Sandycove Loan - Tranche 2

Dublin

Offering Description

Loan Summary

  • Tranche 2 amount - €215,000
  • Interest rate - 8% p.a.
  • Term - 7 months (minimum 4 months)
  • Security - First Legal Charge
  • LTGDV - 54.7%

Loan Update (as of 13th of March 2019)

All groundworks have been completed including drainage, incoming main, routes for services and rainwater harvesting tank. All sub-structures, foundations and underpinning to adjoining structures where required have been completed, along with rising walls and slab installed. Slab is 50% GGBS (eco-cem) slab. All blockwork is aerated blockwork and foam glass blocks have been installed in rising walls to improve thermal bridging has also been completed to first-floor level. Steel details for upper-level terrace walls are being finalised this week which will support the first-floor level undercroft parking. In parallel, the developer has ordered high-performance triple glazing units and the kitchen should be ordered in the next 2 weeks. Interface works for flashing adjoining property wall between mews and adjoining property have been agreed and are ongoing.

The photovoltaic array design also has been finalised and ESB and water connection have been applied for. The entire dwelling will be electric and projected total energy costs per annum, heating, hot water and consumer appliances is coming in at less than €200 per year. The installed rainwater harvesting tank (photo attached) should reduce potable water consumption by 30%.

Once steel installed blockwork for upper levels will commence along with the installation of timber floors and roof. External insulation of blockwork has commenced.

The expected completion of mews in 16 weeks, including fit-out. 

Loan Overview

The total gross loan amount for Sandycove is €465,000. Of which €250,000 was raised in tranche 1 in November. We are now raising €215,000 to complete the loan and the development 

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.

Security

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. 

Property 

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

Construction

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

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.

Investor Insights

  • 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.

€215,000.00

Raised Of €215,000.00 Goal

Days 0
Hours 0
Mins 0
Investment complete
 
Debt Offer. Structure
8% Ann. return
7 Months Term

Call 01 549 4546