Sunbeam  Factory,  Port  Street,  Wolverhampton  WV2  4EL  

   

     

ASSET  VALUE  £3,600,000  

LOAN  TO  VALUE  70%  

LOAN  VALUE  £2,520,000  

   

The  property  is  located  within  Wolverhampton,  which  is  north  west  of  the  West  Midlands  conurbation  being  the  main  regional  centre  for  the  Black  Country  and  is  located  approximately  7  miles  west  of  Walsall,  8  miles  north  west  of  West  Bromwich  and  19  miles  north  west  of  Birmingham.  The  property  is  a  former  industrial  premises  constructed  towards  the  end  of  the  19th  Century  and  was  known  for  its  production  of  Sunbeam  Motorcycles,  but  has  been  vacant  for  a  number  of  years.      The  Sunbeam  factory  is  one  of  Wolverhampton’s  most  iconic  industrial  buildings  and  is  a  project  backed  not  only  by  the  city  community  but  has  the  overwhelming  support  of  the  council  as  they  are  keen  to  see  its  regeneration  being  that  in  the  centre  of  Wolverhampton’s  regeneration  zone.        The  main  buildings  are  arranged  around  a  central  courtyard  and  are  mainly  multi  storey  up  to  four  storeys,  as  well  as  basement  areas.          The   overall   project   will   consist   of   116   residential   apartments   ranging   from   1   bed   to   5   bed   units.   This   first   phase   of   24  completed   units   has   just   been   handed   over   ready   to   receive   tenants   and   these   will   be   refinanced   onto   long   term   B2L  mortgages  to  be  held  within  the  borrowers  own  portfolio  within  6  months.        30  units  of  the  total  116  will  be  let  to  the  Inclusion  Housing  Community  Interest  Company  at  c£13,650  per  unit  for  40  years.  From   this   first   phase  10  units  will   be  paying  £118,300  per   annum  plus   there   are   the   remaining  14  units   paying   c£150k  per  annum.  These  are  already  pre-­‐let  on  6-­‐month  AST  contracts.      Funds  from  our  loan  will  go  towards  the  costs  of  the  next  phase  of  the  build  of  c40  units.    Once  they  are  complete,  we  may  offer  a  further  loan  or  will  be  refinanced  by  a  standard  B2L  lender.  The  total  GDV  of  the  site  is  nearly  £19m.    

     

 

 

   

LOAN  TERM  (max)   12  months   LOAN  AMOUNT   £2,520,000  

LOAN  TERM  (min)   1  month   LOAN  TO  VALUE  (LTV)   70%  

LOAN  ADVANCE  DATE   ASAP   TOTAL  SECURITY   £3,600,000  

PRIMARY  SECURITY   1st  charge  mortgage   VALUATION  COMPANY   Burton  Knowles  

SECONDARY  SECURITY   Debenture  &  PGs   VALUATION  DATE   September  2015  

TENURE   Freehold   LEGALS  BY   Clarke  Willmott  

 

EXISTING  LOAN   There  is  no  debt  against  this  property    

PURPOSE  OF  LOAN   Completion  of  next  phase  of  development  

EXIT  STRATEGY   Commercial  BTL  mortgage  within  6  months.    

INVESTOR  HIGHLIGHTS  Lendy  Ltd  has  full  underwriting  in  place  for  £2,520,000  of  this  loan  if  required.  Interest  will  accrue  immediately  upon  your  commitment  to  this  loan.      If  the  loan  does  not  go  ahead,  Lendy  Ltd  will  pay  all  interest  owed  to  all  committed  investors.