Post by eeyore on Nov 22, 2023 12:40:11 GMT
New 36-month loan for Whitley Bay R*** has been announced.
Total loan: £292,400 LTV: 68%
Tranche A: £215k @ 8.0% gross (No cap)
Tranche B: £64.5k @ 9.55% gross (No cap)
Tranche C: £12.9k @ 10.45% gross (No cap)
The security is a three-storey mid-terrace building (with basement) with a ground-floor retail unit and a first-floor dental surgery; the upper floor & basement are used for storage & office space. The dental surgery is leased until March 2026 to an associated company of the borrower. The ground-floor retail unit is leased only until February 2024.
The purpose of the loan is to refinance the property.
The strategy will be to retain the property as a long-term investment and to refinance at the end of the loan's term.
The borrower is the same as for the existing Proplend loan North East M*** U*** P*** Refinance.
The valuer raised issues regarding insurance and the leases - 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 (Wednesday 22-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 Thursday 23-Nov.
Update 29-Nov: The loan was drawn down today and is due to mature on 29-Nov-2026.
Total loan: £292,400 LTV: 68%
Tranche A: £215k @ 8.0% gross (No cap)
Tranche B: £64.5k @ 9.55% gross (No cap)
Tranche C: £12.9k @ 10.45% gross (No cap)
The security is a three-storey mid-terrace building (with basement) with a ground-floor retail unit and a first-floor dental surgery; the upper floor & basement are used for storage & office space. The dental surgery is leased until March 2026 to an associated company of the borrower. The ground-floor retail unit is leased only until February 2024.
The purpose of the loan is to refinance the property.
The strategy will be to retain the property as a long-term investment and to refinance at the end of the loan's term.
The borrower is the same as for the existing Proplend loan North East M*** U*** P*** Refinance.
The valuer raised issues regarding insurance and the leases - 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 (Wednesday 22-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 Thursday 23-Nov.
Update 29-Nov: The loan was drawn down today and is due to mature on 29-Nov-2026.