eeyore
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Post by eeyore on Dec 6, 2022 13:09:57 GMT
New 36-month commercial term loan for Weymouth H*** has been announced.
Total loan: £1,327,500 LTV: 59%
Tranche A: £1,125k @ 7.78% gross (No cap)
Tranche B: £202.5k @ 8.89% gross (Cap: £10k)
The purpose of the loan is to refinance the current lender.
The security is a GradeII-listed hotel and bar on the Weymouth beachfront which has been partially refurbished by the borrower in 2021-22. A new five-year lease is to be signed with the borrower's operating company.
The strategy is to continue to refurbish the hotel on a room-by-room basis and to refinance the loan on or before maturity.
See the full loan request and valuation report for details which are available on the website.
Comment: The Vacant Possession Value is not much greater than the total loan.
Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 6-Dec).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Thursday 8-Dec.
Update: The loan was drawn down today and is due to mature on 15-Dec-2025.
Update 17-Jan-2024: The loan was repaid in full today by the draw down of the successor loan Weymouth H***2
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liso
Member of DD Central
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Post by liso on Dec 6, 2022 17:45:02 GMT
Thanks for your comment. Worth noting.
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Post by Ace on Dec 6, 2022 18:25:36 GMT
There seems to be an unusually large cap on Tranche B.
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ukinvestor
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Post by ukinvestor on Dec 6, 2022 19:25:58 GMT
Exactly. I was expecting £1000 or £2000.
Are they trying to entice people to put cash into their accounts?
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dh1
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Post by dh1 on Dec 6, 2022 19:41:05 GMT
I've been wondering who has been selling over the last couple of weeks. Col*****e has been a firm favourite - 35 of 36 months remaining and many £000's offered for sale. I wouldn't have thought that anybody would have bought that much of a comparatively low coupon loan. Perhaps a bit of friendly purchasing at the time of offer with a view to helping shift a loan which didn't fill as quickly as those offering it hoped? No idea, really, but interesting.
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Post by overthehill on Dec 6, 2022 19:46:38 GMT
I've been wondering who has been selling over the last couple of weeks. Col*****e has been a firm favourite - 35 of 36 months remaining and many £000's offered for sale. I wouldn't have thought that anybody would have bought that much of a comparatively low coupon loan. Perhaps a bit of friendly purchasing at the time of offer with a view to helping shift a loan which didn't fill as quickly as those offering it hoped? No idea, really, but interesting.
I took some of Col* though not originally. I like this type of arrangement, commercial + residential and the street looks somewhere close to immaculate compared with some. Couldn't see a single piece of garbage in the google street views.
Too many loans completing and not that many I like enough to invest. Not sure about Wey* either , don't know enough about the place and I'm short of time. Any free advice is appreciated.
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Post by uksoul on Dec 7, 2022 6:16:26 GMT
I've been wondering who has been selling over the last couple of weeks. Col*****e has been a firm favourite - 35 of 36 months remaining and many £000's offered for sale. I wouldn't have thought that anybody would have bought that much of a comparatively low coupon loan. Perhaps a bit of friendly purchasing at the time of offer with a view to helping shift a loan which didn't fill as quickly as those offering it hoped? No idea, really, but interesting. It may well be an institutional investor offloading the regular 5K amounts or Proplend itself. Some individual investors would have sold yesterday to get a RoR uplift with the new loan. 5.6 -6.7% in exchange for 7.78 % - 8.9 % over 3 years is a significant difference.
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sapphire
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Post by sapphire on Dec 9, 2022 10:46:35 GMT
There seems to be an unusually large cap on Tranche B. Your observation was spot on. Have been allocated Nil whilst a friend has received £1k!
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bababill
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Post by bababill on Dec 9, 2022 11:03:23 GMT
I also received one k.
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Post by Ace on Dec 9, 2022 11:12:31 GMT
Yes, £1k here too. Looks like they just messed up on the limits.
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Post by uksoul on Dec 9, 2022 11:27:36 GMT
i got 1k too.
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Post by overthehill on Dec 11, 2022 16:53:35 GMT
Why are withdrawals still disabled ? Did something happen on Friday ?
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Post by uksoul on Dec 12, 2022 11:43:33 GMT
Why are withdrawals still disabled ? Did something happen on Friday ?
Withdrawals are working now, no idea of any loan repaid on Friday which is the usual reason for withdrawal stoppage.
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sapphire
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Post by sapphire on Dec 6, 2023 19:22:35 GMT
Whilst the maturity date is Dec 25, per the pending loans, this loan is to be refinanced soon, combined with another similar property class.
Although the new loan security is not identical, given the size, expect a rollover option to help funding.
Tranche A interest rate to be increased by 92 basis points and Tr B by 112 basis points.
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Post by overthehill on Dec 6, 2023 20:08:10 GMT
Whilst the maturity date is Dec 25, per the pending loans, this loan is to be refinanced soon, combined with another similar property class. Although the new loan security is not identical, given the size, expect a rollover option to help funding. Tranche A interest rate to be increased by 92 basis points and Tr B by 112 basis points.
Not been informed about that yet, presumably it is stated in the new loan's information and probably the only way the additional loan would be funded.
Why I am not getting emails any longer to say a loan is in funding, last one was 10oct, wembley*
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