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Loan details
Loan Ref
69588
Amount
£30,000.00
Risk Grade
F6
Interest Rate
6.5%
ISA Pot
Balanced
Purpose
Development
Term
12 months
Repayment
Interest only
Region
North West
App received via
Funded
£30,000.00
100.00%
Property details
Open market value
£63,800.00
Security
1st Legal Charge
Exit strategy
Sale of property
Loan to value (GDV)
12.00%
Loan to value (OMV)
47.02%
Description

The borrower is an experienced property developer. This loan is to be used for the land purchase with additional funding for the development being provided under loan L69589. The land benefits from planning permission for a single, high-specification dwelling.

The gross loan is £30,000 over a term of 12 months on the F6 product which gives a return of 6.5%. 12 months interest payments are included in the advance and will be held on account for lenders.

Security is provided by way of a 1st legal charge and it is proposed that the build will commence immediately upon completion of the purchase of the land.

The OMV for the security is £63,800 (LTV 47.02%). The GDV for the development is £272,500.