Hemel Hempstead Residential Development Loan (Stage 1 of 2)
To refinance and demolish an existing bungalow property in Hemel Hempstead, Hertfordshire and build a pair of 3-bedroomed chalet style bungalows.
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Loan Amount
£400,000
Loan Term
15 months
Lender Interest Rate
8.5% p.a.
Loan To Value (LTV)*
61%
Key Loan Details
Annual interest
£46,000
Security
1st legal charge
Guarantee
Full guarantee from the Borrowers for all sums due under the loan
Interest serviceability
From retained loan proceeds for the term of the loan
Capital Repayment
From 100% of the proceeds of sale and/or refinancing of the Properties on completion of the development works
Purpose of loan
Refinance & Development
Key Property Details
Valuation
£1,100,000 (confirmed valuation for Relendex on full drawing of the ultimate loan of £675,000 and assuming completion of all works)
Use
Residential
Location
North East
Virtual Data Room
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