Post by eeyore on Oct 5, 2023 10:05:12 GMT
New 36-month commercial term loan for Belvedere M*** U*** has been announced.
Total loan: £286,000 LTV: 65%
Tranche A: £220k @ 8.23% gross (Fully funded)
Tranche B: £66k @ 10.05% gross (Cap £1k)
The purpose of the loan is to assist with the purchase of the property, a two-storey (with basement) detached former house currently arranged as a ground-floor & basement retail unit, workshop premises & yard and a first-floor residential flat. The condition of the property is poor. Associated companies of the borrower will lease the retail unit and the workshop areas; the flat will be leased on a 12-month AST.
The property has had planning permission to convert the property to three flats - the borrower will submit plans for an enhanced scheme but if refused will retain the property as a long-term investment and refinance the loan on maturity.
Note: The headline LTV (65%) is based on the price the borrower is paying for the property with vacant possession. The valuer's Market Value is slightly higher giving a LTV of 63.6% but the valuer gives a lower Vacant Possession Value than the purchase price with an LTV of 71.5%.
See the full loan request and valuation report for details which are available on the website.
Allocation of Tranche A for Always-On lenders has already taken place (Thursday 5-Oct) 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 6-Oct.
Update 17-Oct: The loan has been drawn down and will mature on 17-Oct-2026.
Total loan: £286,000 LTV: 65%
Tranche A: £220k @ 8.23% gross (Fully funded)
Tranche B: £66k @ 10.05% gross (Cap £1k)
The purpose of the loan is to assist with the purchase of the property, a two-storey (with basement) detached former house currently arranged as a ground-floor & basement retail unit, workshop premises & yard and a first-floor residential flat. The condition of the property is poor. Associated companies of the borrower will lease the retail unit and the workshop areas; the flat will be leased on a 12-month AST.
The property has had planning permission to convert the property to three flats - the borrower will submit plans for an enhanced scheme but if refused will retain the property as a long-term investment and refinance the loan on maturity.
Note: The headline LTV (65%) is based on the price the borrower is paying for the property with vacant possession. The valuer's Market Value is slightly higher giving a LTV of 63.6% but the valuer gives a lower Vacant Possession Value than the purchase price with an LTV of 71.5%.
See the full loan request and valuation report for details which are available on the website.
Allocation of Tranche A for Always-On lenders has already taken place (Thursday 5-Oct) 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 6-Oct.
Update 17-Oct: The loan has been drawn down and will mature on 17-Oct-2026.