DFL030 (Former PBL142) - V******* M***, Manchester - REPAID

ADVANCE LOAN GO-LIVE NOTICE


PBL142 - V******* M***, Manchester


Dear Sam I Am,



We are pleased to confirm that the above loan will be going live on Friday (21/10/2016).



All investors should ensure their pre-funding level for these loans are accurate. These loans will be funded using the 'bottom-up' funding model.



If you have any queries, please feel free to contact us.



Kind regards,



The Saving Stream Team



N.B. We reserve the right to cancel or extend this go live date if required.

From the most recent update from SS for PBL093...

> The Borrower is discussing the possibility of us providing development finance rather than seeking out another lender. We are open to the idea.

After a first perusal of the valuation report I have three concerns.

Firstly the uncertainty in the valuation. The valuation is made on the basis of the property in its current use, and doesn't include a hope value for potential planning permission. But it does include a hope value for new tenancies. The valuation given is intermediate between one based on the current rental (my estimate about £1m) and the estimated market rent for the whole building (my estimate about £3.5m). The valuation presumably includes a discount for the work that needs to be done on the property.

Secondly the possibility of structural problems. (The report mentions water infiltration from the canal, which presumably means that some remedial work is needed.) I presume that the borrower has had a structural survey done, but have SS had sight of this?

Thirdly the energy performance rating.  Is the valuer correct in his belief that listed buildings are exempted from the regulations?

And a point of curiosity - is the borrower intending to sell the property on as leasehold apartments, or run it as an aparthotel.

Just Gone Live...
 
> £1,450.00 Allocation
> 1931 Investors

Those look like my purchases. Unfortunately my method takes nearly 100% of my time when I am buying. I use a dedicated PC. I leave the available loans screen open on a 6 second automatic refresh and I keep a buy screen open with the Google capture primed and preset with the maximum I want to buy. When a nice loan part arrives I just need to click on "invest" and "OK". I still miss about half of them.

I do not use "Check for Change" because, at least on my ancient PC, I find a simple refresh and manually spotting changes is slightly faster. 

Sellers seem to sell their parts in batches, so if I miss a loan part I watch the screen more closely to ensure I catch the subsequent parts.

Someone was selling a lot of £100 parts in PBL142 earlier this morning and I seemed to be the only buyer around. The £2,900 purchase and the £340 purchase are just me selling multiple smaller loan parts back to myself to amalgamate the loan parts. The market is quieter now so I will get on with other work and leave the market to others.

The  only way to transfer loan parts to yourself is to sell them and buy them before somebody else does.

As well as transferring between accounts, if you list a myriad of small parts in one loan, then buy them all back in one purchase, you consolidate them into a single large part. That may have benefits when it comes to interest rounding.