Post by eeyore on Oct 11, 2021 10:56:33 GMT
New 36-month commercial term loan for Ipswich B*** (PLL1016) has been announced.
Total loan: £305,500 LTV: 65%
Tranche A: £235k @ 6.69% gross (Cap £1k)
Tranche B: £70.5k @ 9.03% gross (Cap £1k)
The purpose of the loan is to raise funds to repay existing loans with a high-street bank.
The security is the leasehold (118years remaining) on a ground & first-floor bar and restaurant in a six-storey converted warehouse on the Ipswich waterfront. The premises are tenanted by an associated company of the borrowers.
The strategy is to develop the business and to redeem the loan before the end of its term by refinancing with a long-term lender.
Note: The valuer has given the market value as the same as the value with vacant possession.
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 11-Oct).
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 12-Oct and allocation will take place on Wednesday 13-Oct. Proplend cautions that the loan will probably be oversubscribed.
Total loan: £305,500 LTV: 65%
Tranche A: £235k @ 6.69% gross (Cap £1k)
Tranche B: £70.5k @ 9.03% gross (Cap £1k)
The purpose of the loan is to raise funds to repay existing loans with a high-street bank.
The security is the leasehold (118years remaining) on a ground & first-floor bar and restaurant in a six-storey converted warehouse on the Ipswich waterfront. The premises are tenanted by an associated company of the borrowers.
The strategy is to develop the business and to redeem the loan before the end of its term by refinancing with a long-term lender.
Note: The valuer has given the market value as the same as the value with vacant possession.
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 11-Oct).
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 12-Oct and allocation will take place on Wednesday 13-Oct. Proplend cautions that the loan will probably be oversubscribed.