Post by eeyore on Jan 22, 2024 12:46:37 GMT
New 36-month commercial term loan for St Albans M*** U*** has been announced.
Total loan: £510,000 LTV: 60%
Tranche A: £425k @ 8.58% gross
Tranche B: £85k @ 10.02% gross
The purpose of the loan is to assist with the purchase of the property.
The security is a 5.5acre site with a mobile home and outbuildings. There is planning permission for a three-bedroom house for which foundations already exist. The borrowers plan to lease the site to an associated company to operate a vehicle recovery service (in addition to an existing nearby site) and to erect further workshops, but not to build the house. The mobile home will be let 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.
Allocation of TrancheA for Always-On lenders has already taken place (Monday 22-Jan).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:00 on Tuesday 23-Jan.
Update 25-Jan: The loan has been drawn down today and is due to mature on 25-Jan-2027. Additional Pre-Draw Down interest for one day has been added to lenders' cash accounts (£0.24/£1000 TrancheA).
Total loan: £510,000 LTV: 60%
Tranche A: £425k @ 8.58% gross
Tranche B: £85k @ 10.02% gross
The purpose of the loan is to assist with the purchase of the property.
The security is a 5.5acre site with a mobile home and outbuildings. There is planning permission for a three-bedroom house for which foundations already exist. The borrowers plan to lease the site to an associated company to operate a vehicle recovery service (in addition to an existing nearby site) and to erect further workshops, but not to build the house. The mobile home will be let 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.
Allocation of TrancheA for Always-On lenders has already taken place (Monday 22-Jan).
Tranches A & B will be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:00 on Tuesday 23-Jan.
Update 25-Jan: The loan has been drawn down today and is due to mature on 25-Jan-2027. Additional Pre-Draw Down interest for one day has been added to lenders' cash accounts (£0.24/£1000 TrancheA).