The borrower of these projects has exchanged contracts on the purchase of this maisonette flat in Darvel. The property is below market value and needs a light refurbishment in order to increase its value. The property will be purchased and then sold after owning the property for 6 months. The investment opportunity was identified by the borrower, an investor and developer who is local to the area.
The borrower is raising £34,900 for the purchase and refurbishment of the property. The plan for the borrower is then to sell the property during the 6-month period.
Darvel is a small town in East Ayrshire, situated on the A71, around 10 miles from Kilmarnock and 27 miles south of Glasgow. Located in the Irvine Valley, Darvel runs alongside the River Irvine and was nicknamed 'The Lang Toun' due to its layout on early ordinance survey maps.
Darvel was built on the grid system, with a broad, straight main street and town hall. Hastings Square, in the centre of town, is overlooked by Darvel Central Church, a war memorial and the Dagon Stone, thought by many to be a prehistoric standing stone. There are several places to eat within Darvel, and a selection of independent shops too for any shopping needs.
The area has seen an increase in housing prices over the last 5 years, totalling an average capital growth of 10%, (source propertydata.co.uk).
The purchase cost for the property is £33,000. £27,310 of the raise will therefore be utilised towards the purchase of the property as the borrower has invested £5,690 of their own capital. The remaining balance of £7,590 will go towards the refurbishment costs.
• One Director
• Local to the area and knows the area well
• Refurbishment and flip experience
• Maisonette Flat
• Purchase price - £33,000
• Current valuation - £35,000
The Location and Local Market
• 5-minute walk to the town
• It is a 40-minute drive into Glasgow
• Just a 20-minute drive into Kilmarnock
• Area has seen an increase in housing prices of 10% over 5 years (propertydata.co.uk)
The property will be sold on the market. A refinance option is in place should the sale take too long.
|Loan Amount †
|Forecasted Valuation aka GDV ††
|Loan Interest †††
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|Bonus Interest ††††
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||Full at end of term
||First legal charge + borrower’s equity + personal guarantee
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.