BLN10109 · Northcote Systems

Facility

£1,500,000

Current balance

£940,786

All-in rate

9.75%

Term

72 months

Days past due

—

Repayment waterfall

How the next receipt is applied, per Formance ledger configuration

Receipt £33,021

→

Fees & charges

£660

Accrued interest

£12,188

Principal

£20,173

Each tranche is then attributed across 5 lender positions as a ledger fact — no batch recomputation.

First eight periods

#	Due	Interest	Principal	Total	Closing balance
1	11 Jul 2021	£12,188	£20,833	£33,021	£1,479,167
2	11 Aug 2021	£12,018	£20,833	£32,852	£1,458,333
3	11 Sept 2021	£11,849	£20,833	£32,682	£1,437,500
4	11 Oct 2021	£11,680	£20,833	£32,513	£1,416,667
5	11 Nov 2021	£11,510	£20,833	£32,344	£1,395,833
6	11 Dec 2021	£11,341	£20,833	£32,174	£1,375,000
7	11 Jan 2022	£11,172	£20,833	£32,005	£1,354,167
8	11 Feb 2022	£11,003	£20,833	£31,836	£1,333,333

Continuous, auditable record from application to closure

11 Jun 2021
Facility drawn
£1,500,000 released to solicitor client account
11 Jun 2021
Conditions precedent satisfied
Debenture, personal guarantee and legal opinion received
11 Jun 2021
DD mandates live
5 mandates confirmed with BACS bureau
11 Aug 2021
First collection
£33,021 collected and allocated
11 Oct 2021
Covenant test — Q1
DSCR 2.22x against 1.25x floor

Attribution held in the ledger

Northgate Capital20.6%

£194,130 outstanding

Selwyn Nominees19.0%

£179,197 outstanding

Cavendish Income Fund20.6%

£194,130 outstanding

Ravensworth LLP19.0%

£179,197 outstanding

Brightwater Trust20.6%

£194,130 outstanding