Detail Descripton

Offering Description

Credit Report

Loan Overview

The borrower, Aramore Commercial Ltd, has requested to roll over the facility for another 2 years. The borrower has demonstrated his capacity to pay both interest and principal on a monthly basis. As such we are happy to offer an extension on this loan. An up to date valuation on the property has come in at €745,000.

The partial repayment of principal over the last 24 months, combined with the increase in price has resulted in improved gearing on the facility. The loan to value now stands at 51.4%.

The exit for this facility remains the same, the borrower intends to sell the property or refinance in 24 months.

Risk Warning

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

Aramore Commercial Ltd is a newly formed SPV for the purpose of acquiring this property. The principle behind Aramore is a very experienced property professional / investor, who has many years’ experience in residential building in Ireland and the UK.

Security

The loan will be secured by a first legal charge over 41 Fairhaven Avenue, Castleknock Road, Castleknock.

Property

41 Fairhaven Avenue, is a newly built 4-bed home in the Castleknock suburb of Dublin.

Fairhaven is an exceptional development that offers quality family houses in a mature Castleknock setting next to the Phoenix Park and Castleknock Village with excellent proximity to the City Centre.

The amenities and facilities of Castleknock are of the highest order and Fairhaven is perfectly positioned within easy walking distance of restaurants, bars, cafes, boutiques and all the great amenities of this historic village.

There are excellent gyms, sports clubs, hobby and interest groups as well as easy access to the amenities of the Phoenix Park and the City Centre beyond, while the local area boasts some of Ireland’s best Primary and Secondary schools.

Term

It is proposed to have a maximum term of 24 months on this facility.

Conclusion

We believe this to be a strong loan opportunity for the following reasons;

There is a strong rental demand in the general area for detached family homes of this size and relatively few newly built 4-beds in the area.

The valuer is of the view that a price of €745,000 is achievable for the house.

The location is well regarded modern development on the Old Phoenix Park Racecourse. Walking distance of local shops, schools, bus routes and sports clubs. Good access to Phoenix Park, Castleknock Village, train station and the N3 and M509 motorways. 8km from Dublin city centre.

The borrower is a highly experienced property in a residential building in Ireland and the UK.

A return of 7.0% represents an excellent return for the low levels of risk involved.

The borrower has demonstrated his capacity to pay both interest and principal on a monthly basis.

Please refer to the Facility Agreement for a full disclosure of terms.