Worthing (Poulters Lane) Residential Mezzanine Loan
Refurbishment of existing dwelling and the construction of 2 new build properties in the grounds.
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Loan Amount
£310,000
Loan Term
12 Months
Lender Interest Rate
10.25%
Loan To Value (LTV)*
68%
Key Loan Details
Annual interest
£31,775
Security
2nd Legal Charge
Guarantee
Personal Guarantees From the directors for the capital value of the loan plus interest and cost overruns
Interest serviceability
Interest will be payable quartley in arrears from proceeds retained from the Loan
Capital Repayment
Sale of the units upon completion
Purpose of loan
To purchase the property and provide funds for the subsequent development
Key Property Details
Valuation
£1,425,000
Use
Residential
Location
South
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