General update email from SS received, the main relevant bit of the chatty pre-amble has been noted
here; included below the existing loan book update with some of the more notable bits highlighted in
blue."EXISTING LOANBOOK
DFL001 - No change.
DFL002 - Borrower has advised that Practical Completion of property is due later this month.
DFL003 - No change.
DFL004 - IMS visited site again on Wednesday so report and
next drawdown due later next week.
DFL005; DFL006; DFL007 - No Change.
DFL008 - Development tranche drawndown this week.
DFL009 - Development tranche due in the few days.
DFL010 - No change.
DFL011 - Development tranche drawdown expected later this month.
DFL012 - No change.
DFL013 - Development tranche drawndown last week.
DFL014 - No Change.
DFL015 - Development tranche drawndown this week.
DFL016 - No change. PBL006 - interest received for a 1 month extension.
PBL027 - Meeting arranged with Borrower on 14th March.
PBL031 - We are still working with the introducer and borrower on the repayment of this loan.
PBL033 - No change.
PBL035 -
We have offered, and the customer has accepted our terms to provide development finance to build this scheme. His recent management of the Arboretum loan has proved to us he is capable of running a large development satisfactorily. Currently in legals, probably 1-2 months.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - No change. Customer still trying to refinance and marketing still ongoing.
PBL040 -
Aiming for repayment by 10th of March. Timings could slip as reliant on a few 3rd parties.
PBL046 - Offer of refinance has been accepted by the borrower and is now in legals.
PBL047 -
Expecting a payment week after next. PBL055 - No change.
PBL056 - Interested parties considering offers.
PBL057 - No change.
PBL064 - Interested parties considering offers.
PBL065 - The borrower is currently working on the sale of the asset, and is looking to pay for a further months extension.
PBL066 - Receiver has an interested party in buying the site and discussions are ongoing.
PBL067 - Receiver has an interested party in buying the site and discussions are ongoing.
PBL068 - We have received an offer of refinance from the another lender which will clear outstanding debt.
PBL073 - Borrower is in the final stages of refinance.
PBL074 -
This loan is now in official default as it is over 180 days overdue. All tenancy agreements have been regularised and is being marketed to interested parties. PBL075 -
This loan is now in official default as it is over 180 days overdue. Possession hearing is scheduled for the 11th of April. PBL081 -
This loan is now 6 months overdue and as such, the loan is \"in default\" - in line with our new default policy - however, we are working with the Borrower (and lending Company funds) to rectify the issues with the property. These remediation works are being closely monitored by our Independent Monitoring Surveyor and works are now well advanced with the 6th IMS report received this week confirming that good progress continues on site. The next £50,000 payment (6th tranche) has been sent to Borrower\'s Solicitors. Works should be completed within the next 4 weeks. The property continues to be marketed and there have been a number of interested parties but no formal offers as yet. PBL082 -
Borrower is struggling to refinance. We are considering putting it into auction if he cannot satisfactorily repay in a reasonable time.
PBL084 -
We are considering a 6 month extension while the borrow files the years accounts and strengthens their position for refinance.
PBL085 -
Borrower has advised that Practical Completion and loan repayment due this month. PBL088 - No change.
PBL089 -
Expecting the loan to be redeemed next week. PBL094 - A buyer for the site has been found. Currently in discussions but looking likely at a refinance within a couple of months.
PBL095 - We are expecting repayment imminently.
PBL098 - Borrower & Broker are currently working with another lender on the refinance of this loan.
PBL101 - Currently reviewing a further extension from the borrower.
PBL102 - Currently reviewing a further extension from the borrower.
PBL103 - New valuation and Monitoring Surveying Reports instructed.
PBL105; PBL106 - No Change- borrower negotiating refinance.
PBL107; PBL108; PBL112 - No change.
PBL120 - Borrower advises that the build continues to go well.
PBL122 - We have received an updated valuation report for this and the potential phase 2 of this loan. Our borrower is currently negotiating with the vendor of phase 2.
PBL123 - The borrower is currently working on the sale of the asset and we are expecting repayment in the near future.
PBL125 -
The borrower has paid for a three month extension whilst they negotiate the refinance. PBL126 - No change.
PBL130 - Liaising with the broker on this who is starting to work manage the exit of this loan.
PBL132 - No change.
PBL133 - Borrower is currently working with another lender to refinance our loan.
PBL135 - No change.
PBL137 - Borrower & Broker are currently working with other lenders to refinance this loan.
PBL139 - Borrower is currently working with another lender to refinance our loan.
PBL140 - No change.
PBL141 - Borrower is currently working with another lender to refinance our loan.
PBL142 - Borrower has advised that planning expected by early April.
PBL143 - No change.
PBL144 - We have made contact the borrower and are liaising with them in regards to the repayment of their loan.
PBL145; PBL147; PBL148 - No change.
PBL149 - Borrower is currently working with another lender to refinance our loan.
PBL150; PBL151; PBL152 ;PBL153 ; PBL154 ;PBL155; PBL156; PBL157; PBL158; PBL159 - No change.
PBL160 -
The company has now been removed from receivership.PBL161 - Loan is due to complete either today or Monday.
PBL162 - No change. "
Pipeline loans update (which was included in the SS email) already recorded
here