Cheltenham (St Margaret's Terrace) Residential Mezzanine Loan (RSP)
Bridging loan to purchase the freehold to 21 apartments in central Cheltenham ahead of individual apartment sales.
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Loan Amount
£665,000
Loan Term
12 months
Lender Interest Rate
10%
Loan To Value (LTV)*
65%
Key Loan Details
Annual interest
£68,163
Security
2nd charge over the property
Guarantee
Guarantees from the shareholders for interest due under the loan.
Interest serviceability
Payable quarterly in arrears from retained loan proceeds for 9 months of the term and sales proceeds thereafter.
Capital Repayment
From the net proceeds of sale after repayment of the 1st charge senior loan of £1,155,000
Purpose of loan
Purchase
Key Property Details
Valuation
£2,795,000
Use
Residential
Location
South West Midlands
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