Post by eeyore on Oct 10, 2023 12:06:48 GMT
New 36-month commercial term loan for Wembley Park R*** has been announced.
Total loan: £687,500 LTV: 55%
Tranche A: £625k @ 8.0% gross (Fully funded)
Tranche B: £62.5k @ 9.98% gross (Cap £1k)
The purpose of the loan is to assist with the purchase of a new-build two-storey property comprising two twin-bedroom flats and a single one-bedroom flat (in the loft space), which will be the security for the loan. The borrower is a special purpose company with no assets other than this property which will be leased to an associated company for sub-letting to tenants on ASTs.
The borrower's strategy is to retain the property and to build a portfolio of other properties for HMOs and flats. The loan is expected to be refinanced at the end of its term.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA for Always-On lenders has already taken place (Tuesday 10-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 Wednesday 11-Oct.
Update 12-Oct: The loan has been drawn down and will mature on 12-Oct-2026.
Total loan: £687,500 LTV: 55%
Tranche A: £625k @ 8.0% gross (Fully funded)
Tranche B: £62.5k @ 9.98% gross (Cap £1k)
The purpose of the loan is to assist with the purchase of a new-build two-storey property comprising two twin-bedroom flats and a single one-bedroom flat (in the loft space), which will be the security for the loan. The borrower is a special purpose company with no assets other than this property which will be leased to an associated company for sub-letting to tenants on ASTs.
The borrower's strategy is to retain the property and to build a portfolio of other properties for HMOs and flats. The loan is expected to be refinanced at the end of its term.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA for Always-On lenders has already taken place (Tuesday 10-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 Wednesday 11-Oct.
Update 12-Oct: The loan has been drawn down and will mature on 12-Oct-2026.