Propifi Bridging Loan - Ref No: 201806

257-261 High Street, Kirkcaldy

0%

0% of loan raised


Interest rate: 12%

Project overview

Residential development land with planning

Loan required

£252,000

Risk category

3

Term of loan

6 Months

Location

Scotland

Set in the town of Kirkcaldy to the east of Scotland.

This development land has planning permission for 26 residential dwellings (26 x 2 bed flats with retail space to the ground level).

Our Borrower is a company Medwin Properties (Kirkcaldy) Ltd and the main director is Mr David Coutts. Mr Coutts has many years experience in the sale and development of property in and around Scotland. He was previously a councilor for Dundee and retains his interest as a lobbyist within both the City of Edinburgh Council and also the Scottish Parliament dealing with planning applications and appeals.

The Borrower is looking to raise £252,000 in order to pay off the existing first charge and raise funds towards further planning amendments to meet the standards of a local housing association who show significant interest in the exit strategy.

The loan is required for a loan period of 6 months.

The Exit Strategy is to sell the site to a local housing association, once a new planning consent has been granted.

As part of our Exit Monitoring, we will maintain regular contact with the Borrower to ensure that the proposed sale is progressing in line with expectations, to make sure the loan is repaid on time.

Investors will be provided with regular updates. 
 
The site is currently valued at £360,000 (Open Market Value figure).

1st legal charge security on the development land of £252,000 will be in place for Propifi Security Trustee in favour of the Undisclosed Lenders.

Please review the Information Memorandum to proceed.
The following documentation is available to investors to download.  This information is made available to support the investor in making a personally informed decision to invest. Propifi cannot offer advice to investors, however, you are free to use any of the content to seek independent financial advice.

- Valuation Report (Buchanan Chartered Surveyors)
- Propifi Risk Categorisation
- Exit Letter

Additional information is available in the Information Memorandum document. This document must be reviewed by you prior to committing your investment. This memorandum summarises the entirety of borrower costs and investor returns.

Please review the Information Memorandum to proceed. 

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