The Borrower used a Special Purpose Vehicle (SPV) for the project.
The Property comprised a 6,000 sq. ft. period residence including stables, outbuildings and 36 acres (zoned agricultural) with planning permission and was valued at €1.5m. It had been vacant for two years and required modernisation and refurbishment. As part of the refurbishment the property would increase in size by 1,000 sq. ft.
The property, was situated in a sought-after residential location approximately 20 miles from Dublin city, connected to Dublin via motorway, rail and bus services.
At the maturity date of the loan, the client experienced delays on securing long term refinancing so Sancus extended the loan by 3 months to allow the client time to arrange.