Post by eeyore on Jun 23, 2022 10:27:30 GMT
New 24-month commercial term loan for Wolverhampton O*** B*** (PL) has been announced.
Total loan: £2,415,500 LTV: 70%
Tranche A: £1,725k @ 5.9% gross (Cap: £5k)
Tranche B: £517.5k @ 7.0% gross (Cap: £3k)
Tranche C: £172.5k @ 8.9% gross (Cap: £1k)
The purpose of the loan is to refinance a bridging loan taken out for the purchase of the property.
The security is the freehold on a 1960s-built concrete-framed office block comprised of three wings of 4, 5 & 6-storeys with a basement car park. The building is divided into 22 units, currently 15 are let with 9 different tenants, all on short-term leases. The strategy is to continue to refurbish the building and to fill the vacant units. The borrower intends 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 (Thursday 23-June).
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 Monday 27-Jun for allocation the following day.
Update: Loan drawn down and will mature on 8-Jul-2024.
Total loan: £2,415,500 LTV: 70%
Tranche A: £1,725k @ 5.9% gross (Cap: £5k)
Tranche B: £517.5k @ 7.0% gross (Cap: £3k)
Tranche C: £172.5k @ 8.9% gross (Cap: £1k)
The purpose of the loan is to refinance a bridging loan taken out for the purchase of the property.
The security is the freehold on a 1960s-built concrete-framed office block comprised of three wings of 4, 5 & 6-storeys with a basement car park. The building is divided into 22 units, currently 15 are let with 9 different tenants, all on short-term leases. The strategy is to continue to refurbish the building and to fill the vacant units. The borrower intends 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 (Thursday 23-June).
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 Monday 27-Jun for allocation the following day.
Update: Loan drawn down and will mature on 8-Jul-2024.