Wollongong, NSW

Residential development site zoned 'R1 General Residential'

The Loan is secured by first registered mortgage over a vacant residential development site located in Wollongong, NSW, on the eastern fringe of the Wollongong CBD and approximately 80km south of Sydney.

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

The Security Property comprises an unimproved residential development site of 714.5m² on an east facing level lot.

The Director has extensive experience in property investment and development, having completed multiple unit projects in North Wollongong and residential subdivision projects in areas around Wollongong.

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 65%.
• The Target Return is 8.70% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by a personal guarantee and a General Security Agreement over the Borrower.
• The Manager has assessed the financial position of the Borrower and Guarantor 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 7 June 2024 to 6 December 2025.

Investment Details

• Target Return

  8.7% net

• Loan to Value Ratio

  65%

• 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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