Post by eeyore on Jul 12, 2021 15:20:06 GMT
New 24-month commercial term loan for Welshpool O*** (PLL1012) has been announced.
Total loan: £550,500 LTV: 55.3%
Tranche A: £497.5k @ 6.01% gross (Cap: £3k)
Tranche B: £52.5k @ 8.0% gross (Cap: £1k)
The security is a first legal charge on a partly-tenanted three-storey office building.
The purpose of the loan is to raise funds for further acquisitions.
The strategy is to find tenants to fully occupy the property; the loan is expected to be refinanced at the end of its term.
The principal behind the borrower has several current loans via Proplend and numerous redeemed loans.
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 (Monday 12-July).
Funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 13-July and allocation will take place on Wednesday 14-July.
Comment: The valuation of the building without tenants is barely greater than the proposed loan; the stated purchase price paid by the borrower is less than the total loan.
Update 29-Aug-2013: Current lenders in this loan can (until 17:30 30-Aug) rollover their loans into the refinance loan
Update 7-Sep-2023: The loan was fully repaid today together with outstanding interest and 44 days of penalty interest (£3.67/£1000 TrancheA).
Total loan: £550,500 LTV: 55.3%
Tranche A: £497.5k @ 6.01% gross (Cap: £3k)
Tranche B: £52.5k @ 8.0% gross (Cap: £1k)
The security is a first legal charge on a partly-tenanted three-storey office building.
The purpose of the loan is to raise funds for further acquisitions.
The strategy is to find tenants to fully occupy the property; the loan is expected to be refinanced at the end of its term.
The principal behind the borrower has several current loans via Proplend and numerous redeemed loans.
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 (Monday 12-July).
Funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 13-July and allocation will take place on Wednesday 14-July.
Comment: The valuation of the building without tenants is barely greater than the proposed loan; the stated purchase price paid by the borrower is less than the total loan.
Update 29-Aug-2013: Current lenders in this loan can (until 17:30 30-Aug) rollover their loans into the refinance loan
Update 7-Sep-2023: The loan was fully repaid today together with outstanding interest and 44 days of penalty interest (£3.67/£1000 TrancheA).
....The property has 2 tenants with a lease up strategy underway. The borrower has repaid in full 10 loans, has 3 ongoing in good standing. Ist charge+personal guarantee for the full loan and 6mth interest reserve makes it a nice 2 yr investment in my view.
