eeyore
Member of DD Central
Posts: 746
Likes: 737
|
Post by eeyore on Apr 19, 2022 14:22:13 GMT
New 36-month commercial term loan for Purley M*** U*** has been announced.
Total loan: £681,500 LTV: 58% Tranche A: £587.5k @ 5.85% gross (Fully-funded) Tranche B: £94k @ 7.3% gross (Cap £1k)
The purpose of the loan is to refinance an existing loan and to raise capital. The security is a building complex with a three-storey building with a tenanted ground-floor retail showroom with two residential flats on the first- and second-floor, and single-storey warehouses and storerooms. The funds raised will also be used to refurbish the currently-unoccupied residential accommodation.
The borrower owns the tenant which has been operating as a furniture retailer at this location since 2019.
The strategy is to refurbish and tenant the flats. The exit strategy would be to refinance the loan.
See the full loan request and valuation report for details which are available on the website.
Note: the property is located on Purley Way in Croydon, not in Purley!
Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 19-Apr) and TrancheA is now fully-funded. Only Tranche B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 20-Apr and allocation will take place on Thursday 21-Apr.
Update: The loan was drawn down today, so the maturity date will be 21-April-2025.
|
|