Exmouth (Queen Street) Mixed Use Development Loan - A (EIR 7.45%)
Senior Tranche
To fund the completion of the construction of 19 apartments and 2 commercial units in accordance with planning permission. 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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IMPORTANT
For more information to help you understand the relative risks of Junior and Senior Tranche Loans - Click Here
For more information to help you understand the relative risks of Junior and Senior Tranche Loans - Click Here
Loan Amount
£615,000
Loan Term
9 Months
Lender Interest Rate
7.25%
Loan To Value (LTV)*
13%
Key Loan Details
Annual interest
£47,850
Security
1st legal charge over the Property
Guarantee
Guarantee from the directors for the capital value of the loan plus interest
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Sale or re-finance of the Property
Purpose of loan
Development
Key Property Details
Valuation
£5,185,000
Use
Residential
Location
South West
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