bigal
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Post by bigal on Mar 24, 2016 18:24:42 GMT
PBL Number 091
PUBLIC HOUSE CONVERSION TO RESIDENTIAL, EMSWORTH
| Market Value | £300,000 | 70% LTV | | 180 Day Market Value | £280,000 | 75% LTV | | 90 Day Market Value | £260,000 | 81% LTV | | Loan Amount | £210,000 | 365 days |
Primary Security: First charge
Secondary Security: Personal Guarantees, Corporate Cross Guarantees
- Valuation (dated 08 Mar 2016) on an as-is basis (without any OPP in place and a closed pub)
- Held freehold on a vacant basis.
- Sale to the current Borrower (identified by name in 16.5) agreed at £290,000. Tenant surrendered lease for a payment of £7,500, which adds some value.
- Mid-terrace arranged over
ground and two upper floors, dating from circa mid 19th century. Not a listed building, however the Property does fall within a Conservation Area.
- The current condition of the pub and the upper levels means it would not be suitable for re-letting without significant expenditure.
- Sits within a prime trading position in the centre of Emsworth with good footfall.
- Vehicular access to the rear of the property which includes space mainly laid to lawn, a concrete yard space, two timber sheds and a concrete panel single garage/store and an off road parking space.
- Marketed by Savills since mid-2013 at asking price of £325,000. Borrower made offers of £270k, £280k and finally £290k.
- SS - "We are providing the borrower with funds to purchase the property intially [sic], and later we will convert this to a DFL and advance the funds to complete the redevelopment of the property into 5 (tbc) residential apartments once planning has been granted. The borrower is very experienced at this particular model, and has completed over 15 similar projects in the past."
- 10.3: "At the time of our inspection, the premises appeared to be in a poor condition
and state of repair having regard to the age and construction, and a number of
material defects were noted as mentioned below:
(a) Little work internally and externally has been carried out at the
property in the last 20 to 25 years.
(b) The property requires complete refurbishment both internally and
externally.
(c) There are a number of issues in relation to penetrating damp."
- Plenty of photos of interior and exterior available in the annex to the valuation - a skip or four required!
- Please turn me over reports that SS have confirmed to him that this is a different borrower to PBL089 pub loan.
- cooling_dude "...this security is currently on Propertylink/ Savills for a "Guide Price" £495,000." (14/08/16)
Please feel free to note any additions, omissions or corrections and I will try to update.
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adrianc
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Post by adrianc on Mar 24, 2016 18:46:49 GMT
I predict some images going AWOL for identifying the borrower...
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Post by brianac on Mar 24, 2016 18:49:23 GMT
Thx
Pics look good. good camera you got there ;-)
Brian
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2016 18:49:42 GMT
I predict some images going AWOL for identifying the borrower... Its viewable by gen pop on SS site, name and all. That said it took me less time to find on Streetview than it took to load Streetview in the first place, and that was temporarily being distracted by the similar pub round the corner. On another subject - anyone have the sneaky suspicion that this & PBL89 are probably the same borrower. As if by magic 2 pubs appear 
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am
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Post by am on Mar 24, 2016 18:59:53 GMT
"Sale to the current Borrower (identified by name in 16.5) agreed at £290,000."
"Marketed by Savills since mid-2013 at asking price of £325,000. Borrower made offers of £170k, £180k and finally £190k."
On the face of it these two statements are inconsistent.
Also, if it sat on the market for the best part of 3 years, that would be evidence that the valuation is generous.
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oldgrumpy
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Post by oldgrumpy on Mar 24, 2016 19:37:47 GMT
"Sale to the current Borrower (identified by name in 16.5) agreed at £290,000." "Marketed by Savills since mid-2013 at asking price of £325,000. Borrower made offers of £170k, £180k and finally £190k." On the face of it these two statements are inconsistent. Also, if it sat on the market for the best part of 3 years, that would be evidence that the valuation is generous. That will have been Pubmaster being greedy - apparently the place is a dump (because of non-maintenance), not improved by the attitude of at least one of the bar staff. Several critical comments on line. However, it is just the kind of place that a real ale enthusiast publican with "vision" might transform*. Interesting that the borrower is also linked to a recently registered company in the name of the pub. Maybe he will. * ... and I mean restore and enhance rather than gut and rebuild/ruin.
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bigal
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Post by bigal on Mar 24, 2016 19:40:39 GMT
"Sale to the current Borrower (identified by name in 16.5) agreed at £290,000." "Marketed by Savills since mid-2013 at asking price of £325,000. Borrower made offers of £170k, £180k and finally £190k." On the face of it these two statements are inconsistent. Also, if it sat on the market for the best part of 3 years, that would be evidence that the valuation is generous. Typo in offer values corrected - thanks for the spot.
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jamesc
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Post by jamesc on Mar 24, 2016 19:41:21 GMT
There as a typo in Bigal's summary the offers were £270,000 then £280,000 and finally £290,000 which was accepted £10,000 less than the asking price and the valuation
Crossed with Bigal post
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bigal
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Post by bigal on Mar 24, 2016 22:59:06 GMT
I note that one of the Borrower's directors was previously director of a limited company which became insolvent in 2008; it appears she held the lease to operate a pub less than half a mile from this one. (Company was the "<county name> Brewery (<town name>) Ltd", pub similarly named and operating today). The secretary of that dissolved company shares the same surname, and he is also the other director in our Borrower's company (I suspect husband and wife). He is/has been director of 60+ companies in the last 5-10 years, the vast majority of them apparently SPVs. Only one insolvency that I can see, and a couple of compulsory strike-offs. Certainly not new to the game.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 26, 2016 18:19:02 GMT
I note that one of the Borrower's directors was previously director of a limited company which became insolvent in 2008; it appears she held the lease to operate a pub less than half a mile from this one. (Company was the "<county name> Brewery (<town name>) Ltd", pub similarly named and operating today). The secretary of that dissolved company shares the same surname, and he is also the other director in our Borrower's company (I suspect husband and wife). He is/has been director of 60+ companies in the last 5-10 years, the vast majority of them apparently SPVs. Only one insolvency that I can see, and a couple of compulsory strike-offs. Certainly not new to the game. I note the accounts are overdue for the company that requested the valuation C******* E****** Ltd. Planning application appears to be in the name of an SPV? which has a single director same as borrower
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sam i am
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Post by sam i am on Apr 11, 2016 16:22:17 GMT
Going live tomorrow according to the Recent Updates.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,908
Likes: 11,134
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Post by ilmoro on Apr 11, 2016 16:30:39 GMT
go live email - bump
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Post by Deleted on Apr 11, 2016 16:30:48 GMT
They say they got planning permission today, I might warm to them
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ben
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Post by ben on Apr 11, 2016 16:39:06 GMT
never get my go live email as same time as others always find out on here first them mine arrive a few hours later
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treeman
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Post by treeman on Apr 11, 2016 16:41:51 GMT
Guessing maybe £400 max allocation ? Quite a few recent newbies on the site looking for a slice.
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