Due to product demand, and as a result of lender feedback, we have reintroduced a pledge limit for this project, on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5000 can be created, or an existing pledge for this project can be increased (subject to availability). This project is a development loan facility of £1,150,000 towards the purchase and refurbishment of a terrace of Victorian properties from a dilapidated student HMO to high end professional HMO. The total loan term of 15 months commenced on 3rd July 2020 and comprises 3 raises. The 1st phase raise was a retained serviced interest loan of £665,000 with the lenders receiving 8% per annum paid monthly. This was utilised to assist towards the purchase of the property. This is the 2nd raise and will be for £200,000 for a maximum of 14 months. Interest on this raise and for the subsequent raise will be rolled up and paid at exit. The project is situated in a popular student residential district of Plymouth within short walk of Mutley Plain, mainline railway station and City Centre shops. Plymouth is a vibrant Ocean city with a growing population of young professionals looking for high quality social live/work environments and is the largest city in Devon with a population of 250,000. The immediate area is predominantly residential. The property was originally four double fronted late Victorian terraced houses merged to create 32 bedroomed student accommodation. Constructed of brick and stonework wall with part rendered limestone under pitched slated roofs with some single storey flat roof extensions to the rear the accommodation extends to an Internal floor area of approx. 9688 sq ft.
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