Victoria Point
Benchmark provided a facility to the Borrower in July 2023 to fund the settlement of the Property. Since that time, the Borrower secured a preliminary approval from Council for a 64-lot subdivision. The facility was renewed in July 2024 to allow the Borrower to pursue the remaining planning approvals for the Property, undertake a pre-sale campaign and obtain a construction facility to perform the works required.
At a glance
Address
Double Jump Road, Victoria Point, QLD
Property Description
5.57 hectare vacant development site
Development Application for 64 lot subdivision
Security
Registered first mortgage over the Security Property
General Security Agreement over the Borrower
Personal Guarantee from the Directors of the Borrower
Total Loan Facility
$5,525,000
Valuation
$8,500,000
LVR
65% at commencement
Effective LVR to Investor
55% at commencement
Target Return
10.25% p.a.
Exit
Refinance to construction facility in April 2025
