eeyore
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Post by eeyore on Mar 4, 2024 13:43:29 GMT
New 36-month loan for Chelsea C*** M*** U*** Refinance is about to become available. Total loan: £769,500 LTV: 57% Tranche A: £677.5k @ 8.37% gross Tranche B: £92k @ 10.04% gross The loan is refinance the existing loan at Proplend (Chelsea C*** M*** U***) which is due to be repaid on 10-Mar-2024. The security comprises a design studio/workshop with office accommodation, situated on part of the second floor of a five-storey building. The original loan was required to raise working capital for the business owned by the borrower located at the premises and the plan is to continue to operate at status quo. The original exit strategy was to redeem the loan with the proceeds of the sale of an overseas property but the property has yet to be sold; alternative options are to sell the business or to sell the lease (62 years remaining on a 99-year lease) to the free-holder. See the full loan request and valuation report for details. The refinance loan is very similar to the original with a small appreciation in market value and increases in the loan size and the interest rates. Discussion on the orginal loan is here: p2pindependentforum.com/thread/18258/Roll-over of existing loan parts has been offered to current lenders with requests submitted by the end of Tuesday 5-Mar. Allocation for Always-On lenders is expected on Wednesday 6-Mar and anything remaining including TrancheB will be offered to Self-Select lenders.
Update: TrancheA has been fully funded by roll-over from the original loan and 'Always-On' allocation. TrancheB will be available for Self-Select. Funds for Self-Select lenders must be in their cash accounts by 17:00 on Thursday 7-Mar.
Update 8-Mar-2024: This refinance loan has been drawn down and will mature on 8-Mar-2027. The orginal loan has repaid in full.
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eeyore
Member of DD Central
Posts: 746
Likes: 737
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Post by eeyore on Mar 9, 2024 9:07:59 GMT
The original loan has been repaid and this refinance loan has drawn down. The loan is due to be repaid by 8-Mar-2027.
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