eeyore
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Post by eeyore on Oct 19, 2023 12:28:17 GMT
New 24-month commercial term loan for Walsall C*** M*** U*** Refinance been announced. Total loan: £1,632,000 LTV: 68% Tranche A: £1,200k @ 8.35% gross (Cap: £3k) Tranche B: £360k @ 10.45% gross (Cap: £2k) Tranche C: £72k @ 11.45% gross (Cap: £1k) The purpose of the loan is to refinance the existing Walsall C*** M*** U*** loan at Proplend which is due mature on 20-Oct-2023. The security is the freehold on a five-storey (including basement) building with car park, originally a department store, converted into retail and office units. There are five retail units on the ground floor - two have long leases (99+ years) at peppercorn rents and three are tenanted, though one tenant is paying only irregularly. The office space is largely vacant with only one tenant on the upper floors. Renewal of the current lease with this public-sector tenant is currently being negotiated. The strategy is to seek planning permission to convert the second and third floors to residential accommodation. The exit strategy is to refinance the loan. Note: The owner of the borrower has given personal guarantees for two other Proplend loans (and several other successfully-redeemed loans). See the full loan request and valuation report for details which are available on the website. Details of the original loan are here: p2pindependentforum.com/thread/18992/walsall-plThe refinance loan is slightly larger than the original and, with a reduction in the market value, the LTV has increased from 63% to 68% - there will be a Tranche C in the refinance loan to cover this increase. Current lenders of the original loan are being invited to roll over their loans to the refinance loan (by Sunday 22-Oct). Allocation of TrancheA funds for Always-On lenders has taken place (Monday 23-Oct). Tranches A, B & C will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Tuesday 24-Oct.
Update 3-Nov-23: The loan was drawn down today and will mature on 3-Nov-2025
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eeyore
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Post by eeyore on Oct 23, 2023 12:38:47 GMT
All three tranches of the Walsall Refinance loan will be available for Self-Select - funds must be deposited by 17:30 on Tuesday 24th.
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sapphire
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Post by sapphire on Nov 3, 2023 16:00:45 GMT
Loan drawn down today. Previous loan repaid with penalty interest.
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