Post by eeyore on Sept 24, 2021 11:41:18 GMT
New 36-month commercial term loan for Hinkley O*** (PLL1000) has been announced.
Total loan: £294,000 LTV: 60%
Tranche A: £245k @ 6.2% gross
Tranche A: £49k @ 8.0% gross (Cap £1k)
The purpose of the loan is to raise funds for futher property acquistions by the borrower (which has one current loan and several previous loans with Proplend).
The security is on a long leasehold on the office suites on the second floor of a three storey building (which has retail units on the ground floor and residential accommodation elsewhere). The offices are currently tenanted.
The strategy is to maximise rental income whilst exploring conversion of the office space to residential.
The exit strategy options are to sell the property, seek development finance for conversion to residential units or to refinance the loan at the end of its term.
See the full loan request and valuation report for details which are available on the website.
Comment: The borrower is considering conversion of the offices to residential despite just spending a substantial sum on refurbishing the office space.
Allocation of all TrancheA funds to Always-On lenders has already taken place (Friday 24-Sep).
Only Tranche B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 27-Sep and allocation will take place on Tuesday 28-Sep.
Total loan: £294,000 LTV: 60%
Tranche A: £245k @ 6.2% gross
Tranche A: £49k @ 8.0% gross (Cap £1k)
The purpose of the loan is to raise funds for futher property acquistions by the borrower (which has one current loan and several previous loans with Proplend).
The security is on a long leasehold on the office suites on the second floor of a three storey building (which has retail units on the ground floor and residential accommodation elsewhere). The offices are currently tenanted.
The strategy is to maximise rental income whilst exploring conversion of the office space to residential.
The exit strategy options are to sell the property, seek development finance for conversion to residential units or to refinance the loan at the end of its term.
See the full loan request and valuation report for details which are available on the website.
Comment: The borrower is considering conversion of the offices to residential despite just spending a substantial sum on refurbishing the office space.
Allocation of all TrancheA funds to Always-On lenders has already taken place (Friday 24-Sep).
Only Tranche B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 27-Sep and allocation will take place on Tuesday 28-Sep.
