Valuation
- Knight Frank has prepared a Red Book Valuation of the property and this supports an open market value of £24.8m. This is based on the current planning permission being in place for the 174-unit co-living scheme and not accounting for any rental growth
- At this level, the loan equates to a LTOMV of 50%
- Knight Frank has also reported a “Trended” value (on the same basis but accounting for rental growth) and this supports a market value of £31.15m. At this level, the loan equates to a LTV of 40%
- The Red Book Valuation is available in Appendix 4
- The Borrower’s solicitors, Addleshaw Goddard LLP has prepared a Report on Title and ASK’s solicitors, Boodle Hatfield LLP has prepared an Overview Report, which ASK has full reliance on. The reports confirm the title is good and marketable
- A copy of the final report is available on request