eeyore
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Post by eeyore on Jan 5, 2023 12:08:33 GMT
New 24-month loan for Grantham R*** Refinance has been announced. Total loan: £690,250 LTV: 55% Tranche A: £627.5k @ 9.20% (Cap: £1k) Tranche B: £62.75k @ 10.63% (Cap: £1k) This loan is to refinance the existing 24-month Grantham R*** loan which is due to be repaid by 12-Jan-2023. The discussion thread for the original loan in Jan 2021 is here: p2pindependentforum.com/thread/18194/grantham-pll0966The security is a GradeII-listed building converted into 40 shops & 6 office units. The occupancy rate is little over half. The borrower's strategy remains much the same as the original loan with a plan to obtain planning consent to convert the upper floors to residential use. An additional option being considered is to offer some of the outer ground-floor retail units on long-term leases to generate capital to redeem this loan and for the redevelopment. The borrower has three current loans from Proplend and two others which have been repaid. See the full loan request and valuation report for details. Allocation of TrancheA funds for Always-On lenders has already taken place (Thursday 5-Jan).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 9-Jan.
The loan has been drawn down today (12-Jan-2022) and its predecessor loan repaid. |
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eeyore
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Post by eeyore on Jan 5, 2023 12:31:05 GMT
Comment on this refinance loan: Since the original loan, little has changed with only a minor increase in the tenancy rate, but perhaps maintaining the status quo in the economic climate could be regarded as a success! The planning permission to convert the upper floors to residential use has yet to be submitted. I've put a post in DD Central with a comparison between the original loan in Jan-2021 and this new refinance loan: p2pindependentforum.com/thread/19783/proplend-grantham-retail-refinance-2023. Overall, valuations and the amount of the loan itself have increased and the interest rates offered for Tranches A & B have dropped, but what caught my eye was the halving of the valuation for vacant possession. |
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Post by overthehill on Jan 5, 2023 14:01:39 GMT
Comment on this refinance loan: Since the original loan, little has changed with only a minor increase in the tenancy rate, but perhaps maintaining the status quo in the economic climate could be regarded as a success! The planning permission to convert the upper floors to residential use has yet to be submitted. I've put a post in DD Central with a comparison between the original loan in Jan-2021 and this new refinance loan: p2pindependentforum.com/thread/19783/proplend-grantham-retail-refinance-2023. Overall, valuations and the amount of the loan itself have increased and the interest rates offered for Tranches A & B have dropped, but what caught my eye was the halving of the valuation for vacant possession.
If you google it, you'll find something on the glass roof which needs to be removed before the upper floors can be converted to flats. Can't recall if the work has started, in progress or complete.
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eeyore
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Post by eeyore on Jan 5, 2023 14:20:08 GMT
If you google it, you'll find something on the glass roof which needs to be removed before the upper floors can be converted to flats. Can't recall if the work has started, in progress or complete.
The FLR (page 11) says that planning consent for the removal of the atrium roof has been applied for.
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ukinvestor
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Post by ukinvestor on Jan 9, 2023 9:31:08 GMT
Not a big loan and still some tranche A available?
What happened to all the always on lenders?
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Post by Ace on Jan 9, 2023 9:52:11 GMT
Not a big loan and still some tranche A available? What happened to all the always on lenders? Self-select auto doesn't seem to have run for me yet.
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Post by uksoul on Jan 9, 2023 10:00:23 GMT
Not a big loan and still some tranche A available? What happened to all the always on lenders? Self-select auto doesn't seem to have run for me yet. Self Select will be allocated tomorrow. "register your Self-Select investments and have cleared funds in your Proplend account by close of business on Monday 9th January"
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Post by Ace on Jan 9, 2023 10:09:21 GMT
Self-select auto doesn't seem to have run for me yet. Self Select will be allocated tomorrow. "register your Self-Select investments and have cleared funds in your Proplend account by close of business on Monday 9th January" Ah yes, my mistake, I misremembered that it was running today. In that case, how can the above poster know that there's still availability in tranche A? Wouldn't we have to wait for self-select auto to run before that could be known? Or are always-on lenders pre-informed that there will be more available? I'm confused.
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 9, 2023 10:44:03 GMT
Self Select will be allocated tomorrow. "register your Self-Select investments and have cleared funds in your Proplend account by close of business on Monday 9th January" Ah yes, my mistake, I misremembered that it was running today. In that case, how can the above poster know that there's still availability in tranche A? Wouldn't we have to wait for self-select auto to run before that could be known? Or are always-on lenders pre-informed that there will be more available? I'm confused. Can't fully answer your question, but I can confirm that always-on lenders are not contacted re further loan availability.
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Post by uksoul on Jan 9, 2023 11:02:34 GMT
Self Select will be allocated tomorrow. "register your Self-Select investments and have cleared funds in your Proplend account by close of business on Monday 9th January" Ah yes, my mistake, I misremembered that it was running today. In that case, how can the above poster know that there's still availability in tranche A? Wouldn't we have to wait for self-select auto to run before that could be known? Or are always-on lenders pre-informed that there will be more available? I'm confused. I took it as the poster was asking a question about the availability of Tranche A "still some tranche A available?" , I do not think always on lenders are informed in advance of availability.
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ukinvestor
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Post by ukinvestor on Jan 9, 2023 12:23:52 GMT
Spot on uksoul  It used to be that always on was allocated before the emails went out and tranche A was only offered to self select lenders if the always on lenders did not take it all. Given the relatively small size of the loan, I was wondering if there was insufficient appetite from the always on lenders. Or did something change in the process? |
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Post by Ace on Jan 9, 2023 12:45:35 GMT
The wierd thing is, when I look at the self-select auto options for this loan, sometimes tranche A is greyed out and sometimes not.
I managed to catch it when it wasn't greyed out, and have applied for £1k each of tranches A and B. Will have to wait and see what I get.
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eeyore
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Post by eeyore on Jan 9, 2023 13:10:02 GMT
Self Select will be allocated tomorrow. "register your Self-Select investments and have cleared funds in your Proplend account by close of business on Monday 9th January" .... In that case, how can the above poster know that there's still availability in tranche A? Wouldn't we have to wait for self-select auto to run before that could be known? Or are always-on lenders pre-informed that there will be more available? I'm confused. I guess that ukinvestor's post saying " Not a big loan and still some tranche A available? What happened to all the always on lenders?" refers to this loan being <£700k of TrancheA and yet there's some TrancheA unallocated to 'Always-On' lenders which is now available for 'Self-Select'. Two options: - There was less in the 'Always-On' pot, ie less demand.
- Proplend exercised their policy of deliberately not allocating all TrancheA (leaving some 'Always-On' lenders unsatisfied) to make some TrancheA available for 'Self-Select'.
Were there any 'Always-On' lenders with funds in their accounts who did NOT have ANY TrancheA allocated? PS: An 'Always-On' lender gets only three emails about a loan: - First email says that funds have been successfully allocated (typically sent out around midday).
- Second email which is sent to ALL Proplend lenders listing what will be available for 'Self-Select' (typically sent in the late afternoon).
- Final email sent several days later to say that the loan has been drawn down.
An unsuccessful 'Always On' lender gets only the second email. This email is pointless for 'Always On' lenders since they cannot participate in 'Self-Select' without turning off 'Always-On' for 30 days, but does signify that if the first email has not appeared, allocation has been unsuccessful. Update: crossed with ukinvestor's confirmatory post - it took two attempts to retype the whole lot after my draft post got deleted!
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eeyore
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Post by eeyore on Jan 9, 2023 13:30:46 GMT
Spot on uksoul It used to be that always on was allocated before the emails went out and tranche A was only offered to self select lenders if the always on lenders did not take it all.Given the relatively small size of the loan, I was wondering if there was insufficient appetite from the always on lenders. Or did something change in the process? 'Afraid not! See Option two in my post above. With Auto Lend 2.0, Proplend introduced a policy that they can abitrarily limit the amount that will be allocated to 'Always-On' lenders even if that means that some 'Always-On' lenders get nothing! If I've had the funds in the cash account sitting waiting for weeks for the next loan, it's aggravating to find that those who can pick-and-choose what to invest in have been preferred. After a patronising response to my protest, it's what pushed me over the edge to abandon 'Always-On'. You can tell it still annoys me!
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Post by Ace on Jan 10, 2023 8:52:38 GMT
I got B, but not A.
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