Large single dwelling needing fit out costs
- Location: East Midlands
- Amount Required: £400,000
- LTV for entire deal: 32%
- Sector: Development
LTV represents Loan To Value, where Value is an up to date valuation of the property involved and Loan is the total amount to be lent to the borrower, including the Investor's loan.
Client has acquired a significant property with land and obtained planning for a 9000sq ft residence. House has been built and is watertight, however existing lender has no further funds available to commit to full completion, amount outstanding £640k. The client has own business which is covering first charge interest.
Client looking for £350k to fully fit out and landscape plus a further £50k for interest. A term of 9 months is requested. Recent valuation confirms a current value of £1.9m with end value of £3.25m
