Post by eeyore on Jan 17, 2024 16:48:33 GMT
New 36-month commercial term loan for Epping L*** I*** W*** Refinance is expected to be announced shortly.
Total loan: £560,000 LTV: 34.4%
Tranche A: £560k @ 8.43% gross
The purpose of the loan is to refinance the existing Epping L*** I*** W*** loan at Proplend which was due mature on 23-Dec-2023.
Comments on original loan are here: p2pindependentforum.com/thread/18160/epping-pll0961
The security is the freehold on a series of workshop, storage & office units on a small industrial estate. There are a total of 61 units with some 43 individual tenants; all the units are currently tenanted on rolling six-month licences. There is also a bungalow on an AST.
The strategy will be to retain the property as a long-term investment and to refinance the loan on maturity.
See the full loan request and valuation report for details which are available on the website.
Comment: The valuation of the security for this refinance loan has been reduced from that of the original loan which, combined with an increase of the loan size (from £535,000), has increased the LTV from the original 29.7% to 34.4%.
Allocation of TrancheA for Always-On lenders is expected on Thursday 18-Jan.
Update 18-Jan: Tranche A will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Friday 19-Jan
Update 23-Jan: The loan was drawn down today and is due to mature on 23-Jan-2027.
Total loan: £560,000 LTV: 34.4%
Tranche A: £560k @ 8.43% gross
The purpose of the loan is to refinance the existing Epping L*** I*** W*** loan at Proplend which was due mature on 23-Dec-2023.
Comments on original loan are here: p2pindependentforum.com/thread/18160/epping-pll0961
The security is the freehold on a series of workshop, storage & office units on a small industrial estate. There are a total of 61 units with some 43 individual tenants; all the units are currently tenanted on rolling six-month licences. There is also a bungalow on an AST.
The strategy will be to retain the property as a long-term investment and to refinance the loan on maturity.
See the full loan request and valuation report for details which are available on the website.
Comment: The valuation of the security for this refinance loan has been reduced from that of the original loan which, combined with an increase of the loan size (from £535,000), has increased the LTV from the original 29.7% to 34.4%.
Allocation of TrancheA for Always-On lenders is expected on Thursday 18-Jan.
Update 18-Jan: Tranche A will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:30 on Friday 19-Jan
Update 23-Jan: The loan was drawn down today and is due to mature on 23-Jan-2027.
