The £11m property, currently let below market rent to a single, long-term tenant, includes a rolling tenant and landlord break clause.
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The 60% LTV, 36-month loan gave the customer time to explore various asset management opportunities, including redevelopment of the site into a residential-led mixed-use housing scheme.
Interest payments are to be serviced from the passing rent, with a small shortfall to be rolled up to an interest reserve within the gross loan facility.
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