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Loan amount

£647,000


Interest Paid

0%


Funds pledged

£0


Loan Term

14 months


LTV

63%

£0


The borrower has exchanged contracts on the purchase of this historic building in the heart of Hull city centre. The borrower has achieved planning permission to convert this beautiful building into offices with 8 self contained apartments. The investment opportunity was identified by the borrower, a property developer and experienced investor who has completed multiple projects in the area.

Hull has some of the UK’s bestinternational connections due to its location

£3BN public and private investment in the city since 2013

Hull's position as a major port city and its location near several major airportssees it benefits from some of the country's best international connections, while a £70 billion transport plan for the north of England is set to further reinforce its enviable position

The M62 motorway, one of the main east-west routes in the north of England, connects Hull to Leeds, Manchester and Liverpool and the M1. More than eight million vehicles cross the Humber Bridge annually, linking Hull to a growing economic area on the south bank of the Humber.

The property is located within a 10-minute walk to the Hull main train station.

The property is a 5-minute walk to Hull marina a popular visitor location attracting over 5 million people in 2017

The borrower is raising £647,000 for the purchase and conversion of this office block built in 1664 originally built as the home of Alderman George Crowle, a wealthy merchant who was twice Mayor of Hull as well as Sheriff of Hull in 1657. The planned exit is to sell the properties within an 14 month period, generating a healthy profit margin on the sale of the converted property.

Investors funds shall be utilised as £287,000 towards the purchase price of £410,000. The remaining balance covering conversion costs and professional fees drawn down upon submission of a monitoring surveyor report.

The property gained planning permission to convert the first and second floors into 8 self contained apartments. Consisting off 5 x one bed apartments, 3 x two bed apartments.

The planning was gained through Hull City Council (reference 19/01373/FULL) and a copy of the planning consent and drawings can be found on our platform on the downloads tab.

The build works will be carried out and the borrower will prepare for an open market sale.

Loan Amount † £647,000
Forecasted Valuation aka GDV †† £1,025,000
Loan-to-GDV 63%
Loan Term 14 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† Full at end of term
Loan Security First Legal Charge
Platform Fee 5%
Legal Fee 0%
APR 42.09%

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.


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