property type: Residential
Total Property Value: $2,500,000
Loan Amount: $1,600,000
Priority: 1st mortgage
Note Interest Rate: 6.50% p.a.
Term (Months): 12
Term Remaining (Months): 10
Use of Funds: Property related expense
Why do we like this loan?
The property is ideally located for development on a flat block 50m from the beach at Bulli. The Borrowers have considerable development experience and the Guarantors hold interests in 5 other properties in the event of default.
Primary Property Value: $2,500,000
5 Alroy Street Bulli is a prime 556 square metre sub-divisible block of land 50m from Sardon Point Beach, Bulli with a DA for two townhouses.
The loan provides funding to complete the development of two townhouses a 5 Alroy Road, Bulli. While we have assessed the build contract and obtained a QS Report this is considered a loan secured against the as-is value of the land without consideration for the Gross Realisable Value.