eeyore
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Post by eeyore on Jun 24, 2021 17:11:48 GMT
New 36-month commercial term loan for St Annes & M*** C*** H*** (PLL1006) has been announced.
Total loan: £1,200,000 LTV: 56.2% Tranche A: £1,067.5k @ 6.74% gross (No cap) Tranche B: £132.5k @ 8.19% gross (£5k cap)
The security is a first legal charge on the freehold of three care homes, two in Lytham St Anne's and one in Middlesbrough which was acquired in 2020 and requires repairs and improvement in its CQC rating. The care homes are tenanted and operated by companies owned by the borrower.
The loan's purpose is to raise capital and to refinance an existing loan of £740k from another P2P lender, which was due to be redeemed in 2023: the proposed Proplend loan is at a lower interest rate than the existing loan. The exit strategy is expected to be refinancing of the loan at the end of the term.
See the full loan request and valuation report for details which are available on the website.
Update 29-June: the borrower does not wish to drawdown the funds until August, so this loan has been cancelled and allocated funds returned to lender's accounts.
Update 23-Aug: The loan offer has been reactivated and the details look the same as the original offer.
This loan was drawn down on 14-September
Allocation of Tranche A funds for Always-On lenders has already taken place (Monday 23-Aug). 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 24-June and allocation of Self-Select funds will take place on Wednesday 25-Aug.
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nick
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Post by nick on Jun 29, 2021 11:56:44 GMT
Can anyone tell me whether the self-select portion of this loan has been allocated yet? I'm trying to work out whether I have missed out on the auto-lend allocation of tranche B and thus to withdraw the funds I have on deposit which I had planned to use to fund the loan.
Auto-lend is no longer showing the loan as an option, but the loan is not shown as in funding, so maybe the allocation is being run now even though it was meant to take place on Monday?
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Post by overthehill on Jun 29, 2021 12:04:16 GMT
Can anyone tell me whether the self-select portion of this loan has been allocated yet? I'm trying to work out whether I have missed out on the auto-lend allocation of tranche B and thus to withdraw the funds I have on deposit which I had planned to use to fund the loan. Auto-lend is no longer showing the loan as an option, but the loan is not shown as in funding, so maybe the allocation is being run now even though it was meant to take place on Monday?
Loan must be filled with AutoLend Self-Select hence option is no longer available or they are about to make it available for manual lending. The email said AutoLend Self-Select was activated on the 24th. I haven't got a clue about this new opaque system, it's a step backwards.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Jun 29, 2021 13:22:04 GMT
Can anyone tell me whether the self-select portion of this loan has been allocated yet? I'm trying to work out whether I have missed out on the auto-lend allocation of tranche B and thus to withdraw the funds I have on deposit which I had planned to use to fund the loan. Auto-lend is no longer showing the loan as an option, but the loan is not shown as in funding, so maybe the allocation is being run now even though it was meant to take place on Monday?
Loan must be filled with AutoLend Self-Select hence option is no longer available or they are about to make it available for manual lending. The email said AutoLend Self-Select was activated on the 24th. I haven't got a clue about this new opaque system, it's a step backwards.
Agree about the new system. It's a complete shambles. You have no idea where you are with loans, whether you've received an allocation or not etc. etc. The previous system was infinitely better. You knew when a loan was launching, you did your due diligence, you knew when to transfer money to your PL account, you bid on the loan at a specific time when it launched, and you immediately new how much you did or not have invested into the new loan. I've given up with the new system. Not worth all the confusion and headache for mere £1k allocations.
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Post by uksoul on Jun 29, 2021 13:46:05 GMT
Can anyone tell me whether the self-select portion of this loan has been allocated yet? I'm trying to work out whether I have missed out on the auto-lend allocation of tranche B and thus to withdraw the funds I have on deposit which I had planned to use to fund the loan. Auto-lend is no longer showing the loan as an option, but the loan is not shown as in funding, so maybe the allocation is being run now even though it was meant to take place on Monday? The self select portions have been allocated. I received an email this morning detailing my allotment and that the loan is fully funded and awaiting drawdown..
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morris
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Post by morris on Jun 29, 2021 13:54:06 GMT
Can anyone tell me whether the self-select portion of this loan has been allocated yet? I'm trying to work out whether I have missed out on the auto-lend allocation of tranche B and thus to withdraw the funds I have on deposit which I had planned to use to fund the loan. Auto-lend is no longer showing the loan as an option, but the loan is not shown as in funding, so maybe the allocation is being run now even though it was meant to take place on Monday? The self select portions have been allocated. I received an email this morning detailing my allotment and that the loan is fully funded and awaiting drawdown..
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liso
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Post by liso on Jun 29, 2021 14:12:52 GMT
Loan must be filled with AutoLend Self-Select hence option is no longer available or they are about to make it available for manual lending. The email said AutoLend Self-Select was activated on the 24th. I haven't got a clue about this new opaque system, it's a step backwards.
Agree about the new system. It's a complete shambles. You have no idea where you are with loans, whether you've received an allocation or not etc. etc. The previous system was infinitely better. You knew when a loan was launching, you did your due diligence, you knew when to transfer money to your PL account, you bid on the loan at a specific time when it launched, and you immediately new how much you did or not have invested into the new loan. I've given up with the new system. Not worth all the confusion and headache for mere £1k allocations. The previous system was suitable only for lenders who were available to make a bid at the precise time the loan launched. I agree the new system is clunky, but it has the benefit of allowing all lenders the opportunity of investing - or not. Many, like myself, have work (or other) commitments and often missed out because we were not free to bid when the loan went live.
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eeyore
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Post by eeyore on Jun 29, 2021 17:13:33 GMT
It's all irrelevant I'm afraid - email to say that drawdown can't take place until August, so the loan is cancelled* and funds should have been returned to our accounts today.
*According to the email, the loan which the borrower was planning to redeem (using funds from this loan from Proplend) has an early redemption fee until August so rather than keep Proplend lenders waiting, it's been called-off and should be rescheduled.
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Post by overthehill on Jun 29, 2021 18:46:00 GMT
Agree about the new system. It's a complete shambles. You have no idea where you are with loans, whether you've received an allocation or not etc. etc. The previous system was infinitely better. You knew when a loan was launching, you did your due diligence, you knew when to transfer money to your PL account, you bid on the loan at a specific time when it launched, and you immediately new how much you did or not have invested into the new loan. I've given up with the new system. Not worth all the confusion and headache for mere £1k allocations. The previous system was suitable only for lenders who were available to make a bid at the precise time the loan launched. I agree the new system is clunky, but it has the benefit of allowing all lenders the opportunity of investing - or not. Many, like myself, have work (or other) commitments and often missed out because we were not free to bid when the loan went live.
Simply not true. You have always been able to autolend prior to the loan going live at Proplend, the system was just modified...
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eeyore
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Post by eeyore on Jun 30, 2021 9:25:30 GMT
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bababill
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Post by bababill on Aug 20, 2021 6:57:09 GMT
Looks like this will go live next week according to emails.
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bababill
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Post by bababill on Aug 20, 2021 6:58:29 GMT
Looks like this will go live next week according to emails.
Golders Green and Kings Heath redeemed yesterday.
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eeyore
Member of DD Central
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Post by eeyore on Aug 23, 2021 16:04:42 GMT
Looks like this will go live next week according to emails. Spot on! Loan now available in Tranches A (no cap) and B (£5k cap) for Self-Select lenders - funds required in accounts on Tuesday 24th.
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Post by overthehill on Aug 24, 2021 10:33:25 GMT
Loan rates have been on a downward trend for the last 18 months, 0.5-1% maybe, it's testing investors' confidence, appetite and loyalty for the platform - any platform. 6.7% gross is 6.03% net, I like 7.0% net.
You can now get 1.65% for a 2 year FSCS fixed rate deposit, competition has noticeably gone up a gear. I opened a 2 year bond last week at 1.41%, nice one!
I think a lot of institutions are planning for interest rate rises sooner rather than later. So I expect PL's rates to slowly improve, the PL exchange liquidity is your friend.
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Post by gramsky on Aug 24, 2021 10:54:15 GMT
Loan rates have been on a downward trend for the last 18 months, 0.5-1% maybe, it's testing investors' confidence, appetite and loyalty for the platform - any platform. 6.7% gross is 6.03% net, I like 7.0% net.
You can now get 1.65% for a 2 year FSCS fixed rate deposit, competition has noticeably gone up a gear. I opened a 2 year bond last week at 1.41%, nice one!
I think a lot of institutions are planning for interest rate rises sooner rather than later. So I expect PL's rates to slowly improve, the PL exchange liquidity is your friend.
If I am getting 5% tax free I am happy!
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