St Andrews Residential Development
Loan Amount
£740,000
Loan Term
12 months
REPAID
Lender Interest Rate
9.5% p.a.
Loan To Value (LTV)*
67%
Key Loan Details
Security
1st legal charge (Scottish equivalent) over the Property
Guarantee
Debenture from the Borrower Joint and several guarantee from the directors for all sums due under the Loan
Additional collateral
1st legal charges(Scottish equivalent) over the Collateral Property
Interest serviceability
Interest will be funded by drawdown of this loan
Capital Repayment
From the sale or refinance of the completed apartments
Purpose of loan
To finance the acquisition and redevelopment of a former Victorian schoolin Cupar, Fife, Scotland into 11 apartments for re-sale(the "Property")
Key Property Details
Valuation
£1,100,000 for the Property and £560,000 for the Collateral Property
Use
Residential
Location
Scotland
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