Update February and March 2017
February and March were productive months for the team at Elaine Securities PLC (“Elaine”) with interesting loans under consideration.
Elaine currently has 7 investments.
1) Elaine participated £970,000 in a 19 month syndicated facility (of a total loan of £3,129,000) that was used to acquire commercial property near Heathrow. This loan was repaid within three months.
2) Elaine participated £120,000 in a syndicated loan secured against a 15th Century Grade II listed building in Cobham, Surrey. The loan was repaid on the 24th of February 2017.
3) Elaine participated in an 8-month bridge facility to complete the acquisition of a commercial property in Liverpool. This loan was drawdown in late January 2017.
4) Elaine participated in a loan as part of a syndicate to purchase a private aircraft with an option to lease back to the previous owner. The lessee did not commence and the syndicate has been progressing the sale. An offer has been made from a US purchaser which is under consideration. Please see January’s announcement for further details.
5) Elaine will participate in an 18-month syndicated loan facility of £869,151 to assist in the purchase of an Aston Martin DB4 GT continuation. The initial value of the vehicle is £1.5m and this is expected to increase significantly due to a limited production run.
6) Elaine has agreed to participate in a bridge loan of 3 months to fund the acquisition of a plot of land in Milton Keynes. The individual is a property developer with a planning application to demolish the existing buildings and rebuild with affordable housing. For the exit the borrower has a conditional agreement in place with a property management company to buy the land once planning has been granted.
7) A development facility has been made to a developer to acquire land in Leeds for a planned residential development. Update on the progress of the development will be made in upcoming announcements.
The team is currently exploring the following opportunities, among others:
1.) We have been offered the change to participate in the refinance of two classic Ferrari’s. The estimated worth of the vehicles is estimated at £18,000,000. If this proceeds the intention would be that the vehicles are held to the order of the lender group at a secured location.
2.) We have been offered the opportunity to participate in an acquisition facility for a development in Marbella. The borrower is intending to buy a parcel of land to build villas. The development potential of the site is estimated at 400,000,000 euros.
3.) We are considering participating in a development loan in Spain for a single residential Villa. The construction has commenced and the borrower requires development funding to complete the construction. Marketing of the property would commence during the term with the intention to repay the loan through sale or through bank finance.
Elaine is currently sitting on a cash sum of £ 300,000 to participate in these investments.
We will update you again in the near future regarding these loans.
Elaine Securities Plc