Update from the originator:
The originator raised €650,000 for the Clonard Road offering on the 12th of April.
During the conveyancing process, it was not possible to obtain security over the small site 408 Clonard Road. While this element of the security was a small portion of the total, it represents a change to the original proposal.
As a result, the originator has refunded the original funding and is now relaunching with an amended version of the deal for a smaller loan amount which the originator believes to be a commercially stronger proposition.
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Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
Purpose of the loan
Mourneview D12 Limited (the “Borrower”). (a 100%-owned subsidiary of Latinus Limited)
House at 86 Captains Avenue, Dublin 12 plus site at 86a Captains Avenue, Dublin 12 with FPP for an additional 2 bedroom house.
Freehold House and Garage at 406 Clonard Road Dublin 12 plus sites at 406a and 408 Clonard Road (299-year leasehold) with FPP for an additional 4 apartments and 1 townhouse.
A first fixed charge over the property owned by the company listed at 1 above and a first fixed charge over the properties to be acquired by the company listed at 2 above.
A first charge over a bank account to be established by the company with the loan facilitator into which the proceeds of sales of assets comprised in the properties 1 and 2 will be deposited.
A first floating charge over the assets of the borrower.
The guarantee of the parent company Latinus Limited for an amount of €200,000
Gross Development Value
7.50% per annum (paid on completion)
Acquisition and Development Loan
LTV / LTC
18 months (9 month’s minimum)
The purpose of this loan is to fund the acquisition of the property at 406 Clonard Road, along with the site at the back of 408 Clonard road. The borrower already owns a house at 86 Captains Avenue and a site at 86a Captains Avenue over which we will also be taking security. Our funding and some of the sales proceeds will be used to refurbish the existing 2 units and to construct 6 additional units.
The immediate intention is to refurbish the house at 86 Captain’s Avenue and to construct a new house on the adjoining site. Works on this have already commenced. These will then be leased to Dublin City Council and sold with the benefit of the long-term lease to a corporate purchaser. In conjunction with this, the borrower will start work on refurbing 406 Clonard Road post purchase. This will then be followed by the demolition of the existing motor repair workshop at side and rear, the erection of a 2-storey, 2 bedroom semi-detached house at the side, the erection of a 2-storey apartment block at rear containing a 1 bedroom apartment on the first floor and a 1 bedroom apartment on the ground floor.
The corporate purchaser has issued heads of terms to purchase all units upon completion. Lease terms have been agreed between the corporate purchaser and Dublin City Council for all the units.
Borrower Background and Loan Request;
Security for the Loan;
406 and 408 Clonard Road
406B is the house to be renovated and sold. 406C is the garage that will be reconstructed as a new 2 bedroom house. To the rear of 406 is a yard and garage on which 2 apartments (406D&E) will be built and 408 is the yard to the left of the lane where 2 further 1 bed apartments (408A&B) will be built. In total there will be the existing property plus 1 new house and 4 apartments built on the site. Full planning permission has been issued for the development.
86 and 86a Captains Avenue
The existing house at 86 Captains Avenue will be renovated and sold and a new 2-bedroom house built to the side at the site known as 86a Captains Avenue. Full planning permission has issued for this development and the building has already commenced.
Council Lease and Agreement to Purchase all Properties;
Loan Structure and Exit;
|30.10.2022||Paid||No||06 May 2021, 19:43|