Decision details

RESOLVED:

That District Executive:-

a.

agreed for Wessex Home Loans (Wessex Resolutions CIC) to provide a loan of £200,000 to Somerset Care and Repair Ltd at a 4.5% fixed interest rate with capital and interest being repayable over 15 years. 

b.

noted that this represented a departure from current policy which limits loans to £15,000;

c.

noted that the Loan would be conditional upon all necessary steps being put in place to ensure the security and repayment of the loan.

Reason:

To agree for Wessex Home Loans (Wessex Resolutions CIC) to provide a loan of £200,000 to Somerset Care and Repair towards completing the conversion of the Milford Inn, Yeovil into six flats and to enable the building of three housing units in the grounds. This being a one off departure from existing policy.