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Loan amount

£182,000


Interest Paid

0%


Funds pledged

£0


Loan Term

8 months


LTV

70%

£0


Address: 6 McCrorie Place, Kilbarchan, Paisley, PA10 2BF

The property is a 4 bedroom detached house spread over two floors, including lounge, kitchen, dining room, bathroom and 4 bedrooms. The property further benefits from a private garden, private driveway and garage. It is located within a modern residential estate, developed by similar terraced, semi detached and detached villas.

The property is freehold and registered with the Land Register of Scotland under title number REN107118.

Kilbarchan is an historic conservation village which offers a range of local shops and facilities and is an ideal base for the commuting client, being adjacent to the by-pass which links up with the M8 motorway for connection to Glasgow International Airport, Paisley, Braehead shopping centre, Glasgow city centre and southwards to the Ayrshire coastline. Further shopping facilities can be found in the nearby town of Johnstone which will more than adequately cater for everyday needs and requirements. There is also a train station at Milliken Park, with additional park and ride facilities available at Johnstone and Howwood.

Kilbarchan has seen a strong incline in housing prices over the last 5 years, totalling an average capital growth of 12%, reference propertydata.co.uk.

The property is a repossession currently requiring a light refurbishment to bring the value to its true and full potential.

The strategy is to flip this property by repairing the water damage and refurbishing the areas requiring upgrading, then the property will be sold on the open market. The target market are families from the surrounding areas either looking to upsize or relocate from one of the surrounding towns to the highly sought after, affluent village of Kilbarchan.

There is a very high demand in Kilbarchan and properties of this type rarely come available in the village. As a second exit option the property could be refinanced and let out to a local family.

Our Due Diligence document is available in the Downloads section above. The information provided in this document is an overview of the due diligence completed before this opportunity was listed for funding on the Sourced Capital platform, the areas detailed are:

- Property
- Location
- Legals
- Borrowers
- Security
- Team
- Exit

The complete due diligence information has been signed off by the Sourced credit committee and Sourced FCA principle before launching the investment opportunity on the platform.

Given the location of the property and the local demand, the Borrower intends to market the property for an open market sale. Like with all funding projects the borrower has looked at alternative exits should the market slow down, to ensure investor’s monies are repaid within the term of the loan. The borrowers have been preapproved for a re-mortgage. This would convert the property loan to a Buy-To-Let loan, repaying the investor’s loan plus the interest and allowing the borrowers to let the properties out on a buy to let basis.

Loan Amount † £182,000
Forecasted Valuation aka GDV †† £260,000
Loan-to-GDV 70%
Loan Term 8 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† Paid at end of term
Loan Security First Legal Charge
Platform Fee 0%
Legal Fee 0%
APR 10.47%

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 - McCrorie Place​. 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 - McCrorie Place​​. 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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