Bedminster (East Street) Pre-Sold Residential Development Loan (RSP) – Stage 14 (EIR 7.19%)
To fund the continued construction of the final pre-sold block of 26 apartments, following the recently completed sale of 24 apartments in 2 blocks, and which is on track for completion and repayment of all remaining sums in July 2024. 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.
Loan Amount
£300,000
Loan Term
6 Months
Lender Interest Rate
7%
Loan To Value (LTV)*
50%
Key Loan Details
Annual interest
£21,000
Security
1st charge over the property
Guarantee
From the borrowers for £1,000,000 of the capital value of the loan plus all interest accrued and cost overruns
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Sale of the completed units
Purpose of loan
Development
Key Property Details
Valuation
£6,907,350
Use
Mixed Use
Location
South West
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