Elephant has loan extended

Elephant Loans and Mortgage has had its loan terms extended by Trafalgar Capital Specialised Investment Fund.

The firm and principal lender to the company says it will defer capital payments until December 31 2008 at which point repayments will commence at a rate of £15,000 per month.

Some 16 such payments will fall due at the end of each month followed by a final £10,000 payment on June 30 2010.

All payments are subject to a 15% redemption premium and interest remains payable at a monthly rate of 10% per annum.

Trafalgar has been granted the option to reinstate the original terms of the deal at any point between August 1 and December 31 2008.