Auction Details - St Andrews Residential Development

LOAN AMOUNT
£800,000
LOAN TERM
18 months
LENDER INTEREST RATE
8.75% p.a.
LOAN TO VALUE (LTV)
53%
St Andrews Residential Development

To finance the new build development of 6 town houses in Guardbridge, near St Andrews, Scotland by experienced developers and investors who are also previous Relendex clients. Selling agents estimate that the completed units will sell for £250,000 each and thus an aggregate scheme value of £1.5m and reflecting a LTV of 53%
KEY LOAN DETAILS
Annual interest:
£80,000
Security:
1st legal charges
Guarantee:
Yes - Personal Guarantee for all sums due under the loan
Additional collateral:
Yes - Debenture from the Borrower
Interest serviceability:
From retained loan proceeds for the full term of the loan.
Capital repayment:
From the sale of individual properties
Purpose of loan:
Purchase/Develop
KEY PROPERTY DETAILS
Valuation / Est. current value:
£1,500,000
Use:
Residential
Location:
Scotland
These Auction Details for an Upcoming Auction do not constitute an offer or a contract and are provided for information only. Registered lenders who wish to participate in this forthcoming loan auction (once listed as a live auction) are invited to view the full Auction Particulars in the Auction Marketplace and will be bound by the Lender Terms & Conditions and Loan Conditions referred to therein.

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Lenders participating in these arrangements should be clearly aware that any sum lent through the Exchange is a loan and not a deposit and its repayment is not guaranteed. It is in the nature of an investment opportunity. Any investor should consider an appropriate spread of risk. Non-institutional investors should seek professional advice before lending through the Relendex Exchange.
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