The loan is secured with a 2nd charge against an attractive detached residential property in a popular part of Cardiff.  The property's current value is £500,000 but the estimated GDV on completion of the refurbishment works that are currently being carried out by the borrower, including a large extension, is in the region of £700,000.  To date work has been carried out to a high standard.  The loan has been based on the £500,000 value.  LTV is 68.7% and target interest paid to investors is 9%.

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The borrower used the loan to repay an existing 2nd charge, and their exit strategy is the sale of the security when the works are completed.  Properties in this area usually sell within 90 days as there is a high demand for residential property.  The borrower is required to put the property on the market within 4 months of the loan being made and to evidence this.

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This loan has a 9-month term, was made on 17th May 2019 and is scheduled to redeem by 17th February 2020.  

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As this loan was launched on the website several months after the loan was made, investors will be invested for a shorter period than the 9-month term.  Investor interest calculation commences 14 days from receipt of funds with funds received post 5pm UK time on any given day being deemed as being received the next day.

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This investment has now been filled.