Title

Burpengary

The purpose of the loan was to fund the settlement and construction of a 12- lot rural residential subdivision. Stage 1, comprising of 3 lots was approved at commencement. During the loan term the Borrower will submit approvals over stage 2 and 3, sell the lots, complete construction, and settle the project. The Borrower was given the option for 2 x 3-month extensions to the Facility, subject to their ongoing compliance with the loan terms.

At a glance

Address

239 Uhlmann Road, Burpengary East, QLD

Property Description

4.05ha vacant development site

Development Application for 12-lot rural residential subdivision

Security

Registered first mortgage over the Security Property

General Security Agreement over the Borrower

Personal Guarantees from the Directors of the Borrower

Total Loan Facility

$3,986,818

Valuation

$5,695,455

LVR

70% at commencement

Effective LVR to Investor

59% at commencement

Target Return

9% p.a.

Exit

Settlement of completed lots and/or refinance

Current Investments

Following are a sample of current commercial loan investments. All loans are credit approved using Balmain’s extensive credit skills and processes. All returns shown are target returns and net of fees.

South-West Rocks

Multi-Dwelling

Valuation

$16.2m

LVR

46.1%

Actual IIR

10.5% p.a.

Exit

Funds repaid in full February 2024

Victoria Point

Subdivision

Valuation

$8,500,000

LVR

65% at commencement

Actual IIR

10.25% p.a.

Exit

Refinance to construction facility in July 2024