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| Mezzanine Investment London |
Country: UK
Location: Wembley, London
Investment Required: £350,000 sterling
Term: 18 - 24 months
Return: 50% Profit Share (projected profits of £800,000)
Development Name:159 Harrow Road, Wembley, Middlesex HA9 6DN
Development Type: Residential Apartments
Introduction
The site is located 400m from Wembley Stadium and 300m from Wembley high Street. Planning is approved for 14 units and the originally developer had completed the underground car park and foundations before running into trouble. The site can be bought for £1.2 million and there is a fixed price contract in place to build for £1.25 million. Profit expected to be circa £800k-£900k.Having conducted an extensive and recent price-comparisons in the area our prices are 12.5% lower on average. Local lending available and we are expecting to get 65% LTV on land purchase and 100% on build. The UK investor wants us to bring in a client with the £300k needed in equity and then he wants a JV with the client whereby he will take on ½ the bank debt and sell units off-plan, etc.
More detail available on request.
Back ground to investment:
A group based in London found this and the MD wants to do it himself but he doesn’t have access to all the equity required at present. He is looking for a client to partner with him. He is in the real estate business and actually had buyers for all the units when it was being developed originally – but originally developer went out of business. He will manage sale of the completed units.
More information available on request. |
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