Post by eeyore on Jun 7, 2022 8:24:21 GMT
New 12-month bridge loan for Bromyard S*** U*** has been announced.
Total loan: £200,000 LTV: 50%
Tranche A: £200k @ 7.35% gross
The loan is to raise funds to cover the costs of planning for the borrower's associated developments.
The security is a first legal charge on a one acre site, partly concrete surfaced and used for self-storage in shipping containers. The borrower currently leases this property and will purchase the freehold on draw-down of this loan. The borrower expects to develop this site and to increase the number of containers.
The exit strategy is to repay this loan on sale of the site.
For details, see the full loan request and valuation report which are available on the website.
Allocation of TrancheA funds for "Always-On" lenders has already taken place (Tuesday 7-Jun).
Update: Loan has been drawn-down and is due to repay on 9-Jun-2023.
Update 22-Dec-2023: The loan was repaid in full today, with 196 days of penalty interest (£20/£1000 TrancheA) and a late redemption exit charge (£5).
Total loan: £200,000 LTV: 50%
Tranche A: £200k @ 7.35% gross
The loan is to raise funds to cover the costs of planning for the borrower's associated developments.
The security is a first legal charge on a one acre site, partly concrete surfaced and used for self-storage in shipping containers. The borrower currently leases this property and will purchase the freehold on draw-down of this loan. The borrower expects to develop this site and to increase the number of containers.
The exit strategy is to repay this loan on sale of the site.
For details, see the full loan request and valuation report which are available on the website.
Allocation of TrancheA funds for "Always-On" lenders has already taken place (Tuesday 7-Jun).
Update: Loan has been drawn-down and is due to repay on 9-Jun-2023.
Update 22-Dec-2023: The loan was repaid in full today, with 196 days of penalty interest (£20/£1000 TrancheA) and a late redemption exit charge (£5).