eeyore
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Post by eeyore on Jul 21, 2021 11:52:08 GMT
New 24-month commercial term loan for Brighton O*** R*** (PLL1014) has been announced.
Total loan: £550,000 LTV: 57.3% Tranche A: £480k @ 6.45% gross (Cap: £3k) Tranche B: £70k @ 8.02% gross (Cap: £1k)
The purpose of the loan is to raise funds to redeem the existing 36-month Brighton O*** loan with Proplend and for capital to make further improvements to the property. The security is a purpose-built 3-storey office building which is fully-occupied with seven tenants all on short-term (12 months or less) agreements. The exit strategy is to refinance the loan with a longer-term loan.
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 21-July). Funds for Self-Select lenders must be in their cash accounts by 17:30 on Thursday 22-July and allocation will take place on Friday 23-July.
This loan was refinanced by Brighton O*** 2023 R*** (https://p2pindependentforum.com/thread/19832/brighton-2023-pl) and repaid in full on 27-Jan-2023.
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huxs
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Post by huxs on Jul 21, 2021 14:06:57 GMT
New 24-month commercial term loan for Brighton O*** R*** (PLL??) has been announced. Total loan: £550,000 LTV: 57.3% Tranche A: £480k @ 6.45% gross (Cap: £3k) Tranche B: £70k @ 8.02% gross (Cap: £1k) The purpose of the loan is to raise funds to redeem the existing 36-month Brighton O*** loan with Proplend and for capital to make further improvements to the property. The security is a purpose-built 3-storey office building which is fully-occupied with seven tenants all on short-term (12 months or less) agreements. The exit strategy is to refinance the loan with a longer-term loan. 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 21-July). Funds for Self-Select lenders must be in their cash accounts by 17:30 on Thursday 22-July and allocation will take place on Friday 23-July. I am not knocking this loan too much but the proposal is for 50K more than last time and the rates are lower (granted the value of the property may have also increased I can't see the previous valuation). What I don't understand is why given the difference between the rent received and interest paid on the previous loan why the borrower didn't want to use that to pay off some of the capital ? Then again I rushed to pay of my mortgage when rates were high and now watch other in no hurry because rates are so low.
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bababill
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Post by bababill on Jul 23, 2021 0:39:09 GMT
am not knocking this loan too much but the proposal is for 50K more than last time and the rates are lower (granted the value of the property may have also increased I can't see the previous valuation). LTV 900k in 2018. For future reference a close estimate of this info is on the completed loans tab. LTV=56%, loan equals 500k etc etc
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sapphire
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Post by sapphire on Jul 23, 2021 16:01:48 GMT
The Self-select Tranche A cap of £3K appeared to suggest that one is likely to be allocated £1K (or more if available). (On some previous loans, the Self-select cap was £1k)
I got Nil!
Any idea if if the allocation system is smart (& fair!) and does not allocate the full £3K cap amount to the account at top of the queue and Nil to others lower in the queue?
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Post by overthehill on Jul 23, 2021 16:11:04 GMT
The Self-select Tranche A cap of £3K appeared to suggest that one is likely to be allocated £1K (or more if available). (On some previous loans, the Self-select cap was £1k) I got Nil! Any idea if if the allocation system is smart (& fair!) and does not allocate the full £3K cap amount to the account at top of the queue and Nil to others lower in the queue?
It will move through the queue multiple times allocating in 1k chunks up to a person's max investment setting.
It was a small loan , wasn't it ?
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sapphire
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Post by sapphire on Jul 23, 2021 16:35:04 GMT
The Self-select Tranche A cap of £3K appeared to suggest that one is likely to be allocated £1K (or more if available). (On some previous loans, the Self-select cap was £1k) I got Nil! Any idea if if the allocation system is smart (& fair!) and does not allocate the full £3K cap amount to the account at top of the queue and Nil to others lower in the queue?
It will move through the queue multiple times allocating in 1k chunks up to a person's max investment setting.
It was a small loan , wasn't it ?
If PL considered this 'small', I would have expected them to have set the Tr A cap limit to £1K as they have done for other 'small' loans (or at most £2K).
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Post by overthehill on Jul 23, 2021 17:35:23 GMT
It will move through the queue multiple times allocating in 1k chunks up to a person's max investment setting.
It was a small loan , wasn't it ?
If PL considered this 'small', I would have expected them to have set the Tr A cap limit to £1K as they have done for other 'small' loans (or at most £2K). I haven't invested much since the system changed, I was forgetting there are 2 autolend queues now. I still think they allocate in the same way 1k at a time. However, all the maximum investments up to the cap will be filled in the 'Always on' queue before the 'self-select' queue is activated. The cap in the 'self-select' autolend queue doesn't really have any impact (only on manual lenders) , i.e. no one will get 2k unless everyone gets 1k. 550k probably is smallish for Proplend now, for a 3k cap , that could be only 183 investors taking the whole loan before the 'self select' queue runs. I assume the cap for both autolend queues is the same ?
Proplend have never been good at setting the right cap, it should have been lower.
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bababill
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Post by bababill on Jul 23, 2021 20:46:45 GMT
I received nil also. Did anyone receive anything?
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Post by Ace on Jul 23, 2021 21:25:24 GMT
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Post by uksoul on Jul 23, 2021 23:04:19 GMT
I received nil also. Did anyone receive anything? Did you receive anything in the previous loan just before this one ?
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Post by uksoul on Jul 23, 2021 23:08:21 GMT
Thanks for this, I have been waiting for Lawrence (Financial Thing) to get Brian on his show.
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eeyore
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Post by eeyore on Jul 24, 2021 11:07:43 GMT
If PL considered this 'small', I would have expected them to have set the Tr A cap limit to £1K as they have done for other 'small' loans (or at most £2K). I haven't invested much since the system changed, I was forgetting there are 2 autolend queues now. I still think they allocate in the same way 1k at a time. However, all the maximum investments up to the cap will be filled in the 'Always on' queue before the 'self-select' queue is activated.
The cap in the 'self-select' autolend queue doesn't really have any impact (only on manual lenders) , i.e. no one will get 2k unless everyone gets 1k. 550k probably is smallish for Proplend now, for a 3k cap , that could be only 183 investors taking the whole loan before the 'self select' queue runs. I assume the cap for both autolend queues is the same ?
Proplend have never been good at setting the right cap, it should have been lower. Not necessarily! At Proplend's discretion, some 'Always-On' lenders may get no allocation at all if Proplend wish to reserve some of the loan for 'Self-Select' lenders. It's happened before (in April) and Proplend's response was that it was to allow "fairness".
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bababill
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Post by bababill on Jul 27, 2021 3:38:05 GMT
I received nil also. Did anyone receive anything? Did you receive anything in the previous loan just before this one ? No but I did not bid on the previous (Donny) loan. Did anyone receive 2k or higher on this Brighton loan? PS... for the upcoming loan this week, see the Relendex thread.
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Post by uksoul on Jul 27, 2021 7:26:57 GMT
Did you receive anything in the previous loan just before this one ? No but I did not bid on the previous (Donny) loan. Did anyone receive 2k or higher on this Brighton loan? PS... for the upcoming loan this week, see the Relendex thread. The fact you did not bid in the previous loan previous should have increased your chances. I never applied for this loan but the original loan was repaid then the new loan released so i can imagine many previous investors reinvested. Not heard yet of anyone receiving more than 2k on this loan. Is that L/pool loan the same long standing loan on Relendex ?
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bababill
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Post by bababill on Jul 27, 2021 22:37:11 GMT
uksoul I believe littloldlady has answered your query on the other recent thread.
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