Post by eeyore on Nov 9, 2023 16:48:35 GMT
New 36-month loan for Park Royal C*** has been announced.
Total loan: £416,000 LTV: 65%
Tranche A: £320k @ 8.01% gross (No cap)
Tranche B: £96k @ 9.70% gross (No cap)
The purpose of the loan is to refinance the current lender, a High Street bank, and to raise additional capital to refinance the pending Acton L*** I*** loan which has the same borrower.
The security is a masonry & steel-framed with an asbestos-cement roof industrial unit, currently operating as a cafe. The front & side windows are fitted with steel roller shutters. The property has been tenanted (and sub-tenanted) on a twenty-year lease which terminates in 2036 and recently reassigned at a higher rent.
The strategy will be to retain the property as a long-term investment and to refinance at the end of the loan's term.
See the full loan request and valuation report for details which are available on the website.
Allocation of Tranche A for Always-On lenders has already taken place (Thursday 9-Nov).
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 10-Nov.
Update 13-Nov-23: The loan has drawn down today and is due to mature on 13-Nov-2026.
Total loan: £416,000 LTV: 65%
Tranche A: £320k @ 8.01% gross (No cap)
Tranche B: £96k @ 9.70% gross (No cap)
The purpose of the loan is to refinance the current lender, a High Street bank, and to raise additional capital to refinance the pending Acton L*** I*** loan which has the same borrower.
The security is a masonry & steel-framed with an asbestos-cement roof industrial unit, currently operating as a cafe. The front & side windows are fitted with steel roller shutters. The property has been tenanted (and sub-tenanted) on a twenty-year lease which terminates in 2036 and recently reassigned at a higher rent.
The strategy will be to retain the property as a long-term investment and to refinance at the end of the loan's term.
See the full loan request and valuation report for details which are available on the website.
Allocation of Tranche A for Always-On lenders has already taken place (Thursday 9-Nov).
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 10-Nov.
Update 13-Nov-23: The loan has drawn down today and is due to mature on 13-Nov-2026.