Loan Spotlight: Pinjarra, Western Australia
The borrower owned two large adjoining freehold blocks unencumbered that he wished to develop into 53 residential sites. This subdivision was larger than usual for Angas Prime, although projects of up to 60 sites have been funded before. Credit Committee was influenced by the site being debt free and the borrower having already made contributions from his own resources towards power and sewerage connection.
The site was urban infill, meaning that it was surrounded by existing housing. Whilst Pinjarra is situate 80 kilometres from the Perth CBD, it is a thriving regional community with good freeway connections to the city and airport. There is a lot of solid residential development underway in these peri-urban centres, especially for first home buyers. The borrower pitched the project at a median sale price of $140,000 per lot being half the price of a comparable site in metropolitan Perth. He comfortably achieved his sales targets.
The referring broker has been dealing with Angas Securities for over 20 years. He was hands on throughout the project and was on site when lender inspections were held prior to approval and at the midway point of the civil works being performed. Borrower conduct was exemplary and the loan was fully discharged on time. The borrower took his profit from the many remaining blocks newly created after Angas Prime had been repaid.
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