eeyore
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Post by eeyore on Jul 2, 2021 14:06:42 GMT
New 36-month term loan for Littlehampton P*** with P*** (PLL1015) has been announced.
Total loan: £420,000 LTV: 70%
Tranche A: £300k @ 6.5% gross (Cap: £3k)
Tranche B: £90k @ 8.5% gross (Cap: £1k)
Tranche C: £30k @ 11.0% gross (Cap: £1k)
The security is a first legal charge on a vacant public house with planning consent to convert to offices. The purpose of the loan is to fund the purchase of the property and the strategy appears to be to use the building to accommodate the trading activities of the borrower's parent company. The loan is expected to be refinanced by a longer-term loan by the end of the term.
See the full loan request and valuation report for details which are available on the website.
Allocation of Tranche A funds for Always-On lenders has already taken place (Friday 2-Jul).
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 Monday 5-Jul and allocation of Self-Select funds will take place on Tuesday 6-Jul.
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eeyore
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Posts: 743
Likes: 733
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Post by eeyore on Sept 20, 2021 18:35:02 GMT
This loan was drawn down on 20-Sep-2021 and is due to end on 20-Sep-2024.
[Note: No sign yet of any interest for the funds held during the two month wait for draw-down.]
Update 21-Sep: 4 days of "Pre Draw Down Interest" was added to the cash account on 20-Sep worth all of £0.72/£1,000.
Only FOUR days for over two months waiting?
Second Update 21-Sep: An additional 60 days of Pre-DrawDown interest has been added (£10.83/£1,000 for TrancheA) making a total of 64 days.
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eeyore
Member of DD Central
Posts: 743
Likes: 733
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Post by eeyore on Sept 21, 2021 8:56:07 GMT
Notification email received this morning from Proplend about the draw-down of this loan. It includes this statement:
"The borrower has paid interest for the period from 16th July to yesterday and this is now in your account less the lender fee."
But what the cash account shows is "DEPOSIT - PLL1015 - Littlehampton ***** - Tranche A - Pre Draw Down Interest 4 days" with a credit of 72p (less the 7p fee).
It should be 66 days by my calculation.
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Post by Ace on Sept 21, 2021 9:39:27 GMT
Notification email received this morning from Proplend about the draw-down of this loan. It includes this statement: " The borrower has paid interest for the period from 16th July to yesterday and this is now in your account less the lender fee." But what the cash account shows is " DEPOSIT - PLL1015 - Littlehampton ***** - Tranche A - Pre Draw Down Interest 4 days" with a credit of 72p (less the 7p fee). It should be 66 days by my calculation. It seems like someone has looked at the day but not the month. I.e. we've been paid from 16th to 20th, but they missed the fact that the 16th was from a couple of months ago.
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eeyore
Member of DD Central
Posts: 743
Likes: 733
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Post by eeyore on Sept 21, 2021 11:35:35 GMT
Notification email received this morning from Proplend about the draw-down of this loan. It includes this statement: " The borrower has paid interest for the period from 16th July to yesterday and this is now in your account less the lender fee." But what the cash account shows is " DEPOSIT - PLL1015 - Littlehampton ***** - Tranche A - Pre Draw Down Interest 4 days" with a credit of 72p (less the 7p fee). It should be 66 days by my calculation. It seems like someone has looked at the day but not the month. I.e. we've been paid from 16th to 20th, but they missed the fact that the 16th was from a couple of months ago. The cash account has now been credited with an extra 60 days of Pre-DrawDown interest (£10.83/£1000), making 64 days in total.
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Post by uksoul on Sept 21, 2021 12:01:45 GMT
It seems like someone has looked at the day but not the month. I.e. we've been paid from 16th to 20th, but they missed the fact that the 16th was from a couple of months ago. The cash account has now been credited with an extra 60 days of Pre-DrawDown interest (£10.83/£1000), making 64 days in total. My account statement only shows 4 days interest paid.... is the 64 days shown on your statement ? My statement now updated with the correct amount.
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