- Tranche 1 amount - 250,000
- Interest rate - 8.5% p.a.
- Term - 12 months
- Security - First Legal Charge
- LTGDV - 54.7%
The total gross loan amount is €465,000.00, which will be raised in two tranches €250,000 in tranche A and €215,000 in tranche B. This offering is related to tranche 1 of the loan.
The borrower will receive funds in staged payments as the development progresses for work done in arrears, as certified by the QS/Project Monitor. Property Bridges will visit the site to assess the progress of the development prior to each tranche being drawn and at regular intervals to manage the projects progress. A full security package will be made available for viewing prior to investment on the platform.
The loan is secured by the first legal charge against the development site which has a red book valuation of €350,000. Sales price estimate is €850,000 completed and estimated rent in this location €4,000 per month.
Repayment and Exit
Repayment of the facility and interest accrued will happen on completion of the 12- month term, either by way of a sale of the completed property, or a refinance by the Borrower. Both options have been made available, as the Borrower wishes to consider retaining the property in the long term, and as such wishes to try and source a long-term commercial mortgage for the property once complete. If this is not forthcoming, they are obliged to market the property at a minimum of €850,000.
The development will provide a large two storey mews house, with a total gross area of 115.5 sqM (1242 SqFt), as well as a garden and 2 car parking spaces. The house will be built to the highest quality with the aim of achieving a Passive House Plus certification from the Passive House Plus Institute in Darmstadt, Germany.
Link to smaller second-hand mews on lane here: https://www.myhome.ie/residential/brochure/the-muglins-sandycove-close-sandycove-county-dublin/4273487
Planning permission has been received so when funding is complete the project can begin. The borrower has appointed an experienced team of architects, QS, structural engineers, services engineers and health and safety professionals. The timescale for the completion of works is estimated to be 8 months. This gives the borrower 4 months to exit the facility.
The borrower is an experienced architect who has been registered with the RIAI for 25 years. In addition to his own practice, he has previously collaborated with a number of award-winning practices, including Brian O’Halloran and Associates (Senior Associate) for 10 years. Previous broad-ranging experience in Ireland, UK and USA has covered project management, conservation, and urban-planning projects. Project type/size has varied from high-quality small-scale residential to commercial mixed-use schemes.
- According to a report by Daft.ie Sandycove is the most expensive market in the country with property values averaging €910,000.
- Sandycove, Dalkey and Glasthule with their range of fine amenities including speciality boutiques, shops and restaurants are only a short stroll away.
- Dun Laoghaire Town Centre is approximately a ten-minute walk.
- The bus and DART are close by servicing the city centre and the Aircoach runs to and from the airport every hour.
- The forty foot and Joyce tower is close by as is an extensive marina at Dun Laoghaire Harbour.