eeyore
Member of DD Central
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Post by eeyore on Oct 13, 2021 16:46:46 GMT
New 24-month commercial term loan for Walsall C*** M*** U*** has been announced.
Total loan: £1,606,500 LTV: 63% Tranche A: £1,275k @ 6.7% gross (Cap £10k) Tranche B: £331.5k @ 8.59% gross (Cap £2k)
The purpose of the loan is to raise funds to replenish capital used to acquire the property and to make further acquisitions. The security is the freehold on a five six-storey (including basement) building with car park, originally a department store, converted into retail and office units. All but one of the five retail units are currently tenanted. The office space is largely vacant with only two tenants, both public sector, on the upper floors. The strategy is to find tenants for the unoccupied space whilst seeking planning permission to convert the second and third floors to residential accommodation. The exit strategy is to refinance the loan with a long-term lender.
Note: The owner of the borrower has given personal guarantees for four other Proplend loans (and several other successfully 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 (Wednesday 13-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 Thursday 14-Oct and allocation will take place on Friday 15-Oct.
This loan was drawn down on 20-Oct and is due to mature on 20-Oct-2023.
Update: The loan was repaid in full on 3-Nov-2023.
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Post by Ace on Sept 26, 2023 15:13:44 GMT
This loan is now expected to be refinanced on the platform by its scheduled end date. I'm not sure if rollovers will be allowed as each new tranche will be smaller than the existing tranches due to a reduction in the security value.
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Post by uksoul on Oct 19, 2023 8:20:59 GMT
The Loan will be refinanced with an additional C Tranche to the current A+B. Roll over option now available for current investors for Tranches A+B with a deadline of 6pm Sun Oct 22. Tranche C, self select only from next week with the rest of A and B.
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