Our Credit Assessment Group and Executive Committee have approved the 1st stage drawdown of a £3,155,000 residential development facility paying 9.5% p.a. The loan is now available for bidding on our Lending Marketplace, on a 'first past the post' basis and we have included a summary of the terms and credit report below.

About this loan
Total amount - £3,155,000
Stage amount - £2,430,235
Term - 15 months
Repayment date - 15 months from initial drawdown
Interest rate - 9.5% p.a (8.75% after lender fees)
Interest type - Rolled up. Principal and interest paid at maturity
Location - Leicestershire
Security - Fixed First Charge, Debenture, Guarantee
Loan to Cost - 69.7% (estimated)
Loan to GDV - 65.4%
Minimum Bid - £500

GDV = Gross Development Value

Comments from Bhavna Toase, Senior Credit Officer
Following the successful completion of the construction of Plots 1 and 2, we are pleased to offer a new Development Facility to assist with development of Plots 3 and 4 and to allow for partial repayment of the outstanding loan amount via sales proceeds from Plots 1 and 2.

Register or log in to your lender account for detailed loan information

This auction is due to end on 13 October 2017 or earlier if filled. To view the full information on this loan and to start lending, or to check for other lending opportunities, please sign in to your lender account*