Bamburgh (The Friars) Mezzanine Stage 1 Loan
Stage 1 of a 2 stage loan of ultimately £675,000 to fund cost increases to complete refurbishment of the property and interest for the term of the loan
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Loan Amount
£400,000
Loan Term
5 Months
Lender Interest Rate
10.25%
Loan To Value (LTV)*
68%
Key Loan Details
Annual interest
£41,000
Security
2nd charge over the property
Guarantee
Personal guarantee from Principal A for the full Mezzanine Facility Amount and interest due
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Re-mortgage once the proposed works have been completed
Purpose of loan
Development
Key Property Details
Valuation
£3,700,000
Use
Residential
Location
North East
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