Post by eeyore on Jul 1, 2022 10:53:06 GMT
New 17-month commercial term loan for Staines M*** U*** has been announced.
Total loan: £354,900 LTV: 41.3%
Tranche A: £354.9k @ 5.46% gross
The purpose of the loan is to refinance an existing loan with a high-street bank and to raise capital for conversion works.
The security is the freehold of a detached building with three ground-floor retail units and a single flat on the first floor & attic. All three retail units are tenanted, including one by a business owned by the borrower. The flat is currently vacant.
The strategy is to maintain the current leases for the retail units and to convert the single flat on the upper floors into two. Planning approval has been granted.
The exit strategy is to refinance the loan on completion of the conversion.
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 1-Jul).
The loan is now fully funded and has appeared in the "Waiting to Close" list which means that there will be nothing offered to Self-Select lenders.
Update: Loan has been drawn down and will mature on 5-Dec-2023.
Update: Loan repaid in full on 25-Oct-2023
Total loan: £354,900 LTV: 41.3%
Tranche A: £354.9k @ 5.46% gross
The purpose of the loan is to refinance an existing loan with a high-street bank and to raise capital for conversion works.
The security is the freehold of a detached building with three ground-floor retail units and a single flat on the first floor & attic. All three retail units are tenanted, including one by a business owned by the borrower. The flat is currently vacant.
The strategy is to maintain the current leases for the retail units and to convert the single flat on the upper floors into two. Planning approval has been granted.
The exit strategy is to refinance the loan on completion of the conversion.
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 1-Jul).
The loan is now fully funded and has appeared in the "Waiting to Close" list which means that there will be nothing offered to Self-Select lenders.
Update: Loan has been drawn down and will mature on 5-Dec-2023.
Update: Loan repaid in full on 25-Oct-2023