Auction Details - Bridge House Residential Redevelopment Loan (Stage 1 of 2)

LOAN AMOUNT
£1,400,000 (Stage 1 of 2 of ultimately £1,800,000 loan)
LOAN TERM
12 months
LENDER INTEREST RATE
8.5% p.a.
LOAN TO VALUE (LTV)
65%
Bridge House Residential Redevelopment Loan (Stage 1 of 2)

To refinance a former Victorian merchant's house in Sefton Park, Liverpool and to redevelop it into 3 large apartments and a separate detached 4-bedroomed cottage.
KEY LOAN DETAILS
Annual interest:
£180,000
Security:
1st legal charge
Guarantee:
Personal recourse to the Borrowers all sums due under the loan
Additional collateral:
N/A
Interest serviceability:
From retained loan proceeds for the term
Capital repayment:
From the sale or refinance of the Property on completion of the redevelopment works.
Purpose of loan:
Refinance & Development
KEY PROPERTY DETAILS
Valuation:
£2,790,000
Use:
Residential
Location:
North West


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