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Loan amount

£109,000


Interest Paid

0%


Funds pledged

£0


Loan Term

12 months


LTV

62%

£0


Address: 1A Petts Close, Wisbech, PE13 3QE. (Google Maps). The property is part of a popular and secluded development set in the popular location of Wisbech, Cambridgeshire. This spacious two bedroomed detached bungalow offers off road parking, generous gardens and is positioned in a cul-de-sac. The property is in need of a full renovation both internally and externally. This is a fantastic project given that the UK is an aging market the demand for bungalows far out strips the supply, bungalows are often a new build developers last choice for a scheme as the floor space required for a bungalow reduces the number of units a developer can build which in turn reduces the profit. However this is a rare find as the bungalow is a relatively modern build which means by completing the works Nick has planned on this refurbishment project we can offer buyers a property in a sought after location with a fresh new look and as quoted by a number of local agents "A property that will be in demand" The property is Freehold and registered under title number CB335251

The property is located in Wisbech, the number one town in the country to invest property as voted for in a survey produced by The Guild of Property Professionals. The area has had a lot of recent investments increasing the number of new restaurants and cinemas opening, with more businesses following suite. Wisbech's location, being less than a 40 minute drive to the heart of Peterborough is becoming an ever more popular commuter hotspot for the second-largest city in the East of England. As a result of this, Wisbech is continuing to provide strong capital growth with a total 5 year growth of over 30%.

The borrower has entered into a legal agreement to purchase the property via the below SPV, Upon completion the contractor has been instructed to complete the project to a high standard and with a fixed price contract. The refurbishment project consists of the following works: Double glazed windows External and Internal doors Plastering throughout Full electrics Gas central heating system Newly fitted kitchen and bathroom Decoration and carpets throughout Gardens and external works The refurbishment involves no structural alterations and it is forecasted by the Contractor that it will take no longer than sixteen weeks to complete the work, including having any relevant work signed off by the Council for Building Regulation purposes.



Loan Amount † £109,000
Forecasted Valuation aka GDV †† £175,000
Loan-to-GDV 62%
Loan Term 12 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† Annually in arrears
Loan Security First Legal Charge
Platform Fee 0%
Legal Fee 0%
APR 12.00%

Cash-back Reward: 2% when you lend £25,000 or more. Type: Cash-back paid on completion (i.e. drawdown) of the loan by the Borrower. Terms: To claim this offer, you will need to invest a minimum of £25,000 into the loan opportunity - SO18 - Petts Close, Cambridgeshire. 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.

Bonus: £50 when you lend your first £500. Type: Bonus paid on completion (i.e. 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 - SO18 - Petts Close, Cambridgeshire. You will then have your account credited with £50 on completion of the loan. This offer only applies to your first £500 investment. Lender Terms and Conditions apply.


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