PARAS FINANCIAL SOLUTIONS LIMITED

Insurance

Funds Requested

£150,000.00

Offered so far

£0.00

Loan term

36 MONTHS

Auction Closed

2016-02-04

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About the Business

Company Name: PARAS FINANCIAL SOLUTIONS LIMITED Company Number: 07303748
Business Type: Insurance Years Trading: 2-3 years
Business Location: LONDON

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Personal Guarantee - Done (PG from director and majority shareholder)

Est. Equity: 0.00

Personal Guarantee Insurance - PGI with ReBS named as beneficiary

Est. Equity: 0.00

2nd Charge on Residential Property - Second priority legal charge over personally-owned residential property

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Paras Financial Solutions Limited was founded July 2010 and the businesses principal activities are:

1) Profits generated from direct property development deals and JV property development deals.

2) Commissions from broking property deals.

3) Commissions from introducing financial products.

The business has a £316k equity share( Current asset) in a development of a large prestigious house in Gerrards Cross. Directors of the business are experienced in property developing and have over 15 years experience. Please find attached CV for the main Director. Shareholders have a net asset portfolio of over £5million. Currently they are also involved with a development in Wales building 5 homes which are on track for completion in May 2016. The business has secured a project to prepare a feasibility study for a client who owns a warehouse in Alperton to convert into 8 flats, part of the deal is to ensure a JV proposition is secured with the owner of the warehouse. Potential profit share over two years approx. £500k. The business is also involved in a feasibility study for a proposal in Datchet Berkshire for planning for 3 X 5 Bed Homes, potential profit 200K over 18 months.

Growth prospects for the business are excellent.

Read more

Loan Offers

What is the loan for?

£150,000.00 is sought for a conversion and extension of a 3 Bed Flat with planning for a mansard roof extension based in Chiswick, London, W4 2EU. 2 X 2 Bed Flats will be the finished product after the conversion and extension. The property comprises also of a retail unit below which is currently undergoing a substantial rent review upwards.

Current value of property is £1.2 million, expected value after conversion and extension and increased rent review will be £1.8 million. Capital for extension and profit share to company will be expected in 6 to 8 months with an expected return on equity being very generous.

Why consider investing?

The Main Director of the business is a graduate qualified accountant with extensive property developing experience. Growth prospects and business pipeline for the business are excellent as highlighted above. Business profits from the Chiswick Development Deal would be generated within 8 months and returns are high for the business.

Business and Directors have a proven track record. Director CV attached.

Security

The loan is to be secured by way of a Personal Guarantee from the director, an All Assets Debenture, as well as a 2nd charge over a personal property. The Personal Guarantee will be supported with Personal Guarantee Insurance.

The director has an estimate net worth of approximately £2,850,000.00.

The 2nd charge will be over a property with an estimate value of £1.2m with estimate equity of approximately £450,000.00. In addition to the above mentioned security, this loan will also be secured by way of Cross Corporate Guarantees from the Director's other companies.

Rebs Disclosure

At the date of the loan application, Corporation Tax for 2013 and 2014 is due to HMRC but has not been paid.

DateAmountCapitalInterestReceived
05/03/2016£5,317.35£3,243.60£2,073.75 (6 days late)
05/04/2016£5,317.35£3,288.44£2,028.91
05/05/2016£5,317.35£3,333.91£1,983.44
05/06/2016£5,317.35£3,380.00£1,937.35
05/07/2016£5,317.35£3,426.73£1,890.62
05/08/2016£5,317.35£3,474.10£1,843.25
05/09/2016£5,317.35£3,522.13£1,795.22
05/10/2016£5,317.35£3,570.82£1,746.53
05/11/2016£5,317.35£3,620.19£1,697.16
05/12/2016£5,317.35£3,670.24£1,647.11 (8 days late)
05/01/2017£5,317.35£3,720.98£1,596.37
05/02/2017£5,317.35£3,772.42£1,544.93 (9 days late)
05/03/2017£5,317.35£3,824.58£1,492.77
05/04/2017£5,317.35£3,877.45£1,439.90
05/05/2017£5,317.35£3,931.06£1,386.29 (12 days late)
05/06/2017£5,317.35£3,985.41£1,331.94 (7 days late)
05/07/2017£5,317.35£4,040.50£1,276.85 (6 days late)
05/08/2017£5,317.35£4,096.36£1,220.99 (9 days late)
05/09/2017£5,317.35£4,153.00£1,164.35 (15 days late)
05/10/2017£5,317.35£4,210.41£1,106.94 (20 days late)
05/11/2017£5,317.35£4,268.62£1,048.73 (29 days late)
05/12/2017£5,317.35£4,327.63£989.72 (29 days late)
05/01/2018£929.89£0.00£929.89Interest only
05/02/2018£929.89£0.00£929.89Interest only
05/03/2018£929.89£0.00£929.89Interest only
05/04/2018£929.89£0.00£929.89Interest only
05/05/2018£929.89£0.00£929.89Interest only
05/06/2018£929.89£0.00£929.89Interest only
05/07/2018£929.89£0.00£929.89Interest only
05/08/2018£929.89£0.00£929.89Interest only
05/09/2018£929.89£0.00£929.89Interest only
05/10/2018£929.89£0.00£929.89Interest only
05/11/2018£929.89£0.00£929.89Interest only
05/12/2018£929.89£0.00£929.89Interest only
05/01/2019£929.89£0.00£929.89Interest only
05/02/2019£69,100.59£68,170.42£930.17
05/03/2019£0.00£0.00£0.00
05/04/2019£0.00£0.00£0.00
05/05/2019£0.00£0.00£0.00
05/06/2019£0.00£0.00£0.00
05/07/2019£0.00£0.00£0.00
05/08/2019£0.00£0.00£0.00
05/09/2019£0.00£0.00£0.00
05/10/2019£0.00£0.00£0.00
05/11/2019£0.00£0.00£0.00
05/12/2019£0.00£0.00£0.00
05/01/2020£0.00£0.00£0.00
05/02/2020£0.00£0.00£0.00
05/03/2020£0.00£0.00£0.00
Total:£150,909.00£47,261.86