Keinton Mandeville (Lakeview) Residential Bridging Loan (RSP) (G)
A RELENDEX SELECT PORTFOLIO loan to support the ongoing development of 21 houses, and 1 commercial unit, in Keinton Mandeville, Somerset
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Loan Amount
£5,770,000
Loan Term
11 Months
Lender Interest Rate
6.50%
Loan To Value (LTV)*
34%
Key Loan Details
Annual interest
£519,300
Security
1st charge over the property
Guarantee
Guarantees from the principal for £1,000,000 of the loan capital, interest due under the loan and development cost overruns.
Interest serviceability
Payable as a priority payment from net sales proceeds with 3 months forward cover to be established from the 1st sales and held by Relendex.
Capital Repayment
From sale proceeds of the individual houses, net of the remaining costs to complete the development works and interest payments. 12 of the 21 houses (50% by value) have been pre-sold.
Purpose of loan
Refinance
Key Property Details
Valuation
£15,715,000
Use
Residential
Location
South West
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