Bamburgh (The Friars) Residential Refurbishment Loan -
Junior Tranche
Refinance of The Friars (1 House and 1 Cottage) and Boat Farm (1 House and 2 Cottages). Refurbishment works being undertaken on The Friars
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IMPORTANT
For more information to help you understand the relative risks of Junior and Senior Tranche Loans - Click Here
For more information to help you understand the relative risks of Junior and Senior Tranche Loans - Click Here
Loan Amount
£375,000
Loan Term
12 Months
Lender Interest Rate
10%
Loan To Value (LTV)*
60%
Key Loan Details
Annual interest
£37,500
Security
1st charge over the properties
Guarantee
Several guarantees from Borrower A for the full Facility Amount and Borrower B for £183,500 of the Facility Amount. In addition each Guarantor shall guarantee payment of all interest due and cost overruns.
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan
Capital Repayment
Re-mortgage once the proposed works have been completed
Purpose of loan
Development
Key Property Details
Valuation
£3,050,000
Use
Residential
Location
North East
Virtual Data Room
Registered(Approved) Lenders may view Loan Documents such as the Valuation Report in more detail in our Virtual Data Room - hosted online by Box
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