eeyore
Member of DD Central
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Post by eeyore on Mar 5, 2021 11:52:46 GMT
New 12-month bridging loan for Bath M** U** will be available on Tuesday 9-March (Auto-Lend 1.0 for TrancheA from 11:00; manual for all tranches from 12:00).
Total loan: £1,046,500 LTV: 70%
Tranche A: £747.5k @ 8.11% gross
Tranche B: £224.25k @ 11% gross
Tranche C: £74.75k @ 14% gross
The loan is to refinance an existing loan on a site in a village on the outskirts of the city. The interest payments to lenders will be covered by a 15-month interest reserve - the current rental income is less than the interest due on the proposed loan. The borrower's strategy is to apply for planning permission for development into student accommodation. If granted, the borrower's development partner will acquire the site and the loan will be redeemed. If permission is refused, there appears to be no plan other than disposal of the property.
The security is a first legal charge on a three-storey terraced retail parade comprising eight self-contained retail units with long-leasehold interest in 13 residential units on the upper floors. Half of the retail units have been untenanted for some time and there appears to be no intention to seek new tenants.
See the full loan request and valuation report for details.
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liso
Member of DD Central
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Post by liso on Mar 8, 2021 14:40:39 GMT
A previous planning application was refused in March 2020. The borrower is preparing to submit a revised application for a smaller development. An unrelated planning application from a different developer was earlier refused by Bath Council because of concerns about the density of student accommodation, though the application was granted on appeal. www.somersetlive.co.uk/news/somerset-news/new-block-student-housing-built-4855995Our borrower's proposed development is a 10 minute walk away. |
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pier2pier
Member of DD Central
Posts: 73
Likes: 49
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Post by pier2pier on Mar 9, 2021 12:02:34 GMT
WOOOOOOOOOOOOOOOOOOOOOOOOSH
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Post by uksoul on Mar 9, 2021 12:04:38 GMT
yeah gone in seconds...nothing at all for me....
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tony9239
Member of DD Central
Posts: 101
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Post by tony9239 on Mar 9, 2021 12:09:21 GMT
yeah gone in seconds...nothing at all for me.... Me neither... again! Just that bloody annoying pulsar thing. I think PL should invest in a better server that can cope with the traffic, and maybe somehow prevent those lenders who descend with "bots" to keep the rest of us out until it's all gone. Utter shambles!
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pier2pier
Member of DD Central
Posts: 73
Likes: 49
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Post by pier2pier on Mar 9, 2021 12:10:14 GMT
only managed to get loan frame on screen when all gone  |
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metoo
Member of DD Central
Posts: 540
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Post by metoo on Mar 9, 2021 12:10:36 GMT
yeah gone in seconds...nothing at all for me.... Me neither... again! Just that bloody annoying pulsar thing. I think PL should invest in a better server that can cope with the traffic, and maybe somehow prevent those lenders who descend with "bots" to keep the rest of us out until it's all gone. Utter shambles! Have you read the email about AutoLend 2.0?
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pier2pier
Member of DD Central
Posts: 73
Likes: 49
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Post by pier2pier on Mar 9, 2021 12:11:30 GMT
Just that bloody annoying pulsar thing. fn thing |
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Post by uksoul on Mar 9, 2021 12:13:01 GMT
yeah gone in seconds...nothing at all for me.... Me neither... again! Just that bloody annoying pulsar thing. I think PL should invest in a better server that can cope with the traffic, and maybe somehow prevent those lenders who descend with "bots" to keep the rest of us out until it's all gone. Utter shambles! Same here with the pulsar  .....yes a shambles considering the amount available...
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nick
Member of DD Central
Posts: 1,055
Likes: 825
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Post by nick on Mar 9, 2021 12:14:04 GMT
Seems to have been a glitch - most of tranches B & C are now available for funding....
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nick
Member of DD Central
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Likes: 825
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Post by nick on Mar 9, 2021 12:17:57 GMT
Still 70%+ availability in tranches B & C
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Post by uksoul on Mar 9, 2021 12:19:58 GMT
Seems to have been a glitch - most of tranches B & C are now available for funding.... Thanks for that heads up.. i managed to get a slice of C+B ....mos def a glitch
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criston
Member of DD Central
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Post by criston on Mar 9, 2021 12:58:35 GMT
Seems to have been a glitch - most of tranches B & C are now available for funding.... Thanks. I had already withdrawn funds thinking I had missed out. When I saw your post I quickly transferred funds into account, & would you believe the funds arrived in time for me to obtain B & C. So thanks again.
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Post by Ace on Mar 11, 2022 8:28:46 GMT
This loan was due to repay yesterday. No info received from PL. Does anyone know what the score is?
And, why have PL stopped producing the 1 month report prior to completion that used to inform us of the borrowers plan to repay? This used to be the only progress reporting we received from PL. Now there's nothing until after a loan goes late.
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Post by uksoul on Mar 11, 2022 10:07:56 GMT
This loan was due to repay yesterday. No info received from PL. Does anyone know what the score is? And, why have PL stopped producing the 1 month report prior to completion that used to inform us of the borrowers plan to repay? This used to be the only progress reporting we received from PL. Now there's nothing until after a loan goes late. There is 15 months paid interest paid upfront so I expected this to overrun the 12 month mark. I have thought also about the stop of the loan repayment plan and will be contacting the office about it.
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.....yes a shambles considering the amount available... 
