eeyore
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Post by eeyore on Apr 22, 2024 11:39:06 GMT
New 36-month commercial term loan for Huddersfield L*** I*** has been released, fully filled by Always-On lenders and is now waiting to close.
Total loan: £350,000 LTV: 22.9% Tranche A: £350k @ 8.3% gross
The purpose of the loan is to redeem an existing loan on the property. The security is the freehold on an industrial estate of 4.7acres on the original site of a colliery. There are numerous industrial and storage units, some temporary and most in poor condition, let on 'licence to occupy' tenancies of two to five years, with 90% occupancy and 35 tenants. There is also an owner-occupied bungalow on the site.
The borrower's strategy is to invest in improving the site as a long-term investment, and propably refinancing this loan on maturity.
See the full loan request and valuation report for details which are available on the website.
TrancheA appears to gave been completely filled by the allocation to Always-On lenders on Monday 22-Apr. The loan is now in the Waiting-to-Close list.
Update 27-Apr: The loan has been drawn down and will mature in April 2027.
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