Havant (White Hart) Mezzanine Loan (EIR 11.46%)
To refinance a loan provided by Relendex used to acquire a further property on East Street, Havant, for subsequent redevelopment, and to fund the continued development costs under the Havant (East Street) Residential Development Loan. 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
£300,000
Loan Term
10 Months
Lender Interest Rate
11%
Loan To Value (LTV)*
75%
Key Loan Details
Annual interest
£33,000
Security
1st legal charge over the Additional Property and 2nd legal charge over the Existing Property.
Guarantee
Personal Guarantee from the Principals for the full loan amount, interest and all cost overruns
Interest serviceability
From retained loan proceeds for the term of the loan
Capital Repayment
Surplus proceeds from sales of the individual units at the Existing Property after repayment of the Development Loan
Purpose of loan
Mezzanine
Key Property Details
Valuation
£6,577,000
Use
Residential
Location
South East
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