Post by ilmoro on Mar 6, 2015 9:36:35 GMT
Heres the latest update for those not getting email
Apologies for missing last week's update; we were expecting a few deals to complete which unfortunately hasn’t happened.
Existing Loans
PBL 004a/b – No change from last week.
PBL 005 – Interview with client happening this week; refinance discussions with commercial lender progressing well.
PBL 006 – No change from last week.
PBL 007 – No change from last week.
PBL 008 – No change. The client will probably refinance out in 6 weeks with Lloyds. We have offered to roll it. TBC.
PBL 010 – No change
PBL 011/012/013 – No change from last week.
PBL 014 – A buyer wants to exchange on it today for a completion in May. However, there is interest from a Care Home developer who may wish to buy the land and build it out.
PBL 015 – No change from last week.
PBL 016/017/018 – Funds with solicitors, hoping to complete early this week.
PBL 019 – Funds with lawyers. Waiting for a charge release document to come in from the Land Registry – Still… Very frustrating. Lesson learnt, confirm clear title before listing on SS!
PBL 020 – No change from last week.
PBL 021 – Should be refinanced by end of term.
PBL 022 – No change from last week.
PBL 023 – No change from last week.
PBL 025 – “The Big One” filled surprisingly quickly, our underwriter who provided the £1.5m has been almost taken out by SS investors; the funds have been sent to the solicitors ready for a completion early next week.
Pipeline Loans
Large farm with livery business adjoining the woodland in East Sussex. Loan c£300k. Solicitors Instructed. Should complete at same time as PBL 24. Will go live nearer the time.
Large residential property currently being used to house disabled children in Chichester, West Sussex. Solicitors instructed – Value £1.5m, Loan £900k. Going live next week. Just waiting for certain documents to come through.
Hotel in Maidenhead, value £750, loan £450-500k.
Restaurant in Tunbridge Wells. We will lend on a Bricks and Mortar basis. Value £425k.
Large portfolio of properties in Gloucestershire, value £3.5m, loan of £2.25m. Discussing offer today with client. If accepted will need to progress quickly.
Large piece of land in Hemel Hempstead with planning for 200+residential units and GDV of +£60m. Needs cash to acquire further commercial assets nearby. We will provide a facility for the client. Loan £4m+ spread over a number of assets.
Land in Stockport with planning for resi – loan £350k. We will fund this from our cash then go live on the SS platform next week – completion Monday hopefully.
Building in Norfolk – vale £500k, loan £300k, valuations received and solicitors instructed.
Commercial investment property in Norfolk – value £156k, loan £100k. Valuations received and solicitors instructed.
Thank you for investing in Saving Stream.
Kind regards,
The Saving Stream Team
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