hantsowl
Member of DD Central
Posts: 672
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Post by hantsowl on Aug 20, 2018 10:44:04 GMT
This loan has me totally confused. The current auction states "A stage 2 loan of £400,000, taking aggregate loan to £900,000, of ultimately £1,370,000". This implies there should be a stage 1 loan around somewhere for £500,000, but this does not show in the Completed Auctions list. The Term Sheet specifies... The Facility Amount will be raised with Lenders in three stages as follows:- (i) Stage 1 -£500,000 initially ahead of first drawdown of the Loan; (ii) Stage 2 -£400,000 immediately on first drawdown of the Loan and (iii) Stage 3-£470,000 to be raised 6 months after first drawdown of the Loan. Again, this implies a stage 1 loan of £500,000 somewhere. Where are the details? Finally, there is a loan part available on the SM "82 Holyport Residential Development Loan". The link is a no-op. The Completed Auction list suggests 82 is "82 - Halifax Residential Redevelopment Loan". So, does this loan part correspond to the 'missing' stage 1 of Holyport OR is this a part of Halifax? Relendex, please clarify what is going on with this loan. pennyrelendex
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Post by pennyrelendex on Aug 20, 2018 11:06:09 GMT
Hi hantsowlThank you for raising the issues you are having regarding the links for the Holyport T1 loan. I can confirm the loan structure is as the term sheet specifies: The Facility Amount will be raised with Lenders in three stages as follows:-
Stage 1 -£500,000 initially ahead of first drawdown of the Loan;
Stage 2 -£400,000 immediately on first drawdown of the Loan and
Stage 3-£470,000 to be raised 6 months after first drawdown of the Loan.Our development team is aware of the Completed Auction listing error and they are working to get this to appear in the list asap. In the meantime please use the direct link as below: www.relendex.com/completed-auctions/holyport-residential-development-loan-tranche-1
With regards to your final point re the Resale Marketplace loan part link error, this is as a result of the completed action fault and the team is currently working to fix asap, please bear with us and we apologise for any inconvenience this may have caused. As always, if you need any additional clarification regarding any of our loans please drop us an email lender-support@relendex.com Thanks -Penny
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Post by gramsky on Jul 1, 2019 12:27:07 GMT
Should this loan default would any recoveries be repaid in stage order ie Stage 1, Stage 2 then Stage 3, or would it be repaid pari passu? Thank you.
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Nomad
Member of DD Central
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Post by Nomad on Jul 1, 2019 13:37:15 GMT
Should this loan default would any recoveries be repaid in stage order ie Stage 1, Stage 2 then Stage 3, or would it be repaid pari passu? Thank you. Pari passu.
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