eeyore
Member of DD Central
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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-pll0961The 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. Update 8-Jul-2024: This refinance loan has been redeemed (>two years early!). Early redemption penalty fee (£20/£1000) has been paid.
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Post by gramsky on Jan 18, 2024 9:38:07 GMT
No sign of a 'roll-over' for existing lenders on this one?
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eeyore
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Post by eeyore on Jan 18, 2024 9:46:46 GMT
See the original loan's history of updates - a note on 21-Dec-23 to say refinance loan not eligible for a SIPP, so no rollover.
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Post by overthehill on Jan 18, 2024 17:29:22 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-pll0961The 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
Has anyone received their always-on allocation yet ? No ******* email received for this loan... AGAIN.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 18, 2024 17:37:10 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-pll0961The 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
Has anyone received their always-on allocation yet ? No ******* email received for this loan... AGAIN.
Yes. Email received this morning at 9.23.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Jan 18, 2024 19:28:29 GMT
Has anyone received their always-on allocation yet ? No ******* email received for this loan... AGAIN.
Yes. Email received this morning at 9.23. Ditto
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eeyore
Member of DD Central
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Post by eeyore on Jan 23, 2024 16:39:28 GMT
The loan was drawn down today and the original loan was repaid in full with penalty interest.
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
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Post by mcfc on Jan 23, 2024 17:18:56 GMT
Eeee I do like Proplend 👍🏼
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bababill
Member of DD Central
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Post by bababill on Jan 24, 2024 22:27:49 GMT
Unfortunately no allocation for me on self select.
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eeyore
Member of DD Central
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Post by eeyore on Jul 8, 2024 16:42:43 GMT
This refinance loan, due to mature in Jan 2027, has been repaid today, together with £20/£1000 Early Redemption Interest. Funds have been credited to lenders' cash accounts.
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