Trafalgar Property Group, the residential and assisted living property developer, has announced that it has secured financing from the wife of a former Director.
Announced on the Stock Market late last week, Susan Johnson, the wife of 38.31% shareholder and former company director Chris Johnson.
Trafalgar has been seeking funding from third parties but was unable to secure a loan.
The current loan facility provided by Susan Johnson sees Trafalgar receive a loan of £380,000 at an interest rate of 5 per cent per annum repayable on 28th February 2020.
The developer state that the proceeds of this loans will be used to repay the company’s current loans on flats 3 and 5 Burnside Close.