This loan of $1,235,000 was to assist with the purchase of two adjacent development properties in Leederville. The Borrower demolished the existing houses and intends to develop 14 units on the consolidated site.

The loan was secured by a registered first mortgage over the two lots measuring a combined 1,214 sqm at a 65% loan to value ratio.

The loan was repaid via development finance for the construction of the apartment complex by a mainstream lender.

The developer, who is well known to Platinum, has successfully completed many development projects including house and land developments, land subdivisions and built form construction, and has several other development projects currently underway.