See response from Stephen Edge below regarding part repayment of loan.
I believe there is over $2million currently sitting in trust accounts awaiting settlement, half of our total loan of $4.3m.
If those in that position are willing, please would you instruct your lawyer to transfer the amount in their trust account to UCOL - 38-9018-0373981-00 - and then let us know that you have done this.
Thanks, Anne
---------- Forwarded message --------- From: Stephen Edge Stephen.Edge@kiwibank.co.nz Date: Tue, 18 May 2021, 8:22 am Subject: Re: UCOL loan repayment To: High Street Cohousing ucoldunedin@gmail.com Cc: Andrew Long Andrew.Long@kiwibank.co.nz
Hi Anne,
Yes, so long as there are no strings attached with the part repayment. The funds can be transferred into the company‘s account and we can transfer to the loan from there which will save interest. Please confirm once funds have been transferred and the amount you wish to repay.
Cheers, Stephen
On 17/05/2021, at 2:56 PM, High Street Cohousing ucoldunedin@gmail.com
wrote:
Hi Stephen,
I have been asked by the UCOL shareholders (and future purchasers) to ask
you whether it would be possible to repay a portion (half?) of our loan ahead of settlement, in order to reduce the interest bill.
A number of people have the balance of their purchase price sitting in
lawyers trust accounts at no interest. And meantime we know we are paying interest on our loan.
Settlement is still a movable feast - we have a hold up on CCC around the
fire alarm system.
We are wondering whether it would be possible for UCOL to repay half of
our loan now to reduce our interest bill between now and settlement. A lawyer acting for 6 future purchasers was recommending this action. Would it be able to do this quickly and easily, and what would be the financial cost?
Kind regards, Anne Thomson (Director, UCOL)