eeyore
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Post by eeyore on Mar 9, 2023 13:31:37 GMT
New 36-month commercial term loan for Hinkley R*** (PLL1078) has been announced.
Total loan: £1,794,000 LTV: 69% Tranche A: £1300k @ 7.78% gross (Cap £5k) Tranche B: £390k @ 9.53% gross (Cap £5k) Tranche C: £104k @ 11.05% gross (Cap £1k)
The purpose of the loan is to refinance an existing loan. The security is a repurposed supermarket & car park in Leicestershire, now subdivided into three retail units. All three units are tenanted with long-term leases. The exit strategy is to sell the property to take a profit or to refinace the loan.
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 (Thursday 9-Mar). 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 Friday 10-Mar.
Update: This loan was drawn down on 28-Mar and will mature on 28-Mar-2026.
Update 13-Mar-2024: The loan has been repaid in full
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bababill
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Post by bababill on Mar 9, 2023 21:51:09 GMT
Tranche B: £390k (Cap £5k) Appears to be overly generous cap.
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sapphire
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Post by sapphire on Mar 10, 2023 19:23:37 GMT
Tranche B: £390k (Cap £5k) Appears to be overly generous cap. Indeed! Self select allocation has been done this evening and received just £1k each in Tranches A & B and Nil in C.
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bababill
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Post by bababill on Mar 11, 2023 0:31:49 GMT
I bidded on B and C and received nowt. At least the second time in a row.
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Post by uksoul on Mar 11, 2023 3:23:58 GMT
I bidded on B and C and received nowt. At least the second time in a row. Hopefully you will be 3rd time lucky, i was lucky to get 1 slice of each tranche but missed out previously a few times in a row. It is very hit n miss with this self select.
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sapphire
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Post by sapphire on Mar 15, 2023 7:56:15 GMT
Seems odd that under the the Portfolio tab on the dashboard, this loan is listed under 'Waiting to Close', but under the 'Loans' tab this loan is *not* listed under 'Waiting to Close'.
Presumably this is the case for others too?
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firedog
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Post by firedog on Mar 15, 2023 9:12:35 GMT
Yes, same for me
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Post by uksoul on Mar 15, 2023 10:04:57 GMT
Seems odd that under the the Portfolio tab on the dashboard, this loan is listed under 'Waiting to Close', but under the 'Loans' tab this loan is *not* listed under 'Waiting to Close'. Presumably this is the case for others too? Now showing under both tabs
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eeyore
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Post by eeyore on Mar 13, 2024 16:21:08 GMT
The loan has been repaid early following the sale of the property by the borrower. Funds should now be in lenders' cash accounts. There was no Early Repayment fee due.
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