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Loan amount

£367,500


Interest Paid

0%


Funds pledged

£0


Loan Term

10 months


LTV

70%

£0


Dury Falls Close, Hornchurch, London, RM11 3AX

The land is at the end of a quiet residential road in Hornchurch, close to local amenities.

The existing garage on the plot is to be demolished and 1 x 3-bedroom detached house is to be built.

General observations conducted indicated the site to be in a good condition.

Hornchurch is a suburban town in East London, England and part of the London Borough of Havering, it’s popular with families for its affordable Thirties semis and large executive homes. It is a short walk from the local town centre, comprising of a number of shopping streets.

The property is on a quiet road of residential buildings.

Sitting just south of the A12 London to Lowestoft road, Hornchurch is a few miles inside the M25. For Tube commuters Elm Park, Hornchurch and Upminster Bridge stations are all on the District line. Local amenities and Upminster Bridge station are a short 3-minute drive or 13-minute walk from the property. It is just a 17 minutes’ drive to the King George hospital.

The borrower of this project is an experienced property investor who has exchanged contracts on the purchase of this plot of land. The land will be purchased with planning permission in place for the build of a 3-bedroom detached property. The investment opportunity was identified by the borrower, a property investor who is local to the area.

The borrower is raising £367,500 for the purchase and build of this 3-bedroom detached house, investors get a first legal charge on the site.

£177,610 will go towards the purchase price of the property and the remaining balance towards the build. The monies raised will be drawn down upon submission of an independent monitoring surveyor report, confirming works have been completed.

The exit plan is to sell the property on the open market, which will go on sale once works commence – off plan. The project term is 10 months.

The planning was gained through Havering Council (P0608.17)

The property gained planning permission to build a 3-bedroom detached house.

The site is located in a quiet suburban location close to shops and amenities. The majority of the surrounding properties are established older properties with mature gardens. There are not many houses being built in the area.

The planned exit is to sell the property off-plan, within a 10 month period, on the open market.

Loan Amount † £367,500
Forecasted Valuation aka GDV †† £525,000
Loan-to-GDV 70%
Loan Term 10 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† End of Term
Loan Security First legal charge + borrower’s equity + personal guarantee
Platform Fee 2%
Legal Fee 0%
APR 11.69%

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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