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Business loans typically have an interest rate of 3% above Bank Of England Base Rate, which is now 3.5%.
Interest on the 1921 loan for the year beginning now will be £2.5 million * 6.5% = £162,500
That is £13,541.67 per month.
These figures are based on interest charged at the current BOE rate of 3.5% + 3% and no penalty interest.
In some quarters it is suggested that the contracted period of the loan has ended. With no repayments having been made there could well be an automatic penalty rate of interest being applied on the entire value of the loan. This would mean that the penalty amount each month would be added to the above figures.
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