Properties for sale

Interest to purchaser:

Minimum of 10% per annum plus any Base Rate increases (The Royal Bank of Scotland PLC) above 6.5% per annum.

Purpose of loan:

£130,000 to repay existing borrowing and obtain a first charge over a site at Coldstream and a further £512,000 to build 6 houses on site. A further £100,000 to assist with the purchase of a site at Berwick Upon Tweed.

Term:

Expiry Date 20th August 2008

Security:

A first Legal Charge over both sites
Directors Guarantees
Company Debenture

Solicitors:

Messrs Kidstons acted on behalf of the mortgagee and have confirmed a First Charge on the properties and satisfactory reports on title.

Total amount of loan:

£742,000 (£230,000 initially and a build facility of £512,000).

Value of security:

Provided by Shepherds
Date of Valuation :August 2007
Day1 £530,000 : Ratio of loan to Value 67%
When complete £1,290,000: Ratio of Loan to Value 67%

Costs:

There are no purchase costs.

Minimum purchase:

£25,000 (Twenty Five Thousand Pounds)

Availability:

Immediate

Interest:

Interest is not due to be serviced under the terms of the offer letter. The interest will be added to the loan and paid upon redemption of the loan.

Summary:

The Company has already successfully completed several sites in the Borders region and is looking to complete more developments with our assistance. The site at Coldstream is ready to start building and is in a picturesque location. The Company has successfully applied for residential consent on the Berwick site and will approach us for finance to also complete this project.