Post by eeyore on May 17, 2022 13:16:27 GMT
New 18-month term loan Peterborough R*** 2 has been announced.
Total loan: £795,600 LTV: 68%
Tranche A: £585k @ 6.68% gross (Cap £1k)
Tranche B: £175.5k @ 8.0% gross (Cap £1k)
Tranche C: £35.1k @ 9.6% gross (Cap £1k)
The loan is part of a series of transactions for the purchase of land on a retail centre, associated with the existing Proplend loans Peterborough R*** 1 and Peterborough L*** Refinance.
This loan is for the purchase of a single-storey building, comprising five retail units and one acre of cleared land. Four of the units are currently tenanted; the fifth is vacant but a tenancy has been agreed.
There is an agreement to sell the retail units, with a long-term aim to develop housing on rest of the site. This loan is expected to be redeemed in full following the sale of the retail units.
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 (Tuesday 17-May).
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 Wednesday 18-May and allocation will take place on Thursday 19-May.
Update: The loan was drawn down today, 19-May, and is due to be redeemed on 19-Nov-2023.
Update 15-Dec-2023: The loan was repaid in full, four weeks overdue.
Total loan: £795,600 LTV: 68%
Tranche A: £585k @ 6.68% gross (Cap £1k)
Tranche B: £175.5k @ 8.0% gross (Cap £1k)
Tranche C: £35.1k @ 9.6% gross (Cap £1k)
The loan is part of a series of transactions for the purchase of land on a retail centre, associated with the existing Proplend loans Peterborough R*** 1 and Peterborough L*** Refinance.
This loan is for the purchase of a single-storey building, comprising five retail units and one acre of cleared land. Four of the units are currently tenanted; the fifth is vacant but a tenancy has been agreed.
There is an agreement to sell the retail units, with a long-term aim to develop housing on rest of the site. This loan is expected to be redeemed in full following the sale of the retail units.
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 (Tuesday 17-May).
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 Wednesday 18-May and allocation will take place on Thursday 19-May.
Update: The loan was drawn down today, 19-May, and is due to be redeemed on 19-Nov-2023.
Update 15-Dec-2023: The loan was repaid in full, four weeks overdue.
