eeyore
Member of DD Central
Posts: 746
Likes: 737
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Post by eeyore on Dec 13, 2023 16:20:56 GMT
New 36-month commercial term loan for Kidderminster M*** U*** is about to be released. Existing lenders for the Kidderminster H*** loan have been invited to rollover their loans into this new loan. Total loan: £389,400 LTV: 66% Tranche A: £295k @ 8.3% gross Tranche B: £88.5k @ 9.9% gross Tranche C: £5.9k @ 10.7% gross The purpose of the loan is to refinance the existing Kidderminster H*** loan at Proplend which was due to be repaid on 23-Oct-2023. The security is the freehold on a three-storey mid-terrace building with two retail units on the ground floor (both tenanted with five-year leases terminating in 2027) and eight individual residential tenancies on the upper floors. The strategy is to retain the property and to refinance the loan at the end of the its term. See the full loan request and valuation report for details which are available on the website. Comment: The loan has been increased slightly from the original loan with an increase in the LTV from 65% to 66% with the addition of Tranche C. The market valuation has also increased. The original strategy was to convert the ground floor to residential use - this plan has been dropped and reverted to retail use. Discussion of the original loan is here: p2pindependentforum.com/thread/17890/new-loan-plCurrent lenders of the original loan, Kidderminster H***, are being invited to roll over their loans to the refinance loan by 17:30 on Thursday 14-Dec.
Update 15-Dec: The loan is now "In Funding". All three tranches will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Monday 18-Dec.
Update 5-Jan: The loan has been drawn down today and will mature on 5-Jan-2027. The original Kidderminster H*** loan has been repaid.
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Post by Ace on Dec 21, 2023 22:27:55 GMT
Have allocations for this loan been notified yet? I haven't heard anything either way.
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Post by overthehill on Dec 21, 2023 23:38:24 GMT
Have allocations for this loan been notified yet? I haven't heard anything either way.
No emails. I was allocated from self-select autolend and the loan is waiting to close so I assume funding is finished. I don't know where I stand with Proplend anymore, I find a number of things not to my liking and my interest levels have dropped.
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Post by uksoul on Dec 22, 2023 6:48:46 GMT
Have allocations for this loan been notified yet? I haven't heard anything either way. Rollovers are confirmed, self select not yet. The Xmas spirit may have led to an oversight with the self select confirmation.
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Post by uksoul on Dec 22, 2023 9:06:17 GMT
Self select notices now out. The loan was oversubscribed.
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Post by Ace on Dec 22, 2023 9:06:44 GMT
Notification now received. No Christmas present for me.
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Post by uksoul on Dec 22, 2023 9:17:39 GMT
Notification now received. No Christmas present for me. Were you not in the rollover ? I got a slice there but as expected not with self select.
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Post by Ace on Dec 22, 2023 9:19:47 GMT
Notification now received. No Christmas present for me. Were you not in the rollover ? I got a slice there but as expected not with self select. No, I wasn't in the previous loan, so nothing to rollover.
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eeyore
Member of DD Central
Posts: 746
Likes: 737
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Post by eeyore on Jan 5, 2024 11:52:42 GMT
The loan has been drawn down today and the original Kidderminster H*** loan has been repaid (together with penalty interest).
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