Construction Residential Apartments, Seven Hills NSW

Development Location:
The property is situated at 140-144 Best Road, Seven Hills NSW

Development Type:

The amount of the loan facility is $11,800,000.00 and is for a term of 12 months.Raj and Jai (website)

The original loan was to fund the construction of 64 x residential apartments and a 527m2 ground floor commercial area.  The project comprises of two residential apartment towers over a common area podium and basement parking area.

Construction is now complete and the borrower has successfully sold and settled a number of apartments in the development with a balance of 34 x apartments and 2 x retain shops remaining.

The purpose of this new loan facility is to re-finance the existing mortgage to allow sufficient time for the borrower to sell the residual stock in an orderly manner and to provide the borrower with a cash flow facility to assist with the operation of their on-going business.

The amount available to the borrower will be determined as the difference between the amount available on settlement of $11,339,000.00 less the current principal amount of $7,975,000.00.

The property is located on the south western side of Best Road in the suburb of Seven Hills, which is situated approximately 33 kms to the west of the Sydney CBD by road.  The surrounding area comprises of a mix of strata apartment developments and freestanding residences, while to the north is part of the Seven Hills retail commercial strip.  The site is in close proximity to all amenities, particularly public transport with the Seven Hills Railway Station only 250 metres to the south.

Should you require further information in regards to this loan, please contact us to obtain the Supplementary Product Disclosure Statement.