Post by eeyore on Jun 6, 2023 17:34:03 GMT
New 36-month commercial loan for Hackney O*** Refinance will be available shortly.
Total loan: £884,500 LTV: 61%
Tranche A: £725k @ 7.01% gross (Cap £1k)
Tranche B: £159.5k @ 9.06% gross (Cap £1k)
The purpose of the loan is to re-finance the existing Proplend loan, Hackney O***, which was originally due to mature on 12-Apr-2023.
The security is a leasehold interest in two office suites on the lower floors of a multi-storey terraced building (which has flats on the upper floors). Both office suites are currently occupied by an associated business owned by the borrowers but negotiations are in progress to let both suites to a new tenant.
The exit strategy is expected to be a refinance of the loan.
See the full loan request and valuation report for details which are now available on the website.
Lenders for the existing Hackney O*** loan have been invited by Proplend to roll-over loans by 17:00 on Thursday 8-June.
Allocation of TrancheA funds for "Always-On" lenders has taken place on Friday 9-June. Tranches A and B will be available for Self-Select lenders: funds must be in cash accounts by 17:30 on Monday 12-June.
Update 13-June-23: The loan was drawn down today and will mature on the 13-June-2026. The original Hackney O*** loan was repaid in full (with 62 days of penalty interest).
Total loan: £884,500 LTV: 61%
Tranche A: £725k @ 7.01% gross (Cap £1k)
Tranche B: £159.5k @ 9.06% gross (Cap £1k)
The purpose of the loan is to re-finance the existing Proplend loan, Hackney O***, which was originally due to mature on 12-Apr-2023.
The security is a leasehold interest in two office suites on the lower floors of a multi-storey terraced building (which has flats on the upper floors). Both office suites are currently occupied by an associated business owned by the borrowers but negotiations are in progress to let both suites to a new tenant.
The exit strategy is expected to be a refinance of the loan.
See the full loan request and valuation report for details which are now available on the website.
Lenders for the existing Hackney O*** loan have been invited by Proplend to roll-over loans by 17:00 on Thursday 8-June.
Allocation of TrancheA funds for "Always-On" lenders has taken place on Friday 9-June. Tranches A and B will be available for Self-Select lenders: funds must be in cash accounts by 17:30 on Monday 12-June.
Update 13-June-23: The loan was drawn down today and will mature on the 13-June-2026. The original Hackney O*** loan was repaid in full (with 62 days of penalty interest).
