Loan case study in Labrador, QLD
Funding to assist with the construction of a residential building.
The project entailed the construction of a nine-storey residential building facing the Southport Broadwater in ‘The Golden Mile’ of Labrador, Queensland.
The project is a prestige development comprising eight whole-floor residences with Broadwater views. The completed product has the potential to fill an existing gap in the market where there is limited new stock north of Gold Coast’s Main Beach, and where most residential buildings pose a higher density with only sub penthouses or penthouses competing with the borrower’s whole-floor style apartments.
The borrower is a family-owned property development and investment company founded in 1952, operating in South East Queensland and northern New South Wales.
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|LOAN AMOUNT||~ $9 million|
|LOAN TERM||18 months|
|REPAYMENT SOURCE||Sale of completed apartments|
|LOAN-TO-VALUATION RATIO||62.89% on an "as-if-complete" basis|