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Loan amount

£149,500


Interest Paid

0% pa


Funds pledged

£0


Loan Term

12 months


LTGDV

65%

£0


Address: 72 Rowland Close, Warrington, WA2 ODQ

The accommodation comprises, entrance hall, kitchen, dining room and lounge. To the upper floor there are three good size bedrooms and a bathroom. Gardens front and rear with allocated parking for two cars.

This spacious property is ideally laid out and located in a position ideally for HMO living.

The property is situated in the popular town of Warrington, Cheshire, In 2017 it claimed second place on Channel 4’s UK’s Best Place to Live, offering high quality of life and good prospects for the future.

Located within a two minute walk of the property is the popular Chester University Campus Find out more herehttps://www1.chester.ac.uk/learning-site/warrington-campus

The Warrington Campus is a modern, self-contained 30-acre university campus, with excellent motorway and local transport links into Birchwood, Manchester and Liverpool. The campus offers an array of excellent academic and social facilities and prepares students for work in areas such as business, education, media, nursing, policing, social work and sport. There is a wide range of undergraduate and postgraduate courses to choose from, alongside work-based learning projects and higher level apprenticeships which are accessible to local businesses, partner organisations and international students.

The property offers itself to becoming a house of multiple occupancy (HMO) this will mean the property is converted to offer six double bedrooms, a spacious lounge and separate kitchen area plus two bathrooms.

Inspection of the local council planning department has already taken place and they have clarified that they are happy with the changes that are being made to the property in order to achieve a HMO license.

Details of the Warrington HMO license regulations can be found here: https://www.warrington.gov.uk/info/201110/landlords/1928/houses-in-multiple-occupation-hmos/3

It is estimated that the property conversion and licensing will take approximately 4 months.

Once the conversion has been completed the property will be offered to Chester University Campus students to help facilitate the heavy demand they have for local property available to rent.

All projects funded via the Portfolio Loan Note are subject to rigorous due diligence checks. This includes detailed reviews by our highly experienced Credit Committee requiring both the project and the borrower to pass strict lending criteria and suitability checks.

Once the property conversion to a fully licensed HMO has been completed the property will be tenanted and a commercial refinance application will be completed.

In preparation for the works being completed the borrower has spoken to several main stream commercial lenders to ensure the property meets there criteria for the refinance.

It is anticipated that the commercial lender will require the property to be tenanted hence a 12 month loan period has been agreed.

Loan Amount † £149,500
Forecasted Valuation aka GDV †† £230,000
Loan-to-GDV 65%
Loan Term 12 months
Loan Interest ††† % per annum
Bonus Interest †††† 2%
Loan Interest Payment ††††† 10
Loan Security First Legal Charge
Platform Fee 0%
Legal Fee 0%
Exit Fee £0
APR 10.00%

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 - Rowland Close​​. 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 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 - Rowland Close​. 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.


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