Open for Investment
The Loan is secured by a first registered mortgage over a five (5) level commercial office/retail building situated in a premium, central Melbourne CBD location, well serviced by retail, hospitality and hotel amenities.
The purpose of the Loan was to assist in the purchase of the Security Property.
The Borrower exchanged contracts to acquire the property without a planning permit and has subsequently secured an approved permit which allows for the construction of a 13 level, 144 room hotel with two basement levels and a rooftop terrace bar.
The Borrower Group is an experienced Melbourne based developer which has completed a range of major commercial and residential developments. The Borrower Group intends to develop the Security Property once a hotel manager is appointed and the Loan will likely be repaid by development finance. Personal and corporate guarantees from the Borrower Groups key entities have been provided.
Target Return (net)7.45%
Loan to Value Ratio55%
Term to Run (Mths)11 Mths
All Current Investments.
All loans are credit approved before being offered to investors. All target returns are net of fees.
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