eeyore
Member of DD Central
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Post by eeyore on Nov 13, 2023 18:45:12 GMT
New 36-month loan for Acton L*** I*** has been announced.
Total loan: £1,164,900 LTV: 66% Tranche A: £882.50k @ 8.03% gross (No cap) Tranche B: £264.75k @ 9.51% gross (No cap) Tranche C: £17.65k @ 10.25% gross (No cap)
The purpose of the loan is to refinance the current lender, in association with the Park Royal C*** loan which is currently on offer at Proplend, with the same borrower. The security is a builders yard with steel-framed industrial units used for storage of construction equipment, together with shipping containers used for office accommodation. The valuer reports that the condition of the units are in poor condition. The valuer also notes that a planning application has been refused for the redevelopment of the adjoining petrol filling station & car wash property (which provides access to the highway for the yard) as multi-storey flats, retail and office space. The property is tenanted by a plant hire company owned by the borrower. The strategy will be to continue to operate the plant hire business retaining the property as a long-term investment and to refinance at the end of the loan's term.
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 (Monday 13-Nov). 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 Wednesday 15-Nov.
Update 30-Nov: The loan was drawn down today and is due to mature on 30-Nov-2026.
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eeyore
Member of DD Central
Posts: 746
Likes: 737
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Post by eeyore on Nov 16, 2023 17:30:51 GMT
It seems that after the allocation for Always-On lenders on Monday and offering all tranches to Self-Select lenders on Wednesday, not enough funds have been offered to fill Tranches A and B. Tranche C has been filled. If anyone is interested in committing funds to Tranches A or B, email Proplend.
This is the first (non-VAT) loan that hasn't been fully filled by Always-On and Self-Select lenders in several years in my recollection.
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