Fantastic 5 House Development in Cavan, Low LTV% and 2 Units Already Sale Agreed
Our 7th investment offering is now LIVE and ready for investment. The finance will be used to fund the construction of 5 houses in Mullagh, Co. Cavan, which is a short drive from Kells and Navan.
The Borrower has requested that we provide them with a development facility of €472,000, to be drawn down in 2 tranches. The first tranche of €272,000 will be for a period of14 months (6 months term certain), secured against the Property, to allow them to construct 5 houses on the property.
To view the full details of the loan please click here.
Loan Overview
- Interest rate: 8% per annum
- Security: First Charge
- LTGDV: 36%
- Term: 14 Months (6 Months Minimum)
- Tranche 1 Amount: €272,000
- Exit: Sale of properties
The Borrowers equity and the proceeds of the loan facility will be used to fund the construction of the first three houses, with a portion of the sales proceeds from these houses being used to fund the construction of the final two houses. We will allow the LTGDV to rise to 50% to accommodate the use of the proceeds.
We will take a charge over the entire site. Initially, our LTGDV (Loan To Gross Development Value) will be 37%, and our LTC (Loan To Cost) will be 53%
The site is located on the Cluain Mullach Estate in Mullagh. Construction has commenced on the first house, which is now 75% complete and is sale agreed. A second house which occupies a corner site and has an uninterrupted view has gone sale agreed at €330,000. Mullagh which is located on the Cavan /Meath border, is close to the M3 motorway, which makes it part of the Dublin commuter belt.
If you have any further questions please reach out to us at
team@propertybridges.com or call us on 01 549 4546
