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Post by mrclondon on Oct 26, 2019 20:15:19 GMT
When this loan was first offered twelve months ago, the FLR stated that the site was (at the time) security for an existing facility, and named the finance provider and the amount. There is a corresponding charge at CH that shows that finance facility drew down in February 2017 (and of course CH records the subsequent PL charges in Oct 2018).
However accounts for y/e Feb 2018 (which were filed 4 months late in March 2019) are dormant company accounts, and the figures presented do not include the debt due against the security or the book value of the site. However, note 2 to the accounts does mention the existence of the charges and the asset, but does not quantify the debt or book value.
At best I'd describe these accounts as misleading, and regular readers of my posts will know I am of the opinion that filing of dormant and/or late accounts is a hindrence to future refinance with mainstream providers. Possibly doesn't matter given the exit is intended to be a capital raise on another asset, but it would be nice to have a credible fallback option.
I'll confess I haven't studied the proposed development beyond a cursory glance, so have formed no view as to its viability. However, I do find the steady increase in the loan value at each refinance point (PL 2019 vs PL 2018 vs a.n.other 2017) as interest & loan fees are capitalised a concern. I'm also, at a cursory glance, rather surprised to see the valuation has jumped over the last 12 months, but note in the new FLR that PL have commented that they have discussed this in detail with the (new) valuer.
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Post by mrclondon on Nov 7, 2019 12:40:59 GMT
Accounts for y/e Feb 2019 have now been filed at CH. No great surprise that they are also Dormant Company accounts and are unchanged from those of the previous year.
The PL loan drew down during the financial year in question.
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sapphire
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Post by sapphire on Nov 7, 2019 13:17:10 GMT
Thanks mrclondon As you have previously highlighted, it does look odd that the the value of the property owned by the company and also the value of the related secured loan from PL continues not to be quantified and shown as assets and liabilities in the latest accounts - just mentioned in a note! The notes also mention that the following charges continue to exist despite a similar subsequent charge dated 26 Oct 2018 on the properties subject of the PL loan: * 'fixed and floating charge' dated 13 Feb 2017 to C****** C****** P******* * 'fixed and floating charge' dated 28 July 2015 to M******* P****** F****** Presumably the charges dated July 2015 & Feb 2017 ware created by previous lenders and if so, shouldn't these have been removed following the charge created following the PL loan? (which presumably paid off the previous lender(s)) Hopefully PL's charge supercedes/has higher priority over the previous charges and so PL lenders should not be concerned despite the previous charges still existing? (PL's full loan request does mention a "first legal charge"). |
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criston
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Post by criston on Apr 28, 2021 13:23:58 GMT
Refinance/repayment delayed. Paying all interest & penalty interest due up to end of June, up front today. It will be held by Proplend if I read it right, but monthly payments will continue from proceeds.
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Post by uksoul on Jun 23, 2021 10:13:00 GMT
Loan repaid today!
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 23, 2021 10:22:31 GMT
Good news, but have you tried to withdraw it? "Lender withdrawals are temporarily halted. They will be active soon" I don't recall seeing this before; a bit worrying?
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criston
Member of DD Central
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Post by criston on Jun 23, 2021 10:31:02 GMT
Good news, but have you tried to withdraw it? "Lender withdrawals are temporarily halted. They will be active soon" I don't recall seeing this before; a bit worrying? Seen that before on another big pay back, while they are still entering up interest etc. Edit. Around 10% just added.
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Post by uksoul on Jun 23, 2021 10:36:01 GMT
Good news, but have you tried to withdraw it? "Lender withdrawals are temporarily halted. They will be active soon" I don't recall seeing this before; a bit worrying? Likely delayed while penalty interest added. A new loan is launched soon so i'll reinvest in that and not withdraw.
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Post by overthehill on Jun 23, 2021 16:45:01 GMT
Another stonking result for Proplend esp. for tranche B and C. Wake up and smell the roses and stop whining about trivial nonsense.
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