Auction Details - Worcestershire Residential Bridging Loan

LOAN AMOUNT
£600,000
LOAN TERM
12 months
LENDER INTEREST RATE
8.25% p.a.
LOAN TO VALUE (LTV)
45%
Worcestershire Residential Bridging Loan

To refinance 5 newly built and let houses in the Worcestershire village of Hanbury with the funds being used to enable the completion of a phase 2 of a further 4 houses.
The phase 1 houses have been fully funded by the Borrower and are expected to have an aggregate value of £1.34m - LTV 45% - whilst the phase 2 properties will have a value of £1m on completion and will be sold to repay the loan.
KEY LOAN DETAILS
Annual interest:
£60,000
Security:
1st legal charges
Guarantee:
No
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 in phase 2.
Purpose of loan:
Refinance
KEY PROPERTY DETAILS
Valuation / Est. current value:
£1,340,000
Use:
Residential
Location:
West Midlands
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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