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Loan Purpose
To assist with the development of 13 warehouses and 16 strata storage units at Burleigh Heads
Facility Amount
$9.15MM
LVR
66%
Term
18 months
Security
Industrial Construction
LTC
80%
Pre-sales
$1.05MM
Exit Strategy
Pay down post construction or refinance into a residual stock facility loan
The Deal
The construction of 13 warehouses and 16 storage units at Burleigh Heads has a value of $13.77MM. Balmain’s loan of $9.15MM at 69% LVR was requested to assist with the construction. Four (4) storage units had been presold before the loan’s settlement, with the remaining warehouses and storages being presold as construction unfolded.
Patrick Pinney
Partner
