Site Acquisition in Sydney North West

Borrower had initially purchased the site using a put and call option at purchase price of $22.45 million.
Subsequent to this, Borrower had achieved DA approval for 102 residential lots and commenced presales.
The valuation noted an "as is" valuation of $30. 8 million which we recognised.  This resulted in a loan against purchase price of 71% or a loan against valuation of 52%.