Post by eeyore on Jun 17, 2022 8:28:26 GMT
New 36-month commercial term loan for Pudsey O*** has been announced.
Total loan: £840,000 LTV: 60%
Tranche A: £700k @ 6.22% gross (Cap £1k)
Tranche B: £140k @ 8.02% gross (Cap £1k)
The purpose of the loan is to refinance an existing loan and to raise capital for further property acquisitions.
The security is the leasehold on a two-storey 1970s-built office building; the lease has 67 years remaining with the possibility of extending the lease to 125 years. The property has been refurbished by the borrower into 56 office suites with communal facilities. There are 46 individual tenants all on short (6- to 12-month) tenancies together with rental income from letting land adjacent to the building and self-storage shipping containers.
The strategy is to maximise rental income and to refinance the loan on maturity.
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 (Friday 17-Jun).
Both TrancheA and TrancheB are available for Self-Select lenders - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 20-Jun (with allocation presumably on Tuesday 21-Jun). Proplend warn that with the small amount of loan available, some lenders may be unsuccessful.
Update: The loan has been drawn down and is due to repay on 28-Jun-2025.
Total loan: £840,000 LTV: 60%
Tranche A: £700k @ 6.22% gross (Cap £1k)
Tranche B: £140k @ 8.02% gross (Cap £1k)
The purpose of the loan is to refinance an existing loan and to raise capital for further property acquisitions.
The security is the leasehold on a two-storey 1970s-built office building; the lease has 67 years remaining with the possibility of extending the lease to 125 years. The property has been refurbished by the borrower into 56 office suites with communal facilities. There are 46 individual tenants all on short (6- to 12-month) tenancies together with rental income from letting land adjacent to the building and self-storage shipping containers.
The strategy is to maximise rental income and to refinance the loan on maturity.
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 (Friday 17-Jun).
Both TrancheA and TrancheB are available for Self-Select lenders - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 20-Jun (with allocation presumably on Tuesday 21-Jun). Proplend warn that with the small amount of loan available, some lenders may be unsuccessful.
Update: The loan has been drawn down and is due to repay on 28-Jun-2025.
