Loan

Loan #603293 Bridging Loan for Purchase of Villa in Zutendaal, Belgium

Property location
Kinenhofstraat 2 Zutendaal 3690 Belgium

Executive Summary

This bridging loan is to complete the purchase of a villa in Zutendaal Belgium, more precisely it is located at Kinenhofstraat 2. The detached villa has 1,196 m2 of land and is located in a residential area. The house was built in 1991 and was completely renovated in 2016. As such it is now in perfect condition and ready to move into. Zutendaal is known as one of the greenest municipalities in Flanders, because of its location in the middle of nature, as it is located in the Hoge Kempen Park. The town is a mere 11 kilometers away from Maastricht and as such extremely popular with the Dutch. The buyer already has a tenant lined up who will pay € 1,250 rent per month, excluding costs.

Why did the buyer choose Max Crowdfund, which has a higher interest rate than a bank? 
In his own words: "That's pretty straight forward: Firstly, I am not a big fan of banks, as they are institutions where you can borrow money if you can prove that you don't need it! Secondly, I only need a bridging loan for a period of up to 9 months and a bank is only interested in it if they can match someone for a much longer term."

How will the loan be repaid after the 9 months?
The purchaser still owns an apartment on the Regenboogkade in Rotterdam and this will be vacant and rent-free from November 1. At that stage he will sell the apartment. The asking price (depending on the market) will be around € 360,000 at that time, but potentially slightly more as currently the apartments in this particular complex sell for between € 375,000 and € 395,000, which can be seen from this similar flat that is for sale on Funda (https://www.funda.nl/koop/rotterdam/appartement-41198634-regenboogkade-47/).

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Loan terms summary
  • Interest per annum 7.50%
  • Fully subscribed 350,000.00 raised
  • Risk class i
  • Expires 29 day(s) left
  • Target amount €350,000.00
  • Profit share 0.00%
  • Term 9 Months
  • Payment frequency 1 months
  • Loan purpose Buy-to-rent
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 135.7%
  • Loan To Value (LTV) 73.7% i
  • Location
    Belgium
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