MIAC is pleased to offer on behalf of a United States Fund a ~£11mm portfolio of rehab, bridge loans secured by residential properties in London, UK. Of the 20 loans, 14 contain future draw amounts to be funded upon property inspections, post completion of work.
The structure of these loans allows interest to accrue through the term of the loan. All interest payments are collected at the maturation of the loan. The current balance is £8.7mm with £2.4mm in available draws that will need to be funded over the life of the loans.
These loans are serviced by their originator and would prefer that this continues, with market servicing fees. This not only prevents errors in the servicing but also continues a strong relationship with the borrower, ensuring a smooth pay off upon maturity as the borrower obtains permanent financing.
MIAC is soliciting an all-or-none bid subject to Due Diligence. Please contact your MIAC sales representative for additional information at (212) 233- 1250, or Steve Harris@miacanalytics.com.
- Collateral Type: First lien Non-QM loans
- Collateral Type: UK Development and UK Bridge
- WAC: 9.47%
- Loan Count: 20
- Geographic Concentration: United Kingdom