Bamburgh (The Friars) Mezzanine Stage 2 Loan (EIR 10.65%)
The loan has funded redevelopment works to the property and a term extension is now proposed to facilitate a refinance. 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
£250,000
Loan Term
5 Months
Lender Interest Rate
10.25%
Loan To Value (LTV)*
68%
Key Loan Details
Annual interest
£25,625
Security
2nd charge over the property
Guarantee
Personal guarantee from Principal A for the full Mezzanine Facility Amount and interest due
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Re-mortgage once the proposed works have been completed
Purpose of loan
Development
Key Property Details
Valuation
£3,700,000
Use
Residential
Location
North East
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