Post by eeyore on Aug 30, 2023 8:44:32 GMT
New 15-month commercial term loan for Welshpool O*** Refinance has been announced.
Total loan: £513,00 LTV: 52%
Tranche A: £497.5k @ 8.74% gross
Tranche B: £15.5k @ 9.73% gross
The purpose of the loan is to refinance the existing 24-month Proplend loan Welshpool O***, which was due to mature on 23-Jul-2023.
The security is a first legal charge on a three-storey office building, with the ground and part of the first-floor currently occupied by two separate tenants. The borrower is about to submit a planning application for conversion of the first- and second-floors into 22 residential flats.
The principal behind the borrower has several current loans via Proplend and numerous redeemed loans.
The details of the original Welshpool O*** loan can be found here: p2pindependentforum.com/thread/18748/welshpool-pll1012
See the full loan request and valuation report for details which are available on the website.
Current lenders for the original Welshpool O*** have been invited to rollover their loans - bids must be submitted today (Wednesday 30-Aug). Allocation of any remaining TrancheA funds for Always-On lenders will take place subsequently. When the details of availability for Self-Select lenders are known, this post will be updated.
Update 31-Aug: The rollover process has completed and the loan is now fully funded. There appears to have been no availability for Self-Select lenders.
Update 7-Sep: Loan was drawn down today and is due to mature on 7-Dec-2024.
Total loan: £513,00 LTV: 52%
Tranche A: £497.5k @ 8.74% gross
Tranche B: £15.5k @ 9.73% gross
The purpose of the loan is to refinance the existing 24-month Proplend loan Welshpool O***, which was due to mature on 23-Jul-2023.
The security is a first legal charge on a three-storey office building, with the ground and part of the first-floor currently occupied by two separate tenants. The borrower is about to submit a planning application for conversion of the first- and second-floors into 22 residential flats.
The principal behind the borrower has several current loans via Proplend and numerous redeemed loans.
The details of the original Welshpool O*** loan can be found here: p2pindependentforum.com/thread/18748/welshpool-pll1012
See the full loan request and valuation report for details which are available on the website.
Current lenders for the original Welshpool O*** have been invited to rollover their loans - bids must be submitted today (Wednesday 30-Aug). Allocation of any remaining TrancheA funds for Always-On lenders will take place subsequently. When the details of availability for Self-Select lenders are known, this post will be updated.
Update 31-Aug: The rollover process has completed and the loan is now fully funded. There appears to have been no availability for Self-Select lenders.
Update 7-Sep: Loan was drawn down today and is due to mature on 7-Dec-2024.