MTAW752 - Holiday Park Development in Scotland - 1st Advance
Loan Amount: £1,381,250
Asset Value: £2,125,000
Max. LTV: 65%
Interest Rate: 13%
Max. Bid per 24hrs: £5,500
Bid Restriction Duration 24hrs
£1,381,250 initial advance against a Holiday Park Development in Scotland
New Loan now available to Preview, going live on Monday 17th at 12pm
The purpose of this loan is to assist with the acquisition of the site in the Scottish Southern Uplands. Whilst the site has full planning for 444 holiday lodges, the permission expires in September this year.
As only a short term remains before the planning expires, MoneyThing is using the current vacant possession valuation based on the land & buildings as it stands today (£2.125m), rather than using the valuation based on the site with planning (which is valued c. £4.15m).
Once acquired, the borrowers will immediately apply to extend the permission and expect it to be granted within three months. Once obtained, MoneyThing will then offer Lenders the opportunity to advance a further c. £1m to fund the development of the holiday park (subject to a maximum LTV of 65%).
The borrowers have been in extensive discussions with one of Europe's leading leisure operators with a view to taking the site on an exclusive long term basis. Discussions will continue upon extension of the planning.
Last Edit: Sept 25, 2019 17:21:18 GMT by mrclondon: Edit thread title
Great news. A new 13% loan. I've been waiting for this one.
The golden days of P2P lending are well behind us, in my opinion. I am now retired from active P2P investing and the undertaking of due diligence. Just awaiting resolution of 2 DEF loans in LY; 2 DEF loans in MT and my entire COL investment.