Crangan Bay, NSW

First mortgage funding in the sum of $1,055,000 is required to provide a construction facility for the construction of two individual dwellings in Crangan Bay, NSW, 2259.

The subject property comprises an irregularly shaped corner allotment, having a total land area of 860sqm. The subject property has CDC approval for Torrens Title Subdivision of a Dual Occupancy.

The Loan-to-Value Ratio (LVR) is 4% on an ‘As Is’ basis, reflecting the initial security position of the loan. Upon completion of construction, the LVR is expected to be 50%, aligning with the increased value of the completed dwellings.

To be constructed on the site are two (2) detached dwellings, each dwelling will comprise of 3 bedrooms, 2 bathrooms, and a double garage. The subject property holds a Complying Development Certificate (Certificate Number: CDC240494) for the Torrens Title Subdivision of a Dual Occupancy. This certificate lapses on January 8, 2030.

Construction works have already commenced on site, where significant site preparation and substructure works have been undertaken in the sum of $103,686 ex GST.

McLean Builders is the contracted owner-builder, where the contract sum to complete the works was $818,181.82 exclusive of GST, and the cost to complete the works is now $714,496 ex GST.

Features of the property are as follows:

• Zoned: R2 ‘Low Density Residential’
• Local Government Authority (LGA): Central Coast Council
• Located approximately 40km south of Newcastle CBD
• Located approximately 123km north of Sydney CBD
• Crangan Bay is a coastal suburb of the Central Coast region of NSW, located between Budgewoi and Swansea