Properties for sale

Interest to purchaser:

Minimum 10 % p.a. plus any base rate increases (The Royal Bank of Scotland plc.) above 7% p.a.

Purpose of loan:

Purchase of a former dairy site at Galashiels in Scotland and the build of 11 houses on the site

Term:

Expiry Date 20th August 2008

Security:

A first charge over the site, Company Debenture and Directors Guarantees

Solicitors:

Messrs. Kidstons acted on behalf of the Mortgagee and have confirmed a First Charge on the property and satisfactory Report on Title.

Total amount of loan:

£255,000 to purchase the site and £820,000 to complete the build. TOTAL LOAN OF £1,075,000.

Value of security:

Provided by: Shepherds.
Date of Valuation : August 2007
Day 1 £660,000: Ratio of Loan to Value - 67%

Completed site £1,985,000: 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 is added to the loan and paid on redemption of the loan.

Summary:

An existing Helmsley client returning to us with another site. The Borrower is an experienced builder and developer, particularly in the border region of England/Scotland. There are several capital projects due in the area to further enhance the location, including the restoration of the rail link to Edinburgh and the doubling of the size of the local university.