1977 - Heathfield, East Sussex
Name of case study: 1977- Heathfield, East Sussex
Gross rate: 10.20%
Investor return: 7.56%pa
Term: 12 months
Loan amount: £344,000
Exit strategy: Sale
Reason for loan: Refinance
Type of property: Residential
Security: 2nd charge
TAB is advancing a second charge loan on a Grade II listed five bedroom property located near Horsham, East Sussex, and the High Weald Area of Natural Beauty.
The property which has origins from the pre-Tudor period is set on four acres of land and comprises 4,291 sq ft of accommodation in the main house, and a further 2,610 sq ft in the barn and cottage annexed to the house. The borrower intends to modernise parts of the house after which he will sell the property and repay the TAB loan.
The second charge bridging loan has a combined loan to value of below 50%, a rate of 10.20%pa and the loan term is 12 months.
Read the full investment details here.