Post by eeyore on Aug 19, 2022 10:56:54 GMT
New 36-month commercial term loan for Liverpool D*** S*** M*** U*** Refinance has been announced.
Total loan: £1,417,500 LTV: 52%
Tranche A: £1370k @ 6.7% gross (Cap £15k)
Tranche B: £47.5k @ 8.19% gross (Cap £1k)
The purpose of the loan is to refinance the existing loan at Proplend (Liverpool D*** S*** A*** PLL0981) see:
p2pindependentforum.com/thread/18791/liverpool-pll0981
The original 9-month loan is now several months overdue.
The security is two properties:
The exit strategy is either to sell the properties on completion of the redevelopment or to refinance with a longer-term loan.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Friday 19-Aug).
Tranches A and B will be available for Self-Select Lenders. Funds need to be in the cash account on Monday 22-Aug.
Update: The loan was drawn down on Thursday 25-Aug (and the original loan (PLL0981) it refinanced was repaid).
Total loan: £1,417,500 LTV: 52%
Tranche A: £1370k @ 6.7% gross (Cap £15k)
Tranche B: £47.5k @ 8.19% gross (Cap £1k)
The purpose of the loan is to refinance the existing loan at Proplend (Liverpool D*** S*** A*** PLL0981) see:
p2pindependentforum.com/thread/18791/liverpool-pll0981
The original 9-month loan is now several months overdue.
The security is two properties:
- the Liverpool property comprises of a former part two/part four storey office building plus basement, currently being converted into a 30
bedroom hotel/aparthotel together with three retail units on the ground floor. - the London property comprises a residential flat with the ground floor occupied by a fast-food shop.
The exit strategy is either to sell the properties on completion of the redevelopment or to refinance with a longer-term loan.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Friday 19-Aug).
Tranches A and B will be available for Self-Select Lenders. Funds need to be in the cash account on Monday 22-Aug.
Update: The loan was drawn down on Thursday 25-Aug (and the original loan (PLL0981) it refinanced was repaid).