Loan Spotlight: Ranelagh Park Estate, Tasmania
This loan was for the refinance of small existing indebtedness on the land holding and for the construction of three villa homes in Stage 3 of the Estate. The borrower had presold the three homes to be constructed with Angas Prime’s funding. Upon completion, the borrower would be left with surplus land to be progressively constructed and sold in ensuing Stages 4 to 9. Until full repayment of the loan, Angas Prime will retain a registered first mortgage over the new homes as well as the surplus land.
Ranelagh is an established township adjacent to bustling Huonville which is the entrance way to the beautiful Huon Valley. The area has been transformed over the last 20 years from apple orchards to a hub of diverse agricultural and viticultural businesses, artisan crafts and retail. Huonville High School is on the road from Ranelagh to Huonville, although the boundaries of the two townships have effectively merged.
Ranelagh Park Estate benefits from its clean, fresh rural environment whilst being only 25 minutes from Hobart CBD on a modern motorway.
Angas Prime executives visited the site twice during construction as part of the careful loan management processes. Construction was completed prior to loan expiry but settlement of the presales awaited the issue of individual titles as at the date of publication of Spring Investor News. There are limits on the proportion of the Loan Portfolio that can comprise construction loans. During the last twelve months, this proportion did not exceed 8% of the total funds under management.
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