Chatswood, NSW

Residential property – proposed mixed-use development site

The Loan is secured by first registered mortgage over a mixed-use development site located in Chatswood, NSW, approximately 10km north of the Sydney CBD.

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Anderson Street No. 2 Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner and in accordance with loan documentation.

The Security Property has a land area of 565m² and is improved with a double storey conventional style residential dwelling. 

The Security property is well serviced by retail amenities and two (2) major shopping centres, Chatswood Chase and Westfield Chatswood Shopping Centre. Chatswood Railway/Metro Station is located approximately 600m south from the subject site. In addition, public buses are available within close vicinity of the subject site.

The Security Property has been rezoned from 'R2 Low Density Residential' to 'MU1 Mixed Use' under the Willoughby Local Environmental Plan 2012. 

The Borrower Group are experienced property developers completing numerous developments across Sydney over the past 15 years, and also operate a successful IT business.

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 68%.
• The Target Return is 9.05% 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 initial 3 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 a loan of this nature.
• The Loan Term is 24 months, subject to early or late repayment, from 11 October 2024 to 10 October 2026.

Investment Details

• Target Return

  9.05% net

• Loan to Value Ratio

  68%

• Term

  24 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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