Loan

Loan #605937 17 Belvedere Road, Blackburn

Property location
17 Belvedere Road Blackburn BB1 9NR United Kingdom

Executive Summary

The property developer has been working on this project for a while and is located in Feniscowles, a great area just outside Blackburn. According to local estate agents, the area is highly desirable to live and as such enjoys a big demand for property.

The current owner bought this for him, his wife and his mother to live in, due to his mother requiring full-time care. His mother has unfortunately taken a turn for the worse and is no longer able to move in. This has led to the current owner paying for her care and this has led to him running out of money to finish this project.

The owner needed to sell the property fast and approached an agent, which is coincidentally close to the property developer, as he has purchased projects from the agent in the past. This is the reason why the property was sold off-market.

As you can see from the photos and video, the vast majority of the major works have been completed, such as fitting of new windows, which only leaves the internal fit outs (kitchen, bathroom, decorating and floor finishes), plus external rendering, drive way and landscaping.

The property is being bought for £190,000.00. It has been valued at £210,000.00 as it stands and there is a written valuation from an estate agent, who has valued the property between £270,000 and £280,000.00 once the renovation works have been completed.

The renovation works will costs a total of £30,000.00 which is broken down to approx. £13,000.00 for internal works and labour, approx. £12,000.00 for all external work and the remainder for kitchen and bathroom materials.

The work will take approximately two months with the aim to have the project fully complete and sold within 6-7 months.

Note from admin: Corbelo Capital LTD changed their name to Corbelo Group LTD on 25/08/2021. This has no impact whatsoever on this loan nor securities established.

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Loan terms summary
  • Interest per annum 12.00%
  • Fully subscribed 250,000.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €250,000.00
  • Profit share 0.00%
  • Term 9 Months
  • Payment frequency 1 months
  • Loan purpose Buy to sell
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 150.0%
  • Loan To Value (LTV) 66.7% i
  • Location
    United Kingdom
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