Post by eeyore on May 26, 2021 12:16:39 GMT
New 36-month commercial term loan for Holywell M*** U*** (PLL0975) has been announced.
Total loan: £279,500 LTV: 65%
Tranche A: £215k @ 7.0% gross
Tranche B: £64.5k @ 9.6% gross
The loan's purpose is to refinance an existing loan with a high-street bank and to provide additional funds for further acquistions. The security is a first legal charge on a parade of five retail units and three residential units. All the units are occupied except for one residential unit which is being refurbished prior to agreeing a new lease.
The strategy is to maintain and renew existing leases to maximise rental income; the loan is expected to be refinanced at the end of its term.
For details, see the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Wednesday 26-May).
Update: Email from Proplend at 13:59 to confirm that TrancheA has been filled by Auto-Lend Always-On funds. Funds for Self-Select lenders for TrancheB must be in their cash accounts by 17:30 on Thursday 27-May and allocation of Self-Select funds will take place on Friday 28-May.
Update: The loan was redeemed in full on 6-Mar-2023. The repayment was accompanied by a £10 Early Redemption Fee (the original maturity date was 9-Jun-2024) together with 15 days of Penalty Interest (£1.45/£1000 TrancheA).
Total loan: £279,500 LTV: 65%
Tranche A: £215k @ 7.0% gross
Tranche B: £64.5k @ 9.6% gross
The loan's purpose is to refinance an existing loan with a high-street bank and to provide additional funds for further acquistions. The security is a first legal charge on a parade of five retail units and three residential units. All the units are occupied except for one residential unit which is being refurbished prior to agreeing a new lease.
The strategy is to maintain and renew existing leases to maximise rental income; the loan is expected to be refinanced at the end of its term.
For details, see the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Wednesday 26-May).
Update: Email from Proplend at 13:59 to confirm that TrancheA has been filled by Auto-Lend Always-On funds. Funds for Self-Select lenders for TrancheB must be in their cash accounts by 17:30 on Thursday 27-May and allocation of Self-Select funds will take place on Friday 28-May.
Update: The loan was redeemed in full on 6-Mar-2023. The repayment was accompanied by a £10 Early Redemption Fee (the original maturity date was 9-Jun-2024) together with 15 days of Penalty Interest (£1.45/£1000 TrancheA).