Another Successfully Repaid Investment: Norlane, Victoria, 3214

18/06/2020 | 2 min

Investing

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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
Rate8.00% p.a.*net
Term9 months
LVR64.71%
Property Value on Completion$1,009,090
Date Commenced13 Dec 2019
Date Repaid11 June 2020
Total Unique Investors in Loan28
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

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