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
