eeyore
Member of DD Central
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Post by eeyore on Nov 16, 2021 13:23:24 GMT
New 18-month commercial term loan for Balby D*** I*** (PLL1038) has been announced.
Total loan: £1,876,000 LTV: 70% (Originally £1,742,000 LTV: 65%)
Tranche A: £1,340k @ 7.01% gross (Cap £10k)
Tranche B: £402k @ 10% gross (Cap £3k)
Tranche C: £143k @ 12.04% (Added 6-Jan-2022)
The purpose of this loan is to refinance the current lender and to raise capital for the acquisition of an adjoining property.
The security is a 1.9 hectare site in an industrial park with a series of tenanted industrial units and two small office blocks. There are currently eleven tenants in the units but the offices are vacant. The units are in poor to average condition.
The strategy is to maintain the property and to maximise tental income.
The exit strategy is to refinance the loan at a lower interest rate.
See the full loan request and valuation report for details which are available on the website.
Note: The market value with vacant possession is less than the total loan.
Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 16-Nov).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 17-Nov and allocation will take place on Thursday 18-Nov.
Update 21-Jan-2022
This loan was finally drawn down on 20-Jan-2022, paying 51 days of Pre Draw Down interest. The loan is due to complete on 20-Jul-2023.
Since the original loan offer in November 2021, the loan has been increased with the addition of a Tranche C (see above).
There is a second version of the Full Loan Request (dated 6-Jan-2022) explaining the background to the delay and the changes to the loan.
The name of the loan has also been amended from Balby D*** I*** to Balby I***
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
Posts: 91
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Post by mcfc on Dec 14, 2021 15:17:11 GMT
Still waiting for this loan to draw down. I know I’m getting interest whilst waiting for the closure, but the length of time this is now taking is giving me some concern now…..
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Post by overthehill on Dec 14, 2021 16:11:17 GMT
Still waiting for this loan to draw down. I know I’m getting interest whilst waiting for the closure, but the length of time this is now taking is giving me some concern now…..
Proplend are meticulous when it comes to dotting i's and crossing t's. It's far better to pull it if issues can't be resolved. You get interest after 10 days, could be worse, isn't that right CP?
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eeyore
Member of DD Central
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Post by eeyore on Jan 20, 2022 19:08:20 GMT
This loan has finally been drawn down!
Meanwhile, the details of the loan appear to have changed since the original Full Loan Request was published back in November - the total loan has increased to £1,876k and there's a TrancheC at 12.04%.
Update:
Proplend paid 51 days of Pre Draw Down interest on 20-Jan of £9.93 per £1,000 of TrancheA.
The top post has been amended to reflect the changes to the original loan offer.
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tallsuk
Member of DD Central
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Post by tallsuk on Jan 20, 2022 19:29:12 GMT
This loan has finally been drawn down! Meanwhile, the details of the loan appear to have changed since the original Full Loan Request was published back in November - the total loan has increased to £1,876k and there's a TrancheC at 12.04%. I'll investigate further and amend the top post... They emailed to explain that there were some additional problems that meant they would need a further trache although this was not offered on P2P so it must have gone to institutional investors.
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Post by uksoul on Jan 21, 2022 2:55:14 GMT
This loan has finally been drawn down! Meanwhile, the details of the loan appear to have changed since the original Full Loan Request was published back in November - the total loan has increased to £1,876k and there's a TrancheC at 12.04%. I'll investigate further and amend the top post... They emailed to explain that there were some additional problems that meant they would need a further trache although this was not offered on P2P so it must have gone to institutional investors. i contacted them about that after receiving that email. They said it was funded offline same day to speed up the loan completion. i guess chunks will be on the loan exchange at some point.
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tallsuk
Member of DD Central
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Post by tallsuk on Jan 21, 2022 9:31:08 GMT
They emailed to explain that there were some additional problems that meant they would need a further trache although this was not offered on P2P so it must have gone to institutional investors. i contacted them about that after receiving that email. They said it was funded offline same day to speed up the loan completion. i guess chunks will be on the loan exchange at some point. That sounds more like excuses. Loans at PL fill very quickly and it was for a relatively small amount. It was also completed a couple of weeks ago so I dont think they would have any issues there.
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eeyore
Member of DD Central
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Post by eeyore on Jan 21, 2022 11:16:08 GMT
i contacted them about that after receiving that email. They said it was funded offline same day to speed up the loan completion. i guess chunks will be on the loan exchange at some point. That sounds more like excuses. Loans at PL fill very quickly and it was for a relatively small amount. It was also completed a couple of weeks ago so I dont think they would have any issues there. To offer (parts of) the loan to Self-Select lenders takes at least three elapsed days. In any case, as I wrote only a couple of days ago, Proplend will change the "rules" arbitrarily and with no notice: if you want Proplend loans, you have to accept that Proplend sets the rules...
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Post by overthehill on Jan 21, 2022 11:48:48 GMT
This loan is Balby not Barlby. The tranche C was about 12k, that's probably why they saved themselves a lot of work. I would say the background issues were more important than the funding process, SM might be busier.
EDIT: I saw 12-13-14k somewhere or imagined it but it is actually 134k.
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eeyore
Member of DD Central
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Post by eeyore on Jan 21, 2022 15:58:21 GMT
This loan is Balby not Barlby. ..... Oops! Posts corrected. Thanks.
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liso
Member of DD Central
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Post by liso on Jan 21, 2022 17:37:01 GMT
Tranche C on PLE now
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ukinvestor
Member of DD Central
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Post by ukinvestor on Jan 21, 2022 18:06:39 GMT
Yep. Still £18k left...not sure if the whole £134k of trance C went on sale or if there will be more in the future...
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hubert
Member of DD Central
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Post by hubert on Jan 21, 2022 18:36:48 GMT
I guess if you tried transferring funds into your account tonight it would not be entered until Monday.
Luckily I had £3k in my account anyway.
£14k left.
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Post by overthehill on Jan 21, 2022 18:49:51 GMT
I guess if you tried transferring funds into your account tonight it would not be entered until Monday. Luckily I had £3k in my account anyway. £14k left. always been Monday in the past.
I'm not a C man, more of an A and B man !
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Post by Ace on Jan 21, 2022 19:50:33 GMT
All gone.
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