Post by eeyore on Jan 3, 2024 16:06:18 GMT
New 36-month commercial term loan for Weymouth H***2 is about to be made available. Current lenders in the existing Weymouth H*** loan can roll-over loans into this new loan.
Total loan: £2,507,500 LTV: 59%
Tranche A: £2,125k @ 8.7% gross
Tranche B: £382.5k @ 10.01% gross
The purpose of the loan is to refinance early the current loan with Proplend (Weymouth H***) and to provide capital to refinance another loan for another hotel to expand the borrower's portfolio in Weymouth. The original Proplend loan was due to mature in December 2025; the details of that loan are here: p2pindependentforum.com/thread/19738/weymouth-pl
The security for the new loan comprises two hotels. The original hotel is a GradeII-listed hotel and bar on the Weymouth beachfront which has been partially refurbished by the borrower in 2021-22. The second hotel is on the same beachfront and are both in the Weymouth Conservation area.
See the full loan request and valuation report for details which are available on the website.
Note: I have named this new loan as "Weymouth H***2" to distinguish the loan for two hotels from the original singular hotel "Weymouth H***" - with the current obfuscation policy both loans would have identical titles.
Updated 9-Jan: Current lenders in the existing Weymouth H*** loan had the opportunity to roll-over loans into this new loan by giving notice on the Proplend website before the end of Sunday 7-Jan. Allocation of TrancheA funds for Always-On lenders will have taken place on Tuesday 9-Jan.
Tranches A and B are now available for Self-Select lenders - funds must be in their cash accounts by 17:30 on Wednesday 10-Jan.
Update 10-Jan: Self-Selection process extended until 17:30 Friday 12-Jan.
Update 17-Jan: The loan was drawn down today and will mature on 17-Jan-2027