31 completed residential apartments
The Loan is a residual stock loan secured by first registered mortgage over 31 completed residential apartments in Schofields, NSW, approximately 45kms west of the Sydney CBD.
The Security Properties form part of a 119-residential apartment building known as 'Kew Schofields – Stage 1A'. Stage 1A comprises a 5 storey residential building consisting of 119 residential apartments and 147 car spaces over a 2 level basement. To date, the Borrower has sold 79 of the 119 apartments leaving 40 residual apartments of which 31 form the Security Properties and the balance of nine (9) apartments are being retained by the Borrower. The Security Properties comprise one (1) x 1 bedroom plus study and 30 x 2 bedroom apartments.
This facility is a residual stock facility whereby the Loan and LVR will reduce during the Loan Term from sales of the completed security apartments. On completion of the sale of an individual Security apartment, the Loan facility will be reduced by the agreed net sale proceeds and these funds will be returned to Investors' BDMIT Cash Units.
The Borrower Group operates a successful property development business, has previously completed a range of development projects in Sydney and is currently completing a luxury apartment project in the Eastern Suburbs with funding currently provided by BDMIT.
- The Loan was advanced at a Loan to Value Ratio of 58%.
- The Target Return is 7.40% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by an unlimited personal guarantee and a General Security Agreement over the Borrower.
- Interest payments equivalent to 12 months’ interest have been lodged on deposit.
- The Loan Term is 18 months, subject to early or late repayment, from 15 June 2020 to 14 December 2021.
Target Return7.4% net
Loan to Value Ratio58%
|Security||1st registered mortgage, personal guarantee and a General Security Agreement over the Borrower|
|Asset||31 completed residential apartments|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.