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
Actual IRR
11.43% p.a.
Exit
Settlement of completed lots and/or refinance
