Post by eeyore on Mar 12, 2021 10:27:49 GMT
New 15-month bridging loan for Muswell Hill F*** S*** will be available on Monday 15-March. (The email text says available from "tomorrow" - a Saturday!) The TrancheA appears to be capped at £1,000.
Total loan: £480k LTV: 40%
Tranche A: £480k @ 9% gross (Capped at £1,000?)
The loan is for the purchase of specialist equipment for a day centre run by a charity. The borrowers are the trustees of the charity. The borrowers expect to be able to gather further donations and to generate income from hiring the equipment. The exit strategy is to find a long-term loan.
The security is a first legal charge on a single-storey building previously used for education.
Proplend will retain 18 months of interest for lenders' monthly payments.
See the full loan request and valuation report for details.
Once again, Proplend expect the entire loan will be filled by Auto-Lend, even with a £1,000 limit.
Updated 7-April: Borrower found funds elsewhere and withdrew before draw-down. Funds returned to lenders.
Total loan: £480k LTV: 40%
Tranche A: £480k @ 9% gross (Capped at £1,000?)
The loan is for the purchase of specialist equipment for a day centre run by a charity. The borrowers are the trustees of the charity. The borrowers expect to be able to gather further donations and to generate income from hiring the equipment. The exit strategy is to find a long-term loan.
The security is a first legal charge on a single-storey building previously used for education.
Proplend will retain 18 months of interest for lenders' monthly payments.
See the full loan request and valuation report for details.
Once again, Proplend expect the entire loan will be filled by Auto-Lend, even with a £1,000 limit.
Updated 7-April: Borrower found funds elsewhere and withdrew before draw-down. Funds returned to lenders.