Dalston (Balls Pond Road) Residential Redevelopment Stage 1 Loan (RSP) - (EIR 8.03%) A
Senior Tranche
To fund the purchase of the company that owns a vacant commercial property in Dalston, north London and to fund the conversion of part into 7 apartments, subject to planning approval, with retention of the remaining vacant commercial space for subsequent development. 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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For more information to help you understand the relative risks of Junior and Senior Tranche Loans - Click Here
Loan Amount
£972,000
Loan Term
17 Months
Lender Interest Rate
7.8%
Loan To Value (LTV)*
40%
Key Loan Details
Annual interest
£75,816
Security
1st Legal Charge
Guarantee
Personal Guarantee from the principal for £321,125 of the loan capital, unpaid interest due under the loan and all cost overruns
Additional collateral
2nd Legal Charge over Collateral Property at Harrow
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Sale or refinance the completed units
Purpose of loan
Redevelopment
Key Property Details
Valuation
£4,175,000
Use
Mixed
Location
London
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