2174 - Canterbury, Kent
Name of case study: 2174 - Canterbury, Kent
Gross rate: 11.40% pa
Investor return: 8.55% pa
Term: 9 months
Loan amount: £4,550,000
Exit strategy: Refinance
Reason for loan: Refinance
Type of property: Commercial
Security: 1st charge
This first charge loan was for a site with planning in the centre of Canterbury. There is planning for 19,500 sq ft retail and 39,000 sq ft residential which is split between 33 residential apartments and 32 serviced apartments. The site is an old department store with a Grade ll listed frontage and is located in a pedestrianised area, where people can wander through the linked walkways.
This is a large loan on a significant site in the centre of a Cathedral City. This project is going to regenerate the city centre. The loan has an LTV of 65% and is for 9 months. The gross interest rate is 11.40% pa returning investors 8.55% pa.
TAB works with Matthew Davies, Broker from Opes Financial Partner, Chris Francis, RICS valuer from Strutt and Parker and Daniel Fireman was our legal representation from Gunnercooke LLP.
You can read the investment details here and the press release here.
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