Post by ozboy on Sept 1, 2017 10:34:00 GMT
Interest P/A - 12%
Loan value of £189,000 (value £270,000)
LTV - 70%.
Loan Term - 6 months
Bid Limit - £2,000 for 6 hours
The loan security is a first charge on ***********with a valuation of £270,000. The valuation provided is for a pair of semi detached properties which mirror each other. Our borrower is purchasing No.10 and a sale is going through with another borrower for No.12. We have received a valuation for both properties, with a total value of £540,000 and have attached a supplemental letter from the valuer advising of the the value of No.10 at £270,000
The property is located within an established residential area located to the north of Blackpool town centre.
*************** is a semi-detached house, converted and refurbished some years ago to provide 6 self contained flats all with separate titles.
Each floor comprises 1 x 1 bedroom flat to the front and 1 x 2 bedroom flat accessed from the side, offering 6 units in total. There is a rear garden, tarmac car park and brick garage.
Exit The exit to this loan by way of BTL mortgages.
Security
This is a £189,000 loan secured by a first charge against *************** the borrower plans on refurbishing each of the flats to maximise the rental value and will refinance with Buy to Let mortgages once the works are complete.
A 6-month Bridging Loan. 6 months interest will be deducted at drawdown to ensure the LTV doesn’t increase during the lifetime of the agreement.
Please note the loan end date will be six months from the drawdown date, interest is payable from the date your funds are allocated to the loan.
Loan value of £189,000 (value £270,000)
LTV - 70%.
Loan Term - 6 months
Bid Limit - £2,000 for 6 hours
The loan security is a first charge on ***********with a valuation of £270,000. The valuation provided is for a pair of semi detached properties which mirror each other. Our borrower is purchasing No.10 and a sale is going through with another borrower for No.12. We have received a valuation for both properties, with a total value of £540,000 and have attached a supplemental letter from the valuer advising of the the value of No.10 at £270,000
The property is located within an established residential area located to the north of Blackpool town centre.
*************** is a semi-detached house, converted and refurbished some years ago to provide 6 self contained flats all with separate titles.
Each floor comprises 1 x 1 bedroom flat to the front and 1 x 2 bedroom flat accessed from the side, offering 6 units in total. There is a rear garden, tarmac car park and brick garage.
Exit The exit to this loan by way of BTL mortgages.
Security
This is a £189,000 loan secured by a first charge against *************** the borrower plans on refurbishing each of the flats to maximise the rental value and will refinance with Buy to Let mortgages once the works are complete.
A 6-month Bridging Loan. 6 months interest will be deducted at drawdown to ensure the LTV doesn’t increase during the lifetime of the agreement.
Please note the loan end date will be six months from the drawdown date, interest is payable from the date your funds are allocated to the loan.
