Loan secured on Commercial Property sale
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Description
Experience Level: Intermediate
We are looking to secure a loan on an unencumbered commercial property being constructed from March 2018. We want ithe agreement be simple and secure for the lender.
The basic proposal is to draw down £70,000 on 14th April 2018 and repay the loan and interest with £75,000 on or before 30th November 2018. £70,000 capital and £5,000 interest.
If we are late then £25 per day is added to the loan and if we repay early then £75,000 is payable at our discretion prior to 30th November 2018.
The security is on the sales contract which will have been exchanged in March and the loan will be repaid directly by our lawyer from the proceeds of the sale.
Can this be done and if so how? and can I have a draft contract appropriate for England.
The basic proposal is to draw down £70,000 on 14th April 2018 and repay the loan and interest with £75,000 on or before 30th November 2018. £70,000 capital and £5,000 interest.
If we are late then £25 per day is added to the loan and if we repay early then £75,000 is payable at our discretion prior to 30th November 2018.
The security is on the sales contract which will have been exchanged in March and the loan will be repaid directly by our lawyer from the proceeds of the sale.
Can this be done and if so how? and can I have a draft contract appropriate for England.
Kevin J.
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