PBL92 - Liverpool Waterfront - REPAID
Apr 20, 2016 14:51:42 GMT
Bagman, locutus, and 4 more like this
Post by cooling_dude on Apr 20, 2016 14:51:42 GMT
REPAID
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Loan Information & Observations (Red = Important and/or Recent Information)
> Time Lapse Video (and a second here) of development - regularly updated by Please turn me over
> This borrower is connected to the borrower in PBL120 (connected by a common director)
> The date of valuation was on 6 January 2016. As shown via the above time-lapse video the construction has continued and the building has grown somewhat since the date of valuation.
> PP was approved on 04-03-2005 to erect two residential blocks; one 15 storeys, and one 8 storeys, with 16 storey service tower, containing 101 apartments, together with 50 square metres of A3 gross floorspace on ground floor and 320 square metres of B1 gross floorspace on ground and first floors, and to layout and construct surface parking and 2/3 floors of undercroft parking (total 113 spaces)
> This is a bridging land loan to repay back existing charge holders who lent funds to acquire the site in 2014.
> The borrowers need to raise the advanced deposit payment for a curtain wall from China for the development which will save £1m on the overall construction costs.
> Buyers for the further units will pay a 50% deposit on reservation, which will be used to build the remaining project to completion.
> They have currently exchanged on 63 units (as of 20th March 2016) i.e c£4m.
> £4m available of own applicant/borrower monies to be injected into deal towards the end
> Buyers for the further units will pay a 50% deposit on reservation, which will be used to build the project to completion and SS investors will be repaid from completion funds within 12 months. SS investors will receive the completion funds before the borrower receives any profits.
Note : If anybody wants me to add to this, please just add a comment in this thread......
| Loan Amount | : | £ 1,750,000 |
| Security Value | : | £ 2,500,000 |
| SS Indicated LTV | : | 70 % |
| 90 Day Market Value | : | £ 2,000,000 |
| 90 Day Market LTV | : | 87.5 % |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Loan Information & Observations (Red = Important and/or Recent Information)
> Time Lapse Video (and a second here) of development - regularly updated by Please turn me over
> This borrower is connected to the borrower in PBL120 (connected by a common director)
> The date of valuation was on 6 January 2016. As shown via the above time-lapse video the construction has continued and the building has grown somewhat since the date of valuation.
> PP was approved on 04-03-2005 to erect two residential blocks; one 15 storeys, and one 8 storeys, with 16 storey service tower, containing 101 apartments, together with 50 square metres of A3 gross floorspace on ground floor and 320 square metres of B1 gross floorspace on ground and first floors, and to layout and construct surface parking and 2/3 floors of undercroft parking (total 113 spaces)
- Development of the above commenced in 2006 although stopped in 2007 due to the economic recession. The Valuation states that the Subject Property comprises a vacant development site, however as we see from the time-lapse video construction is currently occurring.
- Despite being in the early stages of the above development, our borrower submitted new plans for the same site on 31-05-2016 with the following spec...To erect eight to sixteen storey building comprising 123 residential apartments, 875m2 of commercial floor space at ground and mezzanine floor levels and 3 no. levels of basement parking with associated access, landscaping and sub-station.
- The above new PP is consists of a larger building & project than the one on the planning consent awarded in 2005; it is hoped that approval for the revised scheme will be granted in time to allow for the current construction programme to be modified without significant impact.
> This is a bridging land loan to repay back existing charge holders who lent funds to acquire the site in 2014.
> The borrowers need to raise the advanced deposit payment for a curtain wall from China for the development which will save £1m on the overall construction costs.
> Buyers for the further units will pay a 50% deposit on reservation, which will be used to build the remaining project to completion.
> They have currently exchanged on 63 units (as of 20th March 2016) i.e c£4m.
> £4m available of own applicant/borrower monies to be injected into deal towards the end
> Buyers for the further units will pay a 50% deposit on reservation, which will be used to build the project to completion and SS investors will be repaid from completion funds within 12 months. SS investors will receive the completion funds before the borrower receives any profits.
Note : If anybody wants me to add to this, please just add a comment in this thread......
| Code Number Assigned | : | 20/04/2016 |
| Loan went live @ | : | 21/04/2016 |
| Allocation | : | 26% |
| No. of investers @ live time | : | 1452 |
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