Keinton Mandeville (Lakeview) Residential Bridging Loan (RSP)


A RELENDEX SELECT PORTFOLIO loan to support the ongoing development of 21 houses, and 1 commercial unit, in Keinton Mandeville, Somerset

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Loan Amount
£5,770,000
Loan Term
11 Months
Lender Interest Rate
6.50%
Loan To Value (LTV)*
34%
Key Loan Details

Annual interest
£519,300

Security
1st charge over the property

Guarantee
Guarantees from the principal for £1,000,000 of the loan capital, interest due under the loan and development cost overruns.

Interest serviceability
Payable as a priority payment from net sales proceeds with 3 months forward cover to be established from the 1st sales and held by Relendex.

Capital Repayment
From sale proceeds of the individual houses, net of the remaining costs to complete the development works and interest payments. 12 of the 21 houses (50% by value) have been pre-sold.

Purpose of loan
Refinance
Key Property Details

Valuation
£15,715,000

Use
Residential

Location
South West
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Relendex Limited is registered in England, Company Number 07486328
Registered Office: 99-100 Turnmill Street, London. EC1M 5QP

Important Notice

Relendex Limited is authorised and regulated by the Financial Conduct Authority (FRN: 723117).

Lenders participating in these arrangements should be clearly aware that any sum lent through the Exchange is a loan and not a deposit and its repayment is not guaranteed. It is in the nature of an investment opportunity. Any investor should consider an appropriate spread of risk. Non-institutional investors should seek professional advice before lending through the Relendex Exchange.

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