St Leonards H*** Refinance (PL): redeemed
Feb 27, 2023 13:52:30 GMT
metoo, liso, and 1 more like this
Post by eeyore on Feb 27, 2023 13:52:30 GMT
New 14-month commercial term loan for St Leonards H*** Refinance has been announced.
Total loan: £800,000 LTV: 64%
Tranche A: £625k @ 8.61% gross (Cap £3k)
Tranche B: £175k @ 10.56% gross (Cap £2k)
The purpose of the loan is to refinance the existing (partially repaid) 36-month loan* at Proplend (originally due to be repaid in July 2022) and to raise capital to fund a planning application to extend the property and redevelop as flats.
The security is a 11-bed HMO which is currently tenanted by an agency owned by the borrower.
The exit strategy appears to be to sell the property to redeem the loan whether or not the planning application is successful.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA for Always-On lenders has already taken place (Monday 27-Feb).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 28-Feb.
* See p2pindependentforum.com/thread/15164/st-leonards-pl for the discussion of the original loan
Update: the loan was redeemed on 30-Apr-2024
Total loan: £800,000 LTV: 64%
Tranche A: £625k @ 8.61% gross (Cap £3k)
Tranche B: £175k @ 10.56% gross (Cap £2k)
The purpose of the loan is to refinance the existing (partially repaid) 36-month loan* at Proplend (originally due to be repaid in July 2022) and to raise capital to fund a planning application to extend the property and redevelop as flats.
The security is a 11-bed HMO which is currently tenanted by an agency owned by the borrower.
The exit strategy appears to be to sell the property to redeem the loan whether or not the planning application is successful.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA for Always-On lenders has already taken place (Monday 27-Feb).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 28-Feb.
* See p2pindependentforum.com/thread/15164/st-leonards-pl for the discussion of the original loan
Update: the loan was redeemed on 30-Apr-2024