This is a medium term loan to a borrower who wanted to purchase a property that is currently tenanted by his relatives. Broker anticipates being able to get mainstream funding within 3 years.
| Loan | £64,000 |
| Valuation | £564,000 |
| Loan to Value | 58% (Inc. first charge of £260,000 |
| Interest rate | 0.83% pcm |
| Total Return | £22,580 |
| Term | 36 months |
With a sitting tenant the property itself was insufficient so we have taken a second charge over the borrower’s main residence with over £300,000 equity.
BRIDGING LOANS
Bridging loans provide the borrower with short term finance secured against property assets.
DEVELOPMENT FINANCE
Available to developers and investors with a track record in residential development and / or refurbishment
JOINT VENTURES
We will consider putting up to 95% of costs for residential development of refurbishment and joint ventures.
