Post by eeyore on Apr 8, 2024 14:05:25 GMT
New 36-month commercial term loan for Newark M*** U*** been announced.
Total loan: £270,000 LTV: 53.3%
Tranche A: £253.25k @ 8.3% gross
Tranche B: £16.75k @ 9.1% gross
The purpose of the loan is to raise capital to make improvements to the property and to assist in the purchase of another property.
The security is the freehold on a Grade-II listed four-storey (plus basement) mid-terrace building with four retail units on the ground floor and individual offices on the upper floors. The entire building will be leased for a five-year term to a property development company associated with the borrowers, which will occupy one of the ground-floor retails units and sub-let the other three retail units and the basement to the existing occupiers.
The strategy is to convert the upper floors to residential use. The exit strategies include either to obtain development finance to redeem this loan or to sell the property or to retain it and refinance the loan.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Mon 8-Apr) and is now fully funded.
TrancheB is be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:00 on Tuesday 9-Apr.
Update 10-Apr: The loan has been drawn down and will mature in April 2027.
Total loan: £270,000 LTV: 53.3%
Tranche A: £253.25k @ 8.3% gross
Tranche B: £16.75k @ 9.1% gross
The purpose of the loan is to raise capital to make improvements to the property and to assist in the purchase of another property.
The security is the freehold on a Grade-II listed four-storey (plus basement) mid-terrace building with four retail units on the ground floor and individual offices on the upper floors. The entire building will be leased for a five-year term to a property development company associated with the borrowers, which will occupy one of the ground-floor retails units and sub-let the other three retail units and the basement to the existing occupiers.
The strategy is to convert the upper floors to residential use. The exit strategies include either to obtain development finance to redeem this loan or to sell the property or to retain it and refinance the loan.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Mon 8-Apr) and is now fully funded.
TrancheB is be available for Self-Select - funds for Self-Select lenders must be in their cash accounts by 17:00 on Tuesday 9-Apr.
Update 10-Apr: The loan has been drawn down and will mature in April 2027.
