Project overview
The project entailed the construction of six townhouses in the residential suburb of Lilydale, Victoria.
Thirty-four kilometres northeast of Melbourne CBD, Lilydale is situated in the gateway of Yarra Valley and loved by locals for its relaxed feel. The development is a ten-minute walk to Lilydale train station and surrounded by local supermarkets and schools.
Each townhouse provides residents with a clever combination of space, light and style. The architect-designed plan includes gloss cabinetry, stone benches and stainless-steel appliances enclosed within a combination of brick, timber and rendered external finishes. Set over two levels, the large upstairs living area adjoins a private balcony. This allows for two ensuite bedrooms with walk-in wardrobes and filtered tree top and Dandenong views.
Borrower overview
The borrower has over twenty years of experience in building and construction development, focusing on a small geographic radius including Lilydale and immediate bordering suburbs. Over the last twelve years, the borrower has completed residential projects in Lilydale every eighteen to twenty-four months which has led to a strong business model. The borrower focuses on ‘infill’ projects that look to secure a site via a local agent, obtain planning to demolish existing dwelling and construct between four to six townhouses, before selling the properties through the existing real estate agent.
Loan specifics
| Approved Loan Amount | ~ $2 million |
| Approved Loan Term | 12 months |
| Repayment Source | Sale of completed townhouses |
| Approved Loan-To-Valuation Ratio | 65.11% on an “as-if-complete” basis |
