All the information about withdrawals, accounts, Secondary Market and other topics can be found in this FAQ blog post. In case you still have questions, you can contact us at firstname.lastname@example.org
Update from the originator:
All 9 units are being purchased by Leitrim Council. At the start of lockdown, the site had closed as the Council did not allow work to continue on-site. In the last 2 weeks, the Council has decided that work can now recommence on site, as the completed houses will be used for social housing. The site was ahead of schedule before lockdown, so the originator expects this loan to be repaid as the agreed timetable. The originator will continue to monitor progress on this site and expect a further funding tranche to be launched in the coming days.
Church Lane Passive Housing Ltd (the “Borrower”)
9 residential units on a site in Ballinamore, Co. Leitrim (the “Property”)
First Legal Charge over the Ballinamore site, and all works on the site
Tranche 2: €102,000
Total Facility: € 1,000,000
Total Asset Value
Site Value: €1,565,000
7% per annum and rolled up for 12 months
LTV (Loan To Value)
12 months (5 months minimum)
The Borrower is an SPV set up by Drumattan Construction Ltd, which is a well-known and respected construction/development firm in the north midlands area. This is the second tranche that is funding €102,000 of this facility of €1,000,000 at an interest rate of 7% per annum. The term of this offering is 12 months (5 months minimum term), secured against the Property. The Borrower requires this facility to develop 9 residential units on a site in Ballinamore, Co. Leitrim which Leitrim County Council have advised they will purchase and for which a contract will be entered into shortly. The Borrower has been working on the site since the Covid guidelines were relaxed for builders. They have foundations laid for all 9 of the 9 units, and they are up to ground floor wall level on 6 of them.
The interest rate for lenders on this loan is 7% per annum. We will take a charge over the Property. Our LTV (Loan To Value) will be 64%.
Our security for this facility will be a First Legal Charge over the Property, and all works on the site and a Floating Charge over the shares of the Borrower.
Property Bridges has compiled this report on behalf of our lenders and have taken reasonable care to ensure the information provided is authentic and accurate. Please be aware that returns are not guaranteed, and your capital is at risk. Please also note that the term is not certain and may be extended under certain circumstances. Investors should seek their own advice before investing.
The Borrower is a company set up by Drumattan construction, who are a Co. Longford based construction company. They have completed projects throughout the north midlands. They propose to use the funds from this loan facility to develop 9 units on the site and have contracted to sell to the Leitrim County Council.
The loan will be secured by a First Legal Charge over the Ballinamore site, and all works on the site and a Floating Charge over the shares of the Borrower.
We have not commissioned a valuation on the site as the Borrower has agreed to sell the 9 units to Leitrim County Council, with a Contract to follow shortly. The Borrower has been on site since covid restrictions were lifted from building sites.
The QS we appointed has fully reviewed the cost plan and schedule supplied by the Borrower. They have confirmed the costs are tight, but achievable, and that all the design parties (Architects & Engineers) have the experience and insurance levels to complete a project like this.
Progress on site has been good, with 6 of the 9 units at ground floor level and the majority of groundworks have now been complete.
Ballinamore is in north County Leitrim, on the Shannon Erne waterway. It had a population of 914 in 2016 population. The Property is located 200 meters from the main street in Ballinamore.
As in the rest of the country, there is a significant demand for social housing in south Leitrim. As part of Leitrim County Councils' response to the demand, they have advised that they wish to purchase the 9 houses when they are completed by the Borrower.
The houses will have 2 bedrooms and will be 900 sq ft in size. They will meet all building regulations, and be fitted out as per the Council's requirements, including air to water heating and A rating.
Term and Exit
It is proposed to have a term of 12 months (maximum) and 4 months (minimum) on this facility. This will allow them to develop the property and transfer it to Leitrim County Council.
The Borrower has requested a development facility of €1m to part-fund the construction of 9 units which Leitrim County Council have advised they will purchase.
The Borrower is a well-regarded builder/ developer in the north midlands area, with a history of completing small to medium housing developments, similar to this one, to a high standard.
Given the strength of the security, the quality of the Borrower, and the level of construction already completed on-site, we are happy to recommend this facility.
Please refer to the Facility Agreement for a full disclosure of terms.
|30.12.2021||Paid||No||19 July 2021, 13:17|
Posting questions to projects feature is disabled. Project updates about status of projects will be posted for all projects every Wednesday if the Originator of the project shares an update.
If for any of the reasons you can not wait for an update, consider trying to reach out to originator support directly.