Energiser Investments PLC
Kingswood, Surrey Short Term Loan
Vantage Property Development’s strategy was to build 12 residential units in Kingswood, Surrey with a gross development value of £8.2m. It did not have all of the capital required to fund the construction and sale program.
Energiser Investment Plc through its lending subsidiary supplied a mezzanine loan to the company that owned the land and construction project. The loan was secured on the company and residential properties. The loan interest and capital was to be repaid through the construction and sale of the units.
Eleven of the twelve units have been sold. The remaining unit is expected to be sold by the end of 2016. A major part of the capital lent has been repaid. The remaining capital and interest will be paid from the sale of the last unit.