I've negotiated a 15%-20% discount off 26 apartments in the area known as Mapeley in Nottingham.
The deal has been structured as either a straight discount or cashback. Cashback would mean that this becomes a MIMO deal as incentives will be declared on contracts - discounts could be structured through either putting money in or bridging and remortgaging at true value. I have a spreadsheet that shows how both ways would work through financing.
Ground Rent is £150 per annum, Service Charges are £500 per annum.
Rental coverage is between 135% and 178% with yields between £80 and £200 per month depending on mortgage product/LTV.
With the discount being as large as 20% on the larger units, there is also the opportunity to flip these properties.
A commission is payable on these units of 1.5% + VAT of the gross price.
The units are all completed. A reservation fee of £1,000 is required on each unit with 32 days exchange and 21 days completion.
If any of you are interested, give me a call on 07779 624826.
regards Matthew
