Bedminster (East Street) Pre-Sold Mezzanine Stage 2 Loan (RSP) (EIR 10.38%)
To fund the continued construction of 50 apartments with ground floor retail/commercial unit in Bedminster, Bristol (the “Property”) and subject to an exchanged sale of all of the apartments to a large regional housing association on completion of the works. EIR is the Effective Interest Rate and assumes the re-investment of quarterly interest receipts into loans on the Relendex platform offering an equivalent interest rate as below.
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Loan Amount
£500,000
Loan Term
12 Months
Lender Interest Rate
10%
Loan To Value (LTV)*
75%
Key Loan Details
Annual interest
£50,000
Security
2nd charge over the Property
Guarantee
Personal Guarantee for all sums due
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Sale of the completed units
Purpose of loan
Development
Key Property Details
Valuation
£12,672,350
Use
Mixed Use
Location
South West
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