50 Rosalind Street, Ashington
Rosalind Street, Ashington, Northumberland
50 Rosalind Street, Ashington
£30,000
of £30k
5
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LOAN TERMS
Summary: A dated 3 bed terraced house (via auction) in need of refurbishment purchased for £39,999. The loan is for 75% of the purchase price. There are no structural works, development or planning issues. It is a standard refurbishment and modernisation.
Investment Type: Loan (IF-ISA applicable)
Raise Amount: £25,000 (min) to £30,000 (max)
Interest payment: 0.5% per month.
Interest payment terms: Paid monthly in arrears for the calendar month on the 10th day of the following month
Projected loan start date: 12th November 2017
Loan term: For up to 15 months Repayable on refinance but subject to a minimum of 12 months interest payments even if paid back early
Minimum Investment: £500
Security: First charge over the property will be taken on behalf of the lenders
Interest Apportionment: Where funds are received from the 1st to the 15th of the month, pro-rata payment 10 days after month end. Where funds are received from the 16th to month end, the pro-rata amount is added to the following month’s payment.
Note: As the project progresses there may be another raise on this deal to fund some of the refurbishment works. If this occurs a second charge will be offered that will sit behind the first charge offered here.
Summary: A dated 3 bed terraced house (via auction) in need of refurbishment purchased for £39,999. The loan is for 75% of the purchase price. There are no structural works, development or planning issues. It is a standard refurbishment and modernisation.
Investment Type: Loan (IF-ISA applicable)
Raise Amount: £25,000 (min) to £30,000 (max)
Interest payment: 0.5% per month.
Interest payment terms: Paid monthly in arrears for the calendar month on the 10th day of the following month
Projected loan start date: 12th November 2017
Loan term: For up to 15 months Repayable on refinance but subject to a minimum of 12 months interest payments even if paid back early
Minimum Investment: £500
Security: First charge over the property will be taken on behalf of the lenders
Interest Apportionment: Where funds are received from the 1st to the 15th of the month, pro-rata payment 10 days after month end. Where funds are received from the 16th to month end, the pro-rata amount is added to the following month’s payment.
Note: As the project progresses there may be another raise on this deal to fund some of the refurbishment works. If this occurs a second charge will be offered that will sit behind the first charge offered here.
THE PROJECT
This is an opportunity to invest in a refurbishment project in Northumberland. The developer has purchased a large 3 bedroom, mid terraced house of standard construction in an area of good rental demand by LHA tenants. It is cosmetically dated but otherwise structurally sound.
Due to the purchase price & condition it is currently unmortgagable, which is why the developer has turned to Peer to Peer Lending. The funds will be used for the (partial) acquisition cost of this property. The plan is to add value through a full refurbishment and modernisation before tenanting and refinancing it for a long term hold.
This is an opportunity to invest in a refurbishment project in Northumberland. The developer has purchased a large 3 bedroom, mid terraced house of standard construction in an area of good rental demand by LHA tenants. It is cosmetically dated but otherwise structurally sound.
Due to the purchase price & condition it is currently unmortgagable, which is why the developer has turned to Peer to Peer Lending. The funds will be used for the (partial) acquisition cost of this property. The plan is to add value through a full refurbishment and modernisation before tenanting and refinancing it for a long term hold.
There is no structural work, alterations or additions, permitted development or planning gains related to this project. This is a standard refurbishment project and is typical of the types of projects managed by this developer previously.
THE SECURITY OFFERED
A first charge be registered against the property on behalf of the investors as security for the loan provided. This charge will allow lenders to seek recourse from other company assets should the securitised property prove to be insufficient to repay the debt in full.
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