Diggers Rest VIC Trust (Extension)

Executive Summary

  • Loan Amount: $2,701,640
  • Loan Type: Bridging Loan
  • LVR: 46.58%
  • Date of Settlement: 17/06/2020
  • Mature date: 17/03/2021
  • Actual Expired Date: 17/03/2021
  • Loan/Investment Term: 9 months
  • Investor Return: 7.50%
  • The Loan is secured by a first registered mortgage over two land packages comprising of 38,200sqm and 18,390sqm residential development sites in Diggers Rest, which falls under the jurisdiction of the Melton Shire City Council, approximately 35kms North West from Melbourne CBD.
  • Funds were originally used to refinance acquisition debt, current proposal is to renew existing facility (held with Austar) for 9 months to enable Borrower to obtain construction funding through mainstream funders.

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