Post by eeyore on Sept 15, 2022 10:39:54 GMT
New 36-month commercial term loan for Smethwick R*** 1 has been announced.
Total loan: £526,500 LTV: 65%
Tranche A: £405k @ 6.0% gross (Cap £1k)
Tranche B: £121.5k @ 7.95% gross (Cap £1k)
The security is comprised of two post-war two-storey retail properties. Both are occupied by national retail chains but the lease on one has recently expired and the other will expire in November; new leases are being negotiated.
The purpose of the loan is to raise funds to purchase the properties as long-term investments.
The borrower expects to refinance this loan on a long-term mortgage after both leases have been renewed. Note: there will be an early repayment fee in the first two years of the loan.
See the full loan request and valuation report for details which are available on the website. The same borrower is involved in the pending Smethwick R*** 2 loan
Allocation of TrancheA funds for Always-On lenders has already taken place (Thursday 15-Sep). Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Friday 16-Sep.
The loan was drawn down on 29-Sep and will mature on 29-Sep-2025.
Total loan: £526,500 LTV: 65%
Tranche A: £405k @ 6.0% gross (Cap £1k)
Tranche B: £121.5k @ 7.95% gross (Cap £1k)
The security is comprised of two post-war two-storey retail properties. Both are occupied by national retail chains but the lease on one has recently expired and the other will expire in November; new leases are being negotiated.
The purpose of the loan is to raise funds to purchase the properties as long-term investments.
The borrower expects to refinance this loan on a long-term mortgage after both leases have been renewed. Note: there will be an early repayment fee in the first two years of the loan.
See the full loan request and valuation report for details which are available on the website. The same borrower is involved in the pending Smethwick R*** 2 loan
Allocation of TrancheA funds for Always-On lenders has already taken place (Thursday 15-Sep). Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Friday 16-Sep.
The loan was drawn down on 29-Sep and will mature on 29-Sep-2025.
