Open for Investment
Residential & Retail Apartments
The Loan is secured by first registered mortgages over 32 residential apartments and two (2) retail lots in Ivanhoe, VIC, approximately 12kms north-east of the Melbourne CBD. The Security Properties are part of a 253 apartment development known as 'Ivanhoe Apartments' comprising 248 residential apartments and five (5) retail lots. 192 of the apartments have been sold and 27 retained by the Borrower leaving 19 x 1 bedroom, 9 x 2 bedroom, 4 x 3 bedroom and two (2) retail apartments as security for this Loan.
This facility is a residual stock facility whereby the Loan and LVR will likely be reduced during the Loan Term from individual lot sales. When proceeds are received from the sale of individual lots, these funds will be returned to Investor’s BDMIT Cash Units.
The Security Properties were unencumbered at the time of making the advance. The purpose of the Loan was to provide an equity release for working capital requirements.
The Borrower Group is a well established and experienced Melbourne based property development group with significant net assets.
Target Return (net)7.7%
Loan to Value Ratio65%
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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