Private lenders scramble to recover funds after Bathla collapse

Key points

• Investment group 360 Capital has acquired a senior loan facility of about $31.2 million linked to a Bathla development at 137 South Street, Marsden Park. The debt was bought from La Trobe Financial.
• The 72-apartment project is nearing completion, and half of its apartments have been pre-sold. 360 Capital says the deal gives its entities control of both the first and second mortgages.
• Analysts warn that the final outcome for lenders depends on remaining sales and prices amid a property downturn.