eeyore
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Post by eeyore on Nov 25, 2020 12:08:35 GMT
New loan for Nottingham R*** (PLL0958) will go live on Thursday 26th.
Tranche A: £1,850k @ 6.75%
Tranche B: £407k @ 8.52%
The security is part of a 1970s shopping arcade with two tenants. See the full loan request and valuation reports for details.
The valuer suggests that the rent paid by one of the tenants is much higher than the market rate (but there is no lease break during the three years of the loan). The other tenant has gone into administration (but still trading subject to lockdown rules) but the all rent payments for the full lease term for that tenant will be put into an escrow account which will make good any tenancy voids. Proplend will retain a nine-month interest reserve.
The borrower proposes to apply for planning permission for adding additional floors above the retail area for student accommodation and, if permission is granted, to sell the property ready for development.
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sapphire
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Post by sapphire on Nov 25, 2020 12:44:46 GMT
The FLR highlights that no hope value from a potential planning uplift has been included in the valuation.
But ostensibly the borrower is purchasing this to profit from an uplift from a successful planning application?
If there was no scope or possibility of such an uplift, would the borrower still be purchasing this property and paying the proposed purchase price?
If the answer is no, isn't some 'hope value' implicitly factored in the proposed purchase price (which in this instance is identical to the MV1 valuation)?
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rs
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Post by rs on Nov 30, 2020 18:30:59 GMT
£1376k invested and £881k (A £766k, B 115k) remaining still.
We'll still need a few big hitters to fill this one.
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sapphire
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Post by sapphire on Dec 1, 2020 19:29:03 GMT
£1376k invested and £881k (A £766k, B 115k) remaining still. We'll still need a few big hitters to fill this one. Currently £846K remaining. Repayment of some of the overdue (large) loans may also help fill this. Receipt of the 'penalty' interest (+50% of the normal rate) on the (long) overdue loans would also be a welcome XMAS 'bonus'.
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Post by uksoul on Dec 2, 2020 2:16:08 GMT
£1376k invested and £881k (A £766k, B 115k) remaining still. We'll still need a few big hitters to fill this one. Currently £846K remaining. Repayment of some of the overdue (large) loans may also help fill this. Receipt of the 'penalty' interest (+50% of the normal rate) on the (long) overdue loans would also be a welcome XMAS 'bonus'. Very true and one of those large loans is due to be repaid this week...
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eeyore
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Post by eeyore on Dec 2, 2020 13:27:34 GMT
Currently £846K remaining. Repayment of some of the overdue (large) loans may also help fill this. Receipt of the 'penalty' interest (+50% of the normal rate) on the (long) overdue loans would also be a welcome XMAS 'bonus'. Very true and one of those large loans is due to be repaid this week... But repayment of Birmingham H** Refinance, a £2.3Mill loan, last Friday only reduced the loan "deficit" by a few hundred-thousands. I think we'll need at least three more!
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Post by uksoul on Dec 2, 2020 14:05:03 GMT
Very true and one of those large loans is due to be repaid this week... But repayment of Birmingham H** Refinance, a £2.3Mill loan, last Friday only reduced the loan "deficit" by a few hundred-thousands. I think we'll need at least three more! The monthly newsletter detailed some loans will repaid shortly which will help fill this loan. I was repaid from that Brummie loan and was going to invest in the current Notts loan but the PLE had 2 loans which were much better so i snapped them up. Past couple of days the PLE had some great loans but they went super fast.
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rs
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Post by rs on Dec 9, 2020 12:39:06 GMT
Very true and one of those large loans is due to be repaid this week... But repayment of Birmingham H** Refinance, a £2.3Mill loan, last Friday only reduced the loan "deficit" by a few hundred-thousands. I think we'll need at least three more! £370k (A £314k, B 56k) remaining still. Hopefully funds before end of next week.
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eeyore
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Post by eeyore on Dec 9, 2020 13:20:55 GMT
But repayment of Birmingham H** Refinance, a £2.3Mill loan, last Friday only reduced the loan "deficit" by a few hundred-thousands. I think we'll need at least three more! £370k (A £314k, B 56k) remaining still. Hopefully funds before end of next week. The amount required had dropped by £400k in last 24hours. Underwriters or repaid loans? Clearing the decks for the next loan on Thursday!
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Post by uksoul on Dec 9, 2020 13:25:52 GMT
£370k (A £314k, B 56k) remaining still. Hopefully funds before end of next week. The amount required had dropped by £400k in last 24hours. Underwriters or repaid loans? Clearing the decks for the next loan on Thursday! Could be both, a couple of repaid loans scheduled this week. Tomorrow another big loan repayment is due..
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eeyore
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Post by eeyore on Dec 10, 2020 12:19:31 GMT
The amount required had dropped by £400k in last 24hours. Underwriters or repaid loans? Clearing the decks for the next loan on Thursday! Could be both, a couple of repaid loans scheduled this week. Tomorrow another big loan repayment is due.. There must be an awful amount of cash swilling around in P2P at the moment. This loan is down to less than £70k. The new loan today swallowed £1.295million within two minutes.
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ton27
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Post by ton27 on Dec 10, 2020 13:59:14 GMT
Could be both, a couple of repaid loans scheduled this week. Tomorrow another big loan repayment is due.. There must be an awful amount of cash swilling around in P2P at the moment. This loan is down to less than £70k. The new loan today swallowed £1.295million within two minutes. With RS interest @50% and everyone trying to get their money out and AC lack of new loans, then there will be quite a lot of folk looking for a "safe" home for their funds. Looking at the speed at which Proplend loans fill up then Proplend seems to be one of those places. Having said that, Lendy and before that Thincats loans also filled quickly!
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Post by uksoul on Dec 11, 2020 7:29:08 GMT
Could be both, a couple of repaid loans scheduled this week. Tomorrow another big loan repayment is due.. There must be an awful amount of cash swilling around in P2P at the moment. This loan is down to less than £70k. The new loan today swallowed £1.295million within two minutes. Now down to 20k,,,,,The new loan i expected to go fast, i lost out on it though, kept getting 'amount not available' message despite availability being shown  . P2Pers are more selective now with their cash and top tier platforms like Proplend will have their loans filled fast. Another similar platform is experiencing massive influx of investment over the past few months.
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rs
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Post by rs on Dec 11, 2020 15:08:23 GMT
There must be an awful amount of cash swilling around in P2P at the moment. This loan is down to less than £70k. The new loan today swallowed £1.295million within two minutes. Now down to 20k,,,,,The new loan i expected to go fast, i lost out on it though, kept getting 'amount not available' message despite availability being shown . P2Pers are more selective now with their cash and top tier platforms like Proplend will have their loans filled fast. Another similar platform is experiencing massive influx of investment over the past few months. Fully funded now!
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Post by uksoul on Dec 11, 2020 16:08:56 GMT
Now down to 20k,,,,,The new loan i expected to go fast, i lost out on it though, kept getting 'amount not available' message despite availability being shown . P2Pers are more selective now with their cash and top tier platforms like Proplend will have their loans filled fast. Another similar platform is experiencing massive influx of investment over the past few months. Fully funded now! Yes it is and some new loans in pending..
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