eeyore
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Post by eeyore on Jan 25, 2022 18:40:52 GMT
New 12-month commercial term loan for Derbyshire B*** C*** 2022 Refinance (PL) has been announced.
Total loan: £2,156,250 LTV: 75%
Tranche A: £1,437.5k @ 7.2% gross (Cap £3k)
Tranche B: £431.250k @ 10.0% gross (Cap £2k)
Tranche C: £287.5k @ 12.6% gross (Cap £2k)
The purpose of the loan is to refinance an existing loan with Proplend (Derbyshire B*** C*** R*** which is itself a refinance of a previous loan).
The security is the freehold on a series of business units in a converted mill; there are 33 tenants including a business owned by the borrowers.
The strategy appears now to be to sell the propety for housing development and the borrowers expect to redeem the loan on the sale of the site.
See the full loan request and valuation report for details which are available on the website.
Note: The total loan is greater than the valuation of the property untenanted.
Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 25-Oct).
Tranches A, B & C will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 26-Oct and allocation will take place on Thursday 27-Oct.
This loan was down down on Friday 11-Feb. Five days of Pre Draw Down Interest was credited (£1.00/£1000 TrancheA)
The loan was redeemed, in full, four months early on 11-Oct-2022.
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hubert
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Post by hubert on Jan 25, 2022 18:56:10 GMT
If Tranche A 'Always-On' has already taken place, you would think they would have stated how much was left.
On lower value loans they state when Tranche A has been fully funded.
Was there a limit on the Tranche A 'Always On' allocation ?
Could there be just a few thousand left on Tranche A ?
Never used 'Always-On' so not sure of the procedure.
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Steerpike
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Post by Steerpike on Jan 25, 2022 19:06:17 GMT
Valuation: "Poor access and road access privately owned by applicant".
Presumably the value of the estate depends on access but the access road is not part of the security?
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bababill
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Post by bababill on Jan 25, 2022 21:17:36 GMT
“br]Was there a limit on the Tranche A 'Always On' allocation ?”]
3k
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Post by overthehill on Jan 25, 2022 21:35:03 GMT
“br]Was there a limit on the Tranche A 'Always On' allocation ?”] 3k I think you need a reboot.
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huxs
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Post by huxs on Jan 26, 2022 8:18:36 GMT
Valuation: "Poor access and road access privately owned by applicant".
Presumably the value of the estate depends on access but the access road is not part of the security?
Wasn't that a problem on one of the Lendy loans that still hasn't been resolved ?
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agent69
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Post by agent69 on Jan 26, 2022 9:46:52 GMT
Valuation: "Poor access and road access privately owned by applicant".
Presumably the value of the estate depends on access but the access road is not part of the security?
Wasn't that a problem on one of the Lendy loans that still hasn't been resolved ? The development near the rugby ground in Exeter? From memory, the piece of land needed to widen the access road to comply with planning was owned by the borrowers son.
Haven't been that way for a long time, so don't know the current state of play, but the ones that were 95% complete looked like nice houses
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easynow
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Popcorn anyone?
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Post by easynow on Jan 26, 2022 10:17:45 GMT
There was a ransom strip issue with another Lendy property too, the loan name escapes me as I never invested.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Jan 26, 2022 11:27:52 GMT
Ransom strip issue with a property on TheHouseCrowd too, where the access road is owned by someone else who is engaged in out-and-out extortion otherwise he won't play ball. The situation has been catastrophic.
Therefore, I won't go near anywhere this loan unless the access road issue has been clarified.
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metoo
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Post by metoo on Jan 26, 2022 11:33:52 GMT
Valuation: "Poor access and road access privately owned by applicant".
Presumably the value of the estate depends on access but the access road is not part of the security?
I believe the road is part of the security, see the plan on p7 of the report.
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Post by uksoul on Jan 26, 2022 12:17:14 GMT
Valuation: "Poor access and road access privately owned by applicant".
Presumably the value of the estate depends on access but the access road is not part of the security?
I believe the road is part of the security, see the plan on p7 of the report. Yes it is and page 16 reconfirms that with opportunities to gain income from 3rd parties shared access.
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hantsowl
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Post by hantsowl on Jan 27, 2022 14:13:15 GMT
Looks like this is fully funded now and the Bir******* Li*** In******** Re******* has paid back early.
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Post by overthehill on Feb 4, 2022 12:42:34 GMT
Still waiting. The obvious lightning refinance of an overdue loan and we still have the seemingly obligatory 10 days cash drag. Why not refinance once you're ready.
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Post by uksoul on Feb 4, 2022 13:19:42 GMT
Still waiting. The obvious lightning refinance of an overdue loan and we still have the seemingly obligatory 10 days cash drag. Why not refinance once you're ready. You right, refinance when you ready makes the most sense. If you in the original loan you will be getting penalty interest which will help offset cash drag from this refinance.
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eeyore
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Post by eeyore on Feb 11, 2022 17:10:16 GMT
The loan was drawn down this afternoon. Five days of Pre Draw Down Interest was credited to our accounts.
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