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Edinburgh (Leith) Residential Development Exit Stage 2 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
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Loan Amount
£84,500
Loan Term
11 Months
Lender Interest Rate
6.75%
Loan To Value (LTV)*
50%
Key Loan Details

Annual interest
£5,704

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
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