Property Loan 20 - Repaid in full after Default

Or Tuesday. 

Or Thursday. 

Do they work week-ends?

:)They do, but I bet theres lawyers involved & I suspect they dont

Repaid 28/2 This property has sold and we are expecting to receive the final settlement soon. Funds are with the administrators and will be remitted back to investors next week or as soon as we receive them. Further details will be given as info comes in. 4/2 We have been advised to expect final settlement very soon. We are working with the administrator very closely. The purchaser is relying on a bank loan so we cannot say with any certainty when they might be ready to complete. 20/1 Still in with legals for the sale. The purchasers bank requires a valuation. We are pushing hard towards a satisfactory conclusion soon. 23/12/16 This loan continues to progress through legals towards a sale; we have received a higher offer which has also been accepted and is now in a contract race. We are having discussions with other potential purchasers in parallel; also, we may be putting the property into an auction in February with a reserve of the highest offer received. 14/11 New buyer agreed subject to contract and valuation. 24/10 Buyer pulled out; seeking other buyers. Offers being received between £1.2m and £1.5m. A tenant is looking to take over the site and will pay rent over the xmas period with a view to purchase in the new year. All options are still on the table. 16/9 The sale is progressing and is currently with lawyers. 5/9 In with lawyers and progressing through the process. We are not sure of the amount that will be received so it is impossible to give anything more useful than please be patient for a little longer. 26/8 In with lawyers. 18/8 Offer received for nearly full amount of outstanding SS loan. We have accepted this today. Purchaser is reliant on a bank mortgage so we cannot comment on the time it will take to repay. 25/7 There are various interested parties who are considering making bids on the site. We are discussing with local planners and interested stakeholders to identify potential other uses so as to reduce as much as possible the speculative risk from a planning perspective. This will make the site more attractive for potential buyers in the long run. 8/7 Still on the market, bids expected shortly. 17/6 Interest from a number of industry investors. Garden Centre operating with the Administrator, making profit. Sealed bids expected within 4 weeks. 1/6 Legal position update 27/5 We have put this loan into default and have instructed administrators to recover the loan. CW have been instructed to act on our behalf. O*** LLP have been instructed to act as Administrators. There is interest from a number of potential buyers. The reason for the default is the sale fell through and the borrower does not have the funds to repay on time. 11/5 Multiple interested parties identified, negotiations ongoing. 29/4 Potential buyer identified, in commercial negotiations 12/4 In legals to repay 23/3 Sale agreed, currently in legals 4/3 Planning committee are sitting on the 10th March. There are a number of buyers and funders in the background willing to pay full price for this asset. 24/2 Planning commitee delayed until 10th Mar. 1/2 A planning application has been submitted, which will increase its value to £3.6 million, should be approved by 11th Feb. There are various lenders already in place to repay on receipt of planning approval. 16/1 Planning should be approved by mid-March. 15/11/15 A planning application has been submitted, which will increase its value to £3.6 million, if approved in eight weeks. There are various lenders already in place to repay on receipt of planning aproval. 13/10/15 Various lenders in place to repay on receipt of planning. 21/9/15 Planning application submitted. Should increase val to over £3.6m in 4-6 weeks. Received interest and extended by 3 months 11/9/15 Valuation at £6.5m GDV. Current value of £2.4m not including stock and assets. 4/9/15 Valuation has come in at £8-9m GDV. A large fund is prepared to lend on the build and take us out. End of September/October. 18/8/15 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. Turnover is increasing, planning permission for 6 timber residential properties has been submitted and we have seen indicative terms for a replacement bridging loan if necessary.

B@statds you've ruined our smiley pattern. No Friday update either.

PBL20 is frustrating.

I invested in it and there's been several weekly updates saying it would draw down on x day and it still hasn't. A few weeks ago it was going to complete next week, then it was going to complete on Mon or Tues and in the last weekly update we were told it was going to complete last Monday. But it still hasn't and no mention of it by SS in over a week. It suggests there's a problem with it. Especially as we were told a while back that the funds were with solicitors pending an imminent completion.

I know SS assure us of our interest regardless, but would like some information/explanation.

Delays like this make me less inclined to invest in new loans. What I mean is, if you buy a chunk of an old, already drawn down loan you at least know you will get an interest payment at the end of the month - with new loans if they get held up you have to wait. I invested in the loans where one of the borrowers sadly died and that was delayed by months as a result. These unfortunate things happen but with PBL20 nobody involved has died as far as I'm aware. Which suggests a problem.

I'm also a bit frustrated by this loan's delay, but back in the day when we all loved the boaty loans we didn't get a penny of interest till the end of the loan term anyway, so I don't find the wait too bad normally.  There are lenders who deliberately only target already drawn down loans in order to get immediate interest and if you're relying on it for income that's a very sensible strategy.  If you withdraw from the rush for the new loans I'm sure other lenders would be grateful