Another Successfully Repaid Investment: Norlane, Victoria, 3214
Borrower Insight
This was the professional property developer’s first loan with Funding. The loan was settled in 15 working days.
Funding held the funds in trust and released them at periodic stages of development as advised by a quantity surveyor. This ensured the funds were being maximised by the borrower and secured Funding’s position as the lender.
| Loan Amount | $653,000 |
| Rate | 8.00% p.a.*net |
| Term | 9 months |
| LVR | 64.71% |
| Property Value on Completion | $1,009,090 |
| Date Commenced | 13 Dec 2019 |
| Date Repaid | 11 June 2020 |
| Total Unique Investors in Loan | 28 |
| Largest Single Investment | $189,000 |
| Average Investment | $16,743 |
Investor Returns: The target rate of 8.00% was achieved, and all investors were paid their full interest and principal for the investment term.
Property Description: The security property was a residential development site on a 824sqm allotment. At the time of repayment, the development of three villas had been completed. Two of the villas are three bed, two bath, with the third villa having 2 bed and 2 bath. All villas have a single garage and are ready for occupation.
Location: The security property is located approximately 6.5kms north of the Geelong CBD. The property is predominately surrounded by residential properties of varying ages, conditions and styles.
Loan exit strategy: Sale of villas in development
Entry to one of the villas Digitally rendered version of completed Villas Property Location. Block shown prior to villa construction. Completed Build
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