Post by eeyore on Dec 8, 2023 9:55:49 GMT
New 36-month commercial term loan for Hackney R*** has been announced.
Total loan: £390,000 LTV: 60%
Tranche A: £325k @ 8.3% gross
Tranche B: £65k @ 9.92% gross
The purpose of the loan is refinance a current loan with a high-street bank and to raise capital for further property investment.
The security is a retail unit on the ground-floor of a multi-storey block of residential flats, with the borrower having a 999-year lease (988 years remaining). The retail unit is tenanted as a supermarket/convenience store on a 20-year lease expiring in 2038.
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 for this loan has an associated company which is the borrower for the Hackney M*** U*** loan which is currently awaiting funding at Proplend.
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 (Friday 8-Dec).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 11-Dec.
Update 12-Dec: The loan was drawn down today and is due to mature on 12-Dec-2026.
Total loan: £390,000 LTV: 60%
Tranche A: £325k @ 8.3% gross
Tranche B: £65k @ 9.92% gross
The purpose of the loan is refinance a current loan with a high-street bank and to raise capital for further property investment.
The security is a retail unit on the ground-floor of a multi-storey block of residential flats, with the borrower having a 999-year lease (988 years remaining). The retail unit is tenanted as a supermarket/convenience store on a 20-year lease expiring in 2038.
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 for this loan has an associated company which is the borrower for the Hackney M*** U*** loan which is currently awaiting funding at Proplend.
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 (Friday 8-Dec).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 11-Dec.
Update 12-Dec: The loan was drawn down today and is due to mature on 12-Dec-2026.