Sefton Park Residential Development
To finance the purchase and renovation of a former Victorian terrace property comprising 6 existing apartments in a south Liverpool suburb. The renovation works have been completed and four sales have legally closed and net proceeds received to reduce the LTV as noted below. A further sale has also been agreed and will complete in coming weeks to repay the loan in full.
Loan Amount
£520,000
Loan Term
12 months
REPAID
Lender Interest Rate
8.75% p.a.
Loan To Value (LTV)*
7%
Key Loan Details
Annual interest
£52,000
Security
1st legal charge
Guarantee
Personal guarantee from the sole director for loan capital of £130,000 and interest due under the loan
Additional collateral
Floating charge from the Borrower
Interest serviceability
From retained loan proceeds for the loan term
Capital Repayment
From a sale of the individual apartments and the freehold
Purpose of loan
Purchase and refurbishment
Key Property Details
Valuation
£292,500
Use
Residential
Location
North West
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