Mixed Currency Investment Loan

• • Borrower:

    • New to Bank UK Property Company
    • Introduced by an existing client
    • Known community contact operating a number of professional firms
  • Purpose:

    Refinance and equity release against a mixed-use portfolio in north and east London

  • Loan Amount:

    • Total facility to be equivalent to £12,000,000 at the time of drawdown
    • Facility split into 2 tranches comprising Euro and GBP portions
  • LTV:

    55%

  • Term:

    5 years

  • Margin:

    • Tranche A: 3.30% above Euribor
    • Tranche B: 3.20% above BOE Base Rate
  • Repayment:

    • Capital and Interest

  • Security:

    • An all monies first legal charge over the following properties registered in the name of the Borrower:-
    • Third party first legal charges registered in the name of subsidiary company
    • Debenture
    • Corporate Guarantees
    • No PG’s
  • Covenants:

    • Max LTV 55%
    • Min DSC 1.25x
  • Main Conditions:

    • Updated valuations provided by panel valuer readdressed to the Bank (originals undertaken on behalf of another lender)
    • Full valuations to be completed on all other properties by a member of the bank’s panel        
  • Covenants:

    • LTV not to exceed 55%
    • 1.75x ICR in the event the property is let and margin account released
  • Conditions:

    • Satisfactory Valuation to show GDV and Rental value
    • Funds to be released following satisfactory confirmation of destination of equity release (i.e. repayment of shareholder loans)
    • Building Regs completion certificate
    • 10 year New Build Warranty
    • Sight of final planning permissions issued and confirmation that conditions discharged