eeyore
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Post by eeyore on Sept 14, 2023 11:56:30 GMT
New 24-month commercial term loan for Connahs Quay M*** U*** Refinance has been announced. Total loan: £217,750 LTV: 65% Tranche A: £167.5k @ 7.85% gross (Cap £1k) Tranche B: £50.25k @ 9.15% gross (Cap £1k) This is a refinance of the original Connahs Quay M*** U*** loan at Proplend which was due to mature on the 13-Sep-2023 which is now expected to be repaid sometime after 18-Sep (see p2pindependentforum.com/thread/18853/connahs-pll1020). The security is a property with two ground-floor retail units and a single residential flat on the first floor (currently in poor condition). The strategy is to manage the building and to wait for planning consent to extend the residential accommodation. See the full loan request and valuation report for details which are available on the website. Allocation of Tranche A funds for Always-On lenders has already taken place (Thursday 14-Sep) and is now fully funded.
Tranche B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Friday 15-Sep.
Update: The loan has been drawn down and is due to mature on 29-Sep-2025 .
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Post by gramsky on Sept 14, 2023 16:02:27 GMT
Only tranche B available for Self Select, so with no roll-over I get zero.
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SteveK
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Post by SteveK on Sept 16, 2023 9:54:29 GMT
I see that there's a 'Connahs Quay M*** U*** Refinance' in Loans - Pending, is this the same loan, a different loan, a mistake or what?
Edit: or has the previous loan not repaid?
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Post by uksoul on Sept 16, 2023 10:03:40 GMT
I see that there's a 'Connahs Quay M*** U*** Refinance' in Loans - Pending, is this the same loan, a different loan, a mistake or what?
Edit: or has the previous loan not repaid?
It is a new refinance loan of the original.
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Post by uksoul on Sept 16, 2023 10:05:23 GMT
I see that there's a 'Connahs Quay M*** U*** Refinance' in Loans - Pending, is this the same loan, a different loan, a mistake or what?
Edit: or has the previous loan not repaid?
It is a new refinance loan of the original, the original loan will be repaid shortly
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SteveK
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Post by SteveK on Sept 16, 2023 10:53:55 GMT
It is a new refinance loan of the original, the original loan will be repaid shortly Sorry, didn't make my self clear. I had placed a bid on this loan (as morris had), as it was previously in 'Now Funding' but it has disappeared from there and is now back in 'Pending'. I was confused by this and was wondering the circumstances for this?
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Post by uksoul on Sept 16, 2023 12:55:23 GMT
Sorry, didn't make my self clear. I had placed a bid on this loan (as morris had), as it was previously in 'Now Funding' but it has disappeared from there and is now back in 'Pending'. I was confused by this and was wondering the circumstances for this? ok, i see. It is now in waiting to close so it has been funded and you will know next week if your bid is successful or not.
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SteveK
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Post by SteveK on Sept 16, 2023 14:04:11 GMT
Sorry, didn't make my self clear. I had placed a bid on this loan (as morris had), as it was previously in 'Now Funding' but it has disappeared from there and is now back in 'Pending'. I was confused by this and was wondering the circumstances for this? ok, i see. It is now in waiting to close so it has been funded and you will know next week if your bid is successful or not. Ah, okay, it's moved! Somebody, at Proplend, must be busy today! It was possibly only briefly back in 'Now Funding' on it's way to 'Waiting to Close'. Anyway I don't have it my Portfolio 'Waiting to Close' so may have missed out this time.
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eeyore
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Post by eeyore on Sept 16, 2023 17:09:34 GMT
ok, i see. It is now in waiting to close so it has been funded and you will know next week if your bid is successful or not. Ah, okay, it's moved! Somebody, at Proplend, must be busy today! It was possibly only briefly back in 'Now Funding' on it's way to 'Waiting to Close'. Anyway I don't have it my Portfolio 'Waiting to Close' so may have missed out this time. Yeah, Proplend do rather move loans from Pending to In Funding to Waiting to Close or to just "disappear" them seemingly randomly but usually only for a few hours, but it's still disconcerting. If you are an Always-On lender, with more than £1k in your cash account, and were hoping for a slice of a Tranche A loan, then: - successful Always-On lenders should receive an email entitled " Investment order confirmation" an hour or so after the Always-On allocation has taken place. (For the Connahs Quay M*** U*** Refinance loan, this email was distributed just after 12:00 on Thursday 14-Sep.) - unsuccessful Always-On lenders will be told nothing and won't know anything until Proplend distribute an email giving details of availability for Self-Select lenders or maybe not until the loan moves to the Waiting to Close category before finally disappearing (being visible only to lenders with a slice of the loan).
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SteveK
Member of DD Central
Posts: 59
Likes: 31
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Post by SteveK on Sept 16, 2023 18:29:59 GMT
Ah, okay, it's moved! Somebody, at Proplend, must be busy today! It was possibly only briefly back in 'Now Funding' on it's way to 'Waiting to Close'. Anyway I don't have it my Portfolio 'Waiting to Close' so may have missed out this time. Yeah, Proplend do rather move loans from Pending to In Funding to Waiting to Close or to just "disappear" them seemingly randomly but usually only for a few hours, but it's still disconcerting. If you are an Always-On lender, with more than £1k in your cash account, and were hoping for a slice of a Tranche A loan, then: - successful Always-On lenders should receive an email entitled " Investment order confirmation" an hour or so after the Always-On allocation has taken place. (For the Connahs Quay M*** U*** Refinance loan, this email was distributed just after 12:00 on Thursday 14-Sep.) - unsuccessful Always-On lenders will be told nothing and won't know anything until Proplend distribute an email giving details of availability for Self-Select lenders or maybe not until the loan moves to the Waiting to Close category before finally disappearing (being visible only to lenders with a slice of the loan). I’m was an unsuccessful Always-On lender so applied for tranche B but appear to have missed out on that too.
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Post by uksoul on Sept 16, 2023 20:51:44 GMT
ok, i see. It is now in waiting to close so it has been funded and you will know next week if your bid is successful or not. Ah, okay, it's moved! Somebody, at Proplend, must be busy today! It was possibly only briefly back in 'Now Funding' on it's way to 'Waiting to Close'. Anyway I don't have it my Portfolio 'Waiting to Close' so may have missed out this time. I think next week notices will be sent out.You could still have got a slice. I can't recall allocation notices ever sent out on the weekend.
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eeyore
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Post by eeyore on Sept 29, 2023 14:29:54 GMT
This refinance loan has been drawn down today and the original loan has been repaid in full. Two days of "Pre Draw Down Interest" (£0.44/£1k TrancheA) has been credited to the Cash Account.
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