property type: Residential
Total Property Value: $6,600,000
Loan Amount: $4,435,272
Priority: 1st mortgage
LVR: 73%, reducing to sub 60% NRV within 42 days of title registry
Offered Rate: 11%
Loan Term (Months): 6 with 2 prepaid
Min Interest (Months): 3
Why do we like this loan?
This is a residual stock loan pending sale, with 5 of 9 units already pre-sold which will reduce the loan within 42 days of settlement. This pay-down will result in the LVR of the remaining units dropping to 60%,
Primary Property Value: $6,600,000
Property Details
This is a residual stock loan pending sale. The property has achieved occupation certificate and lodgement of 9 individual community titles will occur in the first month of the loan. Of the 9 titles 5 are under contract of sale realising a net of GST value of $2,913,635.45. 3 properties are held on contract with a 10% deposit, another at 5% and the last with a deposit of $10,000. Contracts will be called for settlement within two months of drawdown. There are 4 titles remaining for sale, with a total estimated net value of $2,805,818. The loan to value ratio following settlement of current sales will be sub 60% net of GST and sales commission.
Loan Details
Exit is by sale of remaining titles.
In addition to the security detailed above, the Lender will hold directors’ guarantees and a GSA over the borrower.
We are offering the opportunity for sophisticated investors to take part or the entire loan and be assigned the lender on title.
This loan in under a signed offer. The valuation is complete and will be assigned to the Lender on title.
Legal documents will be instructed as soon as a lender for title is confirmed.
For more details on this and other investment opportunities please contact Andrew Way at Semper.
0414 246 003
enquiries@sempersecured.com.au
ready to invest?
If you have spoken with your Solomons’ investment representative and require more information about this loan opportunity, you can download its suite of documents from the following link (password required).
Note: you must have completed an investor application, privacy form and NDA before access will be provided.
