Title

South-West Rocks

Benchmark funded a land facility to enable the Borrower to settle an approved development site, complete detailed design and obtain a construction certificate.

At a glance

Address

Phillip Drive, South-West Rocks

Property Description

4.813 hectare vacant development site

Stage 1 – Approved for Multi-Dwelling Housing, Neighbourhood shops and Take Away Food & Drink Premises

Future approval for apartment building and mixed use

Security

Registered first mortgage over the Security Property

General Security Agreement over the Borrower

Personal Guarantee from the Director of the Borrower

Total Loan Facility

$7,488,000

Valuation

$16.2m

LVR

46.1%

Effective LVR to Investor

39.2%, after Benchmark First Loss Protection applied

Actual IRR

10.5% p.a.

Exit

Funds repaid in full February 2024

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.

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

Burpengary

Residential subdivision

Valuation
$5,695,455
LVR

70% at commencement

Actual IIR

9% p.a.

Exit

Settlement of completed lots and/or refinance