Post by eeyore on Sept 23, 2023 9:14:03 GMT
New 36-month commercial term loan for Redditch C*** M*** U*** Refinance is about to be formally announced. Current lenders in Tranche A of the existing loan have been invited to roll-over loans into this new refinance loan.
Total loan: £1,400,000 LTV: 47%
Tranche A: £1,400k @ 9.29% gross
The purpose of this loan is to refinance the existing Redditch C*** M*** U*** loan at Proplend which is due mature on 29-Sep-2023.
The security is a two-bay steel portal frame industrial unit/warehouse with a two-storey brick office block.
The borrower, an engineering company, occupies the property with a new seven year lease.
The strategy is to grow the business and to refinance of the loan again on maturity.
See the full loan request and valuation report for details which are available on the website.
The existing 36-month loan from 2020 is configured as:
Total loan: £1,407,000 LTV: 67%
Tranche A: £1,050k
Tranche B: £315k
Tranche C: £42k
Although the refinance loan is roughly the same size as the orginal loan, the valuation (from the same valuer) is substantially higher so all the loan is now within Tranche A. Tranche A lenders in the original loan have been invited to roll-over their loans into the refinance loan but Tranche B & C loans will be repaid after the refinance loan draws down. The availability of Tranche A for Always-On and Self-Select lenders will be dependent of the amount of loans rolled-over. See the discussion on roll-over here: p2pindependentforum.com/thread/17859/new-loan-pl
Update 25-Sep: This loan is now available to Self-Select lenders, subject to a £5k cap. Funds must be in the Cash Account by 17:30 on Tuesday 26-Sep.
Update 27-Sep: This loan was drawn down today and lenders in the original loan were repaid in full. The new loan is due to mature on 27-Sept-2026.
Total loan: £1,400,000 LTV: 47%
Tranche A: £1,400k @ 9.29% gross
The purpose of this loan is to refinance the existing Redditch C*** M*** U*** loan at Proplend which is due mature on 29-Sep-2023.
The security is a two-bay steel portal frame industrial unit/warehouse with a two-storey brick office block.
The borrower, an engineering company, occupies the property with a new seven year lease.
The strategy is to grow the business and to refinance of the loan again on maturity.
See the full loan request and valuation report for details which are available on the website.
The existing 36-month loan from 2020 is configured as:
Total loan: £1,407,000 LTV: 67%
Tranche A: £1,050k
Tranche B: £315k
Tranche C: £42k
Although the refinance loan is roughly the same size as the orginal loan, the valuation (from the same valuer) is substantially higher so all the loan is now within Tranche A. Tranche A lenders in the original loan have been invited to roll-over their loans into the refinance loan but Tranche B & C loans will be repaid after the refinance loan draws down. The availability of Tranche A for Always-On and Self-Select lenders will be dependent of the amount of loans rolled-over. See the discussion on roll-over here: p2pindependentforum.com/thread/17859/new-loan-pl
Update 25-Sep: This loan is now available to Self-Select lenders, subject to a £5k cap. Funds must be in the Cash Account by 17:30 on Tuesday 26-Sep.
Update 27-Sep: This loan was drawn down today and lenders in the original loan were repaid in full. The new loan is due to mature on 27-Sept-2026.
. my 1K bid lost out ..
