lodged on deposit with the Manager.
• The Manager has assessed the financial position of the Borrower and Guarantors as part of its credit approval process and is satisfied that they are financially capable to service (pay interest) a Loan of this nature.
• The Loan Term is 18 months, subject to early or late repayment, from 24 May 2024 to 23 November 2025.

Investment Details

• Target Return

  9.35% net

• Loan to Value Ratio

  58%

• Term

  14 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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