eeyore
Member of DD Central
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Post by eeyore on Apr 4, 2022 9:13:45 GMT
New 15-month commercial bridge loan for Worcester L*** w*** P*** has been announced.
Total loan: £1,407,000 LTV: 67%
Tranche A: £1,050k @ 7.8% gross (Cap £1k)
Tranche B: £315k @ 11.56% gross (Cap £1k)
Tranche C: £42k @ 13.1% gross (Cap £1k)
This is a bridging loan to purchase 9 acres of agricultural land to create a business park. Planning consent has been given for a new build office block.
The strategy is to secure pre-lets on the proposed offices and to find development funds for construction, possibly from Proplend.
The exit strategy is to repay this loan from development funds.
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 4-Apr).
Tranches A, B & C will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 5-Apr and allocation will take place on Wednesday 6-Apr.
Update: This loan was repaid in full on 24-July-2023 with 18 days of penalty interest (£1.95/£1000 TrancheA).
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sapphire
Member of DD Central
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Post by sapphire on Apr 4, 2022 9:21:41 GMT
Is there a maximum allocation limit (in Tranche A) per investor for those using Auto lend?
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eeyore
Member of DD Central
Posts: 744
Likes: 734
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Post by eeyore on Apr 4, 2022 9:36:31 GMT
Is there a maximum allocation limit (in Tranche A) per investor for those using Auto lend? I know only about an AutoLend account with a £1000 limit on any loan, so I don't know if AutoLenders have been allowed allocations greater than £1000 nor if the demand from AutoLenders has already fully-funded TrancheA leaving some without any allocation! Has anyone with a higher maximum loan amount been allocated more?
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Post by uksoul on Apr 4, 2022 11:50:41 GMT
Self Select now available Tranche B & C @ 1k limit. Tranche A self select 1K limit
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Post by overthehill on Apr 4, 2022 12:02:39 GMT
"You cannot be serious!"
If you're an always-on autolender then you can't invest in self-select autolend tranche B without disabling always-on autolend for a month ? Autolend 2.0 is even worse than my previous understanding of it.
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Post by uksoul on Apr 4, 2022 12:15:09 GMT
"You cannot be serious!"
If you're an always-on autolender then you can't invest in self-select autolend tranche B without disabling always-on autolend for a month ? Autolend 2.0 is even worse than my previous understanding of it.
Website ",Always On is for the true lower risk hands off investor. It looks to invest in every loan in order to build a diversified loan portfolio and only invests into Tranche A" Sounds like no Tranche B unless disabling.
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billt
Posts: 90
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Post by billt on Apr 4, 2022 13:09:38 GMT
Very sad at having to remove funds from Proplend cannot stay fully funded with auto invest always on, had average of 10k pending for 4 weeks.
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Post by uksoul on Apr 4, 2022 13:15:40 GMT
Very sad at having to remove funds from Proplend cannot stay fully funded with auto invest always on, had average of 10k pending for 4 weeks. u Did you not get a slice of today's loan? Isn't there an option to autoinvest on the PLE as well?
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eeyore
Member of DD Central
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Post by eeyore on Apr 4, 2022 13:45:07 GMT
Very sad at having to remove funds from Proplend cannot stay fully funded with auto invest always on, had average of 10k pending for 4 weeks. Over the two years that AutoLend 2.0 has been operating, *very* few loans have allowed more than the minimum of £1k to be allocated to an AlwaysOn lender. I would suggest that, rather than keeping £10k sitting in the cash account, it makes more sense to keep only £1k and to top-up the cash account with another £1k whenever AutoLend allocates the initial £1k to a loan. However, the downside is that you have to monitor the cash account daily and, in case the next loan follows closely, to top-up before 09:30 on the following day (in practice, this means the early hours, certainly well before 09:00, because Proplend credit funds to the cash account on a batch basis at c09:00, midday and then late afternoon.) With the current demand for Proplend loans through AutoLend AlwaysOn, it's hopeless to expect to get allocations for every loan that becomes available. Over the last year or so, it's been about every alternate loan. And the flow of new loans is very erratic.
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billt
Posts: 90
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Post by billt on Apr 4, 2022 14:03:23 GMT
Decided to leave 1k in my account and move funds to Loanpad, I seem to be getting 1k in every auto lend loan. I have been with ,Proplend from the early days with a consistent six figure sum invested, with average of 6.9% return, very happy with the site and will keep topping up with 1k but would prefer to invest larger amounts.
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eeyore
Member of DD Central
Posts: 744
Likes: 734
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Post by eeyore on Apr 6, 2022 16:10:56 GMT
Another quick draw-down! This Worcester loan has been drawn down today, maturing on 6-Jul-2023
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Post by uksoul on Jul 24, 2023 11:14:33 GMT
Repaid with penalty interest 24/7/2023
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bababill
Member of DD Central
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Post by bababill on Jul 26, 2023 0:39:40 GMT
Any indications when a new loan might go live?
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Post by Ace on Jul 26, 2023 6:16:39 GMT
Any indications when a new loan might go live? There was no mention of any imminent loans in the Worcester repayment email.
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Post by uksoul on Jul 26, 2023 16:29:25 GMT
Any indications when a new loan might go live? Leyton is expected to go live over the next week.
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