Ashlyn Nassif, daughter of Jean Nassif, provided false or misleading information to obtain the loan from Westpac for the construction of three apartment towers in northwest Sydney in 2021.
The 32-year-old trained lawyer pleaded guilty to the single charge at Burwood Local Court on Wednesday after months of negotiations with prosecutors.
In exchange, a charge accusing her of defrauding the bank was withdrawn.
Her solicitor Warwick Korn told the court some facts relating to the incident were still in dispute.
The facts will be hashed out before a judge at a sentence hearing scheduled for September 7.
Nassif was flanked by supporters in court as she made the plea and did not say anything to reporters outside.
The 32-year-old obtained the Westpac loan through a falsified pre-sale contract for the Skyview Apartments in the Sydney suburb of Castle Hill in 2021.
She was arrested in February 2023 and has remained on bail since.
Nassif was admitted as a lawyer in November 2018 and worked at EA Legal in Sydney's city centre.
She had her practising certificate suspended by the NSW Legal Services Commissioner in May 2023 as a result of the charges she then faced.
Her father - who was the head of failed construction firm Toplace - left Australia for Lebanon in 2022 but is being pursued by NSW Police after a two-year fraud investigation.
A warrant has been placed for his arrest and 57 companies linked with Toplace are in administration.
A photograph published by the Daily Telegraph in April 2024 showed him smoking a cigar surrounded by security at a casino in Lebanon.
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