Loan

Loan #564555 Refurbishment 3 bed HMO

Property location
518 Stanley Road Bootle L20 5DW United Kingdom

Executive Summary

The property is located at 518 Stanley Road in Liverpool and was purchased through the company "Commotive Property Ltd". The ground floor is a commercial premises which has a takeaway restaurant, Toscana's Pizza & Grill, as a tenant. The rental agreement is for a period of 5 years at the rate of £650 per calendar month. The first and second floors are being refurbished into 3 ensuite HMO rooms.

The property was purchased with capital from the owners of the company and has no mortgages or liens.

Due to Covid-19 the refurbishment of the property was delayed. This is the reason the owners are seeking to raise a bridging loan, so they may finish the refurbishment and rent out the ensuite rooms. Once the rooms are rented out the property will be refinanced. The expected time to finish the refurbishment is 6 months, but a safety of an additional 6 months has been added to ensure any delays are calculated in.

The refurbishment work has already started and a valuation report from June 2020 is available in the documents section. The report shows that valuation after refurbishment will be between £85,000 and £105,000. The current execution value is estimated at £55,000 or approx. €60,000.

A first mortgage of €60,000 will be registered on the property and an additional material business guarantee of €60,000 is provided by the financial holding, which results in a Loan To Value (LTV) of 50%. The financial holding is Verdiend BV, which has an A credit rating from Creditsafe.

Loan terms
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Mortgage
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Investing FAQ
Loan terms summary
  • Interest per annum 7.00%
  • Fully subscribed 60,000.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €60,000.00
  • Profit share 0.00%
  • Term 12 Months
  • Payment frequency 1 months
  • Loan purpose Bridging
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 200.0%
  • Loan To Value (LTV) 50.0% i
  • Location
    United Kingdom
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Documents
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