Box Hill, NSW

The borrowing company is part of one of Western Sydney’s largest private property development businesses (“The Group”). Since its inception in 1997, the Group have successfully developed significant land holdings and additionally constructed more than 9,000 dwellings. Over recent years the Group has diversified from its original core development activities in the western and northwest suburbs of Sydney to be active in regional areas of NSW, QLD and metropolitan suburbs of Melbourne. The Group’s headquarters are in Western Sydney and the Security Property is located within the historic core development area of the Group.

The Group submitted a development application in March 2022 seeking approval to subdivide the lands into 60 residential allotments and 1 residue lot on the subject security property. Subsequently, to this application, an amendment has been submitted for 61 residential allotments and 2 residue lots.

The valuation of the security property is $19,500,000 with a debt of $12,675,000. The LVR is 65% based on the valuation completed prior to the advancement of the Development Application. We anticipate there to be a considerable uplift in the value of the security property upon DA approval.

The borrower has not missed an interest payment with interest serviced monthly and it is recommended we provide them with a further 6 months to finalise DA and arrange the necessary construction funding.