A development of 45 houses, of which 28 are either lived in or rented out already
The developer acquired 24 complete and semi complete executive houses in 2014. A loan of £1.4m is required for the duration of 18 months to 24 months with 15% pa interest being offered to complete all the unfinished houses and the infrastructure, increasing the demand for purchase and rental. 8 houses need to be sold for the repayment of the capital and interest. Currently the site is valued at £2.5m and should be over £5m once complete.
PRODUCTS & SERVICES
The houses form part of a development of 45 executive Houses at Stracomer Hill, Tullen Strand, Bundoran, County Donegal, Ireland.
This small, private, executive estate can be described as one of the nicest places to live on the beautiful West Coast of Ireland with wide open spaces, stunning beaches and unrivalled scenery.
As well as offering a permanent place to stay, four houses will be available to purchase as holiday homes or second homes, representing the potential for excellent value.
Work on the Stracomer Hill Estate started in 2005 with the drainage, foundations and the majority of the infrastructure being installed. By the end of 2007, a number of properties had been completed, with some being sold off-plan, including the 4 show homes. The property crash of 2008 saw the banks pull the plug on the operation and work stopped early 2009.
The original developer has ensured that all the properties are in a wind and water-tight condition so the estate has not suffered from weather damage.
Once a minimum of 8 properties are purchased and the finance repaid, the potential revenue will derive from the sale of the remaining properties.
The potential exit will be the repayment of the loans in 12-24 months, once a minimum of 8 houses have been sold.