01 6月 Capel Sound Investment Option
目标利率：9.5 % p.a. net
Target Return: 9.5% p.a. net
Term: 12 mths + 12 mths Option
Loan Purpose: Refinance & Cash out for remaining building works
Facility Type: First mortgage
Valuation $16,630,000 (as at 15 May 2021)
Loan to Value Ratio Under 65%
SELECT INVESTMENT OPPORTUNITY
9.5 % p.a. net
LOAN TO VALUE RATIO
抵押物业位于Capel Sound镇内，该镇以前称为Rosebud West，由Mornington Peninsula Shire地方议会管理。 该酒店物业临近莫宁顿半岛（Mornington Peninsula），一个受欢迎的旅游胜地，尤其是在夏季。该地区有很多景点，包括半岛温泉，Peppers Moonah Links渡假村和高尔夫球场。而且该地区也适合人们常年居住，学校、购物中心和休闲设施一应俱全。
该抵押物业之前是一个房车露营地，后来根据Mornington Peninsula Shire的规划许可将其发展成为48套单元房的短期住宿公寓（包括24套单层单元房和24套两层错层式单元房），现在38套单元房已经完工。其中有20套平层单元房已改成带厨房的单人间，并仅提供住宿和早餐。 一旦该项目完成，将有24套两层单元房，4套单层单元房和20套住宿加早餐酒店风格的房间可供短期住宿。总共有68个房间可创收。
The Borrower is an experienced developer based in Australia. The Borrower has had a long-standing relationship with the Investment Manager through numerous previous loans made with related entities of the Borrower. A related entity of the Borrower has borrowed funds from the Zank Income
Fund before, and all interest had been paid on time during the life of that loan. The repayment record was good.
Location and Neighbourhood: The property is located within the established town of Capel Sound, formerly known as Rosebud West.
Locality: Capel Sound formerly known as Rosebud West is located on the Mornington Peninsula and is a popular tourist destination, particularly in the summer months. It is located approximately 80 kilometres from the Melbourne Central Activities District. The subject property is located over the road from the Capel Sound Foreshore. There are numerous attractions to the area including the Peninsula Hot Springs, Peppers Moonah Links Resort and Gold Course, and of course the Foreshore which also allows for onsite caravan parking. The area is now well established for all year-round residential occupation with schools, shopping, and leisure facilities all readily available,
Topography: The land is level in surface contour.
Access: Direct access from Truemans Road by concrete paved driveway.
Roads: Truemans Road has a bitumen sealed surface with concrete kerbs, channels, and concrete footpaths.
Services: All mains’ services including mains electricity, LP gas, water, septic tank and telephone are connected / available to the property. Drainage is adequate.
Current Use: At the date of inspection, the subject property comprised 48 short stay units, 38 of which were completed, in accordance with the Planning Permit.
General Description: The subject property comprises a former caravan park which has been converted in to a 48-unit short stay accommodation park. The units comprise 24 single level and 24 two level units. Ten of the single level units have been converted into single rooms with kitchens removed and Bed and Breakfast facilities only. In total, once complete, there will be 68 lettable units/rooms available.
Calculation is based on an assumed occupancy rate of 30%. The net income is $1,374,960 per annum which capitalised at 8.0%, equates to a capital value of $17,187,000 on completion, say $17,000,000.
Ten units still remain incomplete and the developer advises the cost to complete the remaining units is $270,000. A contingency cost of at least $100,000 should be allowed for, therefore capital value is $16,630,000.