620-624 Liverpool Road, Eccles, M30 7NA
The property comprises a row of three terraces which are part let providing £10,000 p.a. with vacant ground floor unit and all first-floor accommodation approximately 165 sq m (1775 sq ft)
• The ground floor of two of the units are let producing £8,880pa.
• The middle A2office/retail unit is vacant and along with the first floor offices over the three units provides approximately 165sqm (1775 sq ft).
• To the rear there are good size patio gardens.
Eccles town centre has grown from a small village into a vibrant area that provides a range of shopping and community facilities.
Located at the heart of the Manchester city region, Eccles is a well-connected town served by motorways, trams, trains and buses that link it to Greater Manchester and beyond.
The town centre is home to a mix of independent, energetic local retailers and brand names as well as daily and monthly markets. Boasting a number of well-known local restaurants and public houses, Eccles also hosts a number of events ranging from book talks to jazz nights.
The town centre also offers access to a number of community facilities and services. These include Eccles Gateway health and community centre, adult and children's library services, a post office, travel information offices, council and partner services plus one of the busiest Fit City leisure centres and swimming pools in Salford.
The borrower of this project has exchanged contracts on the purchase of this mixed-use terrace property in Eccles, Manchester. The property will be purchased with minimal works, and then title split. The investment opportunity was identified by the borrower, a developer who is local to the area.
The borrower is raising £212,000 for the purchase and light refurbishment of the property, it will then be title split and refinanced within the 6-month period. The properties as separate titles have a higher value than as a single property.
Investors get a first legal charge on the current property.
The purchase price of the property is £220,000. £190,000 of the raise will be utilised towards the purchase of the property, as the borrower has invested £30,000 of their own capital. The remaining balance will go towards the refurbishment costs.
A full project report, DD report and independent valuation can be downloaded from the Documents tab.
Every project is evaluated, looking at if the loan-repayment schedule and the borrower’s exit strategy (sale of the developed property or refinance) is realistic, to ensure the most secure and profitable plan is followed. Sourced Capital employ solicitors for every loan that is provided, who work with the borrower’s legal adviser.
For this project, the borrowers will be refinancing the three properties to keep as buy to let properties.
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Bonus: £50 when you lend your first £500.
Type: Bonus paid on drawdown of the loan by the Borrower.
Terms: To claim this offer, you will need to invest a minimum of £500 into the loan opportunity. You will then have your account credited with £50 on drawdown of the loan. This offer only applies to your first £500 investment. Lender Terms and Conditions apply.
Cash-back Reward: 2% when you lend £20,000 or more.
Type: 2% Interest added on drawdown of the loan by the Borrower.
Terms: To claim this offer, you will need to invest a minimum of £20,000 into the loan opportunity. You will then have your account credited with 2% of the final amount you have invested on completion of the loan. Lender Terms and Conditions apply.