Mooncoin Development of 6 No Houses, New Road, Kilkenny.
Site Location: New Road, Mooncoin, County Kilkenny
- Interest rate 8.5% per annum.
- Security: First Charge
- LTC / LTGDV: 70% / 51%
- Term: 12 months with 6 months minimum
- Loan Amount: €600,000
- Tranche 1 Amount: €200,000
Development Programme: 12 months total (6 months minimum)
Property Bridges is pleased to offer a twelve-month development facility which will be raised in 3 tranches. The funds will be used for the development of 6 houses in Mooncoin, County Kilkenny. Click HERE to watch the video.
The total gross loan amount is €600,000.00, which will be raised in three tranches €200,000 in tranche A(Tier 1), €200,000 in tranche B(Tier 2) and €200,000 in tranche C(Tier 3).
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.
Our borrower formed as a SPV to develop two sites in Mooncoin, Co. Kilkenny. The developments will comprise of
- Two 3 bed semi-detached houses on its site in Chapel Street, Mooncoin, Co Kilkenny.
- Four 3 bed semi-detached houses on its site in New Road, Mooncoin, Co Kilkenny.
The exit for this project is assured by way of contract for sale with Kilkenny County Council already in place, with deposit paid. The contract sale price is what has been used to calculate the project LTGDV above.
The loan is secured by first legal charge against the development sit which is valued at circa €220,000. The works already complete on site are in excess of the equity required, and as such it is likely that they will be ready for their first drawdown of €200k in early December 2018. The equity investment into the project to date has been valued by their QS at being in excess of €350k, and this breaks down into €126k for site acquisition and planning design, and the remainder, €174k, for works carried out on site to date.
Planning permission has been received and works are well underway as you can see from the images. The structure will consist of timber frame construction, with internal insulation and an external plaster rendered finish. Ground floors will be concrete in construction, and the roof will be a pitched timber frame, with slate tiles to finish. The BER achieved for each property will be a minimum of an A rating.
The development will provide a six two-storey semi-detached houses on two separate sites. Each house will have a total gross area of approx. 100 sqM, new vehicular entrances, landscaping and boundary treatments. The properties have been designed to meet the TGD L 2011 building regulations.
The borrower SPV is comprised of 3 very experienced professionals. Dermot Lyons has been in the construction business since 2001 and is the MD of the Lyons Group. He has surrounded himself with the expertise of the strongest possible professional team to ensure the success of each project.