Post by registerme on Aug 18, 2015 14:40:28 GMT
Welcome to our weekly update. Here are the platform's current statistics.
Loaned through Saving Stream £48,020,307
Current security held £75,360,000
Current live loan book £35,959,250 (48% LTV)
Repaid loans £12,061,057
Interest earned by investors £1,937,047 (4,151 investors)
Repayment of Outstanding Loans
PBL 11 & PBL 12 – Dragonfly (the finance company taking out our loan) are sending their asset manager out on Weds to confirm the tenant has now moved in. They confirm completion no later than end of the week.
PBL 14 – The buyer tried to renegotiate, the deal has been accepted and hoping to complete this week.
PBL 21 – The borrower has accepted an offer of £195k on the property with completion expected in September.
New Loans
PBLs 51, 52, 53 – Many investors recognize these properties from earlier in the year; the delay was the borrower negotiated a Subject to Planning deal on the HMO and didn’t need our funds until planning was gained. He is now ready to purchase the property. These will be going live this afternoon.
Existing Loans
PBL 4a – We have asked the borrower to refinance to another lender as we have decided not to offer development finance at this stage.
PBL 4b – see above.
PBL 6 – We have received interest to cover the cost of this loan until September. The sale of the borrowers assets is progressing through legals and we expect to be repaid before September. The borrower is very certain funds will be made available imminently to repay us.
Superyacht - Same borrower as PBL 6. See above.
PBL 11 – See above update.
PBL 12 - See above update.
PBL 14 – The buyer tried to renegotiate, the deal has been accepted and hoping to complete this week.
PBL 15 – The sale document has been signed and exchanged with a completion date set for October the 1st. We have received interest to cover our SS costs until then.
PBL 16/17/18 - No change.
PBL 19 - No change.
PBL 20 – The borrower has received a number of refinancing offers including an equity deal. A new valuation has been completed by Aztec earlier this week. We are waiting for a copy.
PBL 21 – Still for sale. Tenants moving in next week. Lloyds offered a B2L mortgage.
PBL 22 – The borrower has paid interest for 2 months to cover the time it takes to refinance.
PBL 25 – No change
PBL 26 – Brokers working to get this loan refinanced with another lender. Planning has not yet been granted, we may refinance if interest is paid.
PBL 27 - No change.
PBL 28 - No change.
PBL 29 – Solicitors advise that we should be repaid in full by the end of the month.
PBL 30 - Solicitors advise that we should be repaid in full by the end of the month.
PBL 31 - No change.
PBL 32 - No change.
PBL 33 – Planning permission has been granted.
PBL 35 - No change.
PBL 36 – We have extended this loan for 1 more month whilst the borrower completes some refurbishment work and arranges the lease with his new tenant. We have been put in funds to cover this. Another lender is taking us out within that time.
PBL 37/38/39 - No change.
PBL 40 - No change.
PBL 42 – No change.
PBL 43 – No change.
PBL 44 – No change.
PBL 45 – No change.
PBL 46 – No change.
PBL 47 – Still in legals; Bank of Scotland delay.
PBL 48 – Completed this morning.
PBL 49 – Completed this morning.
PBL 50 – Should complete imminently. The seller is still removing machinery from the site.
Pipeline Loans
Scotland land with planning for lodges, hotel and golf course. Value £6.5m, loan £2.5m.
Wales land with planning for residential and lodges. Value £1.4m, loan £600k.
Farm with buildings and planning for residential. Value £650k, loan £450k.
Land with industrial planning on the Humber River, Hull. Value £3.25m, loan £1.78m.
Thank you for investing in Saving Stream.
Kind regards,
The Saving Stream Team
Loaned through Saving Stream £48,020,307
Current security held £75,360,000
Current live loan book £35,959,250 (48% LTV)
Repaid loans £12,061,057
Interest earned by investors £1,937,047 (4,151 investors)
Repayment of Outstanding Loans
PBL 11 & PBL 12 – Dragonfly (the finance company taking out our loan) are sending their asset manager out on Weds to confirm the tenant has now moved in. They confirm completion no later than end of the week.
PBL 14 – The buyer tried to renegotiate, the deal has been accepted and hoping to complete this week.
PBL 21 – The borrower has accepted an offer of £195k on the property with completion expected in September.
New Loans
PBLs 51, 52, 53 – Many investors recognize these properties from earlier in the year; the delay was the borrower negotiated a Subject to Planning deal on the HMO and didn’t need our funds until planning was gained. He is now ready to purchase the property. These will be going live this afternoon.
Existing Loans
PBL 4a – We have asked the borrower to refinance to another lender as we have decided not to offer development finance at this stage.
PBL 4b – see above.
PBL 6 – We have received interest to cover the cost of this loan until September. The sale of the borrowers assets is progressing through legals and we expect to be repaid before September. The borrower is very certain funds will be made available imminently to repay us.
Superyacht - Same borrower as PBL 6. See above.
PBL 11 – See above update.
PBL 12 - See above update.
PBL 14 – The buyer tried to renegotiate, the deal has been accepted and hoping to complete this week.
PBL 15 – The sale document has been signed and exchanged with a completion date set for October the 1st. We have received interest to cover our SS costs until then.
PBL 16/17/18 - No change.
PBL 19 - No change.
PBL 20 – The borrower has received a number of refinancing offers including an equity deal. A new valuation has been completed by Aztec earlier this week. We are waiting for a copy.
PBL 21 – Still for sale. Tenants moving in next week. Lloyds offered a B2L mortgage.
PBL 22 – The borrower has paid interest for 2 months to cover the time it takes to refinance.
PBL 25 – No change
PBL 26 – Brokers working to get this loan refinanced with another lender. Planning has not yet been granted, we may refinance if interest is paid.
PBL 27 - No change.
PBL 28 - No change.
PBL 29 – Solicitors advise that we should be repaid in full by the end of the month.
PBL 30 - Solicitors advise that we should be repaid in full by the end of the month.
PBL 31 - No change.
PBL 32 - No change.
PBL 33 – Planning permission has been granted.
PBL 35 - No change.
PBL 36 – We have extended this loan for 1 more month whilst the borrower completes some refurbishment work and arranges the lease with his new tenant. We have been put in funds to cover this. Another lender is taking us out within that time.
PBL 37/38/39 - No change.
PBL 40 - No change.
PBL 42 – No change.
PBL 43 – No change.
PBL 44 – No change.
PBL 45 – No change.
PBL 46 – No change.
PBL 47 – Still in legals; Bank of Scotland delay.
PBL 48 – Completed this morning.
PBL 49 – Completed this morning.
PBL 50 – Should complete imminently. The seller is still removing machinery from the site.
Pipeline Loans
Scotland land with planning for lodges, hotel and golf course. Value £6.5m, loan £2.5m.
Wales land with planning for residential and lodges. Value £1.4m, loan £600k.
Farm with buildings and planning for residential. Value £650k, loan £450k.
Land with industrial planning on the Humber River, Hull. Value £3.25m, loan £1.78m.
Thank you for investing in Saving Stream.
Kind regards,
The Saving Stream Team
