Seventeen Seventy, QLD
Commercial Freehold & Marina
This facility is a refinance of the Captain Cook Drive No. 2 Sub-Trust. Investors in the original Sub-Trust were repaid and the Manager undertook a new credit assessment, valuation and renewed the loan for a further term with Loan documentation containing new Loan terms and conditions. The previous facility was conducted in a prompt and punctual manner.
The Loan is secured by a first registered mortgage over a fully licensed commercial marina operation located in Seventeen Seventy on Queensland’s Discovery Coast and consists of both freehold and leasehold land. Freehold land comprises a two storey building, a single storey sales office and caretaker’s residence, and various outbuildings. The leasehold component includes a seabed lease which forms part of the marina, a pontoon jetty with fourteen berths, a jetty refueling station and a slipway.
- The Loan was advanced at a Loan to Value Ratio of 54%.
- The Target Return is 7.20% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by multiple personal and corporate joint and several guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 24 months, subject to early or late repayment, from 31 July 2018 to 30 July 2020.
Target Return7.2% net
Loan to Value Ratio54%
|Security||1st registered mortgage, multiple joint and several guarantees and a General Security Agreement over the Borrower.|
|Asset||Fully licensed commercial marina located in Seventeen Seventy, Queensland|
Full details of each investment are provided to investors in a Supplementary PDS unique to each particular Sub-Trust.