Auction Details - Dundee Residential Redevelopment

LOAN AMOUNT
£450,000
LOAN TERM
12 months
Days to Repayment:
LENDER INTEREST RATE
8.25% p.a.
LOAN TO VALUE (LTV)
23%
The acquisition and works to-date have been self funded and on completion the scheme value will be £2m with an average apatrment value of £167,000 and a LTV of only 25%. To finish the conversion by experienced developers/investors of a former nightclub in central Dundee into 12 apartments for re-sale.
Dundee Residential Redevelopment

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KEY LOAN DETAILS
Security:
1st Legal Charge
Guarantee:
Yes - Personal guarantee from the directors for interest due under the loan
Additional collateral:
Yes - floating charge from the Borrower
Interest serviceability:
From retained loan proceeds for 9 months and thereafter by the Borrower from net sale proceeds.
Capital repayment:
From the sale of individual apartments.
Purpose of loan:
Refinance/Redevelop
KEY PROPERTY DETAILS
Gross Development Value:
£2,000,000
Use:
Residential
Location:
Scotland

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