Edinburgh (Leith) Residential Development Exit Stage 1 Loan (EIR 6.92%) -
Senior Tranche
To Refinance the property and provision of an equity release to the Borrower for future projects (and pursuant to the existing Senior stage 1 loan of £800,000). EIR is the Effective Interest Rate and assumes the re-investment of quarterly interest receipts into loans on the Relendex platform offering an equivalent interest rate as below.
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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
£350,000
Loan Term
12 Months
Lender Interest Rate
6.75%
Loan To Value (LTV)*
50%
Key Loan Details
Annual interest
£23,625
Security
1st Legal Charge
Guarantee
Personal Guarantees from the directors for £600,000 of the Capital Value of the loan plus interest and cost overruns
Interest serviceability
Interest will be payable quarterly in arrears from proceeds retained from the loan for 6 months of the term and thereafter by the borrower from letting income
Capital Repayment
From the sale or refinance of the Property
Purpose of loan
Development Exit
Key Property Details
Valuation
£3,200,000
Use
Residential
Location
Scotland
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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