eeyore
Member of DD Central
Posts: 746
Likes: 737
|
Post by eeyore on Dec 12, 2023 15:05:55 GMT
New 36-month commercial term loan for Oxford M*** U*** has been announced.
Total loan: £375,000 LTV: 48.4% Tranche A: £375k @ 8.21% gross
The purpose of the loan is to refinance the current lender and to raise capital for further property investment. The security is a two-storey building with extensions, comprising a ground-floor retail unit and first-floor offices and storage areas(currently tenanted on a five-year lease ending in Oct 2026, currently trading as a coffee shop) and a one-bedroom flat on the upper floor (tenanted on an AST). The strategy will be to retain the property as a long-term investment, but consideration will be given to rebuilding the property as residential flats. The exit strategy will be to refinance at the end of the loan's term or to sell the property with planning permission.
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 12-Dec). The remaining Tranche A will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 13-Dec.
Update 19-Dec: The loan has been drawn down and is due to mature on 18-Dec-2026.
|
|