elliotn
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Post by elliotn on Oct 31, 2016 16:40:56 GMT
82% bricks & mortar 90D LTV. Out of interest I wonder how borrower's purchase price compares to VR operational MV.
Another big, fat O.
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Post by Deleted on Oct 31, 2016 16:56:40 GMT
82% bricks & mortar 90D LTV. Out of interest I wonder how borrower's purchase price compares to VR operational MV. What are VR and MV ?? While I'm at it, what is the difference in loans starting PBL or DFL?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 31, 2016 16:58:36 GMT
82% bricks & mortar 90D LTV. Out of interest I wonder how borrower's purchase price compares to VR operational MV. What are VR and MV ?? While I'm at it, what is the difference in loans starting PBL or DFL? VR = Valuation report MV = Market Valuation PBL = Property Bridging Loan (short term finance until borrower can find longer-term funds) DFL = Development Finance Loan (finance to develop a property or carry out a build) > CLICK HERE < - Have a good read!
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 31, 2016 17:51:22 GMT
And a Hartlepool pipeline has appeared £812,500 Loan £1,250,000 Valuation 65% LTV 10% 9.9996% Annual Rate I know this is a PIPELINE loan, and maybe it will never see the light of day; but can you make 100% sure the following statement is true please (from the loan overview)... As far as I can see, the hotel is currently owned by T*** L****** LIMITED, and our borrower looks to be the 100% shareholder (as indicated in the most recent Annual returns), so it seems to me the above statement is incorrect. Can you clarify the situation, please
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elliotn
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Post by elliotn on Oct 31, 2016 17:53:45 GMT
82% bricks & mortar 90D LTV. Out of interest I wonder how borrower's purchase price compares to VR operational MV. What are VR and MV ?? While I'm at it, what is the difference in loans starting PBL or DFL? You need to have CDs and ilmoro's threads permanently open  this is from the start of the FAQ thread pinned at top of this sub-forum linked to above: Common abbreviations: SS - SavingStream, SM - Secondary Market, PF - Pre-Funding (or Provision Fund subject to context) PM - Primary Market, LTV - Loan to Value (ie loan/security value as percentage), PBL - Property Bridging Loan (sometimes pebble), DFL - Development Finance Loan, INPL - Invest Now, Pay Later, BH - Big Hitter (ie large investor) FFF -fastest finger first Others you will see are VR and DD - due diligence ie audit. Common text speak ISTM - it seems to me, AFAIK - as far as I know, IIRC - I had too much brandy when I read that last night.
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fasty
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Post by fasty on Oct 31, 2016 17:54:05 GMT
SS are having a cleanout... Acle & Cornwall Pipeline loans have disappeared (... please, P2P gods... let the Birmingham loan follow suit... )Maybe the pipeline has sprung a leak?
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star dust
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Post by star dust on Oct 31, 2016 18:46:04 GMT
And a Hartlepool pipeline has appeared £812,500 Loan £1,250,000 Valuation 65% LTV 10% 9.9996% Annual Rate I know this is a PIPELINE loan, and maybe it will never see the light of day; but can you make 100% sure the following statement is true please (from the loan overview)... As far as I can see, the hotel is currently owned by T*** L****** LIMITED, and our borrower looks to be the 100% shareholder (as indicated in the most recent Annual returns), so it seems to me the above statement is incorrect. Can you clarify the situation, please I may have this wrong as I'm struggling to look at things on a slow internet and an iPad ATM, and have only really given it a cursory glance, but it seems to me the director being bought out was only appointed in July 2016 after the last Annual Return; and a statement of capital made subsequently indicated the director who will remain (the potential borrower) owned 75% or more of the shares. Thus I assume there is a 'buy-out' issue, and that is what at least part of the loan is for. However, I found the existing charge holder against the company/ mortgage on the building very interesting indeed. Another P2P company, but one I wouldn't have expected!
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 31, 2016 19:23:05 GMT
savingstream I know this is a PIPELINE loan, and maybe it will never see the light of day; but can you make 100% sure the following statement is true please (from the loan overview)... As far as I can see, the hotel is currently owned by T*** L****** LIMITED, and our borrower looks to be the 100% shareholder (as indicated in the most recent Annual returns), so it seems to me the above statement is incorrect. Can you clarify the situation, please I may have this wrong as I'm struggling to look at things on a slow internet and an iPad ATM, and have only really given it a cursory glance, but it seems to me the director being bought out was only appointed in July 2016 after the last Annual Return; and a statement of capital made subsequently indicated the director who will remain (the potential borrower) owned 75% or more of the shares. Thus I assume there is a 'buy-out' issue, and that is what at least part of the loan is for. However, I found the existing charge holder against the company/ mortgage on the building very interesting indeed. Another P2P company, but one I wouldn't have expected! So... ... Maybe (possibly) a new shareholder has appeared cJuly this year, and now the majority shareholder (by some distance) wants to buy him out...  Hmmmm. So a loan with RS, and (possibly much larger) loan with BOS. This looks far more likely to be a refinance job AFAIKS.
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Post by meledor on Oct 31, 2016 20:19:56 GMT
I suspect the Annual Return is incorrect.
If you look at the annual accounts for the period ended 30/04/2015 you will see that during the 18 month period of the accounts the number of £1 shares was increased from 200,000 to 498,032. This is confirmed by the subsequent accounts included in the valuation report and there is a statement of capital following allotment at Companies House dated 22/03/2016 indicatinfg that the allotment of these shares took place on 30/04/2015.
If the above is true then the Annual Return for information as at 3/07/2015 and the Confirmation Statement as at 3/07/2016 stating the number of shares to be 200,000 looks suspect (unless for the latter there has been a reduction in the number of shares since the accounts to 30/04/2016).
So the borrower owns 200,000 shares and 298,032 shares were then issued to new shareholders in 2015.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 31, 2016 20:36:35 GMT
I suspect the Annual Return is incorrect.
If you look at the annual accounts for the period ended 30/04/2015 you will see that during the 18 month period of the accounts the number of £1 shares was increased from 200,000 to 498,032. This is confirmed by the subsequent accounts included in the valuation report and there is a statement of capital following allotment at Companies House dated 22/03/2016 indicatinfg that the allotment of these shares took place on 30/04/2015.
If the above is true then the Annual Return for information as at 3/07/2015 and the Confirmation Statement as at 3/07/2016 stating the number of shares to be 200,000 looks suspect (unless for the latter there has been a reduction in the number of shares since the accounts to 30/04/2016).
So the borrower owns 200,000 shares and 298,032 shares were then issued to new shareholders in 2015. So what about the Confirmation statement submitted on Aug 2016? Person with significant control (our borrower) - Ownership of shares – 75% or more
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Post by meledor on Oct 31, 2016 20:44:30 GMT
I suspect the Annual Return is incorrect.
If you look at the annual accounts for the period ended 30/04/2015 you will see that during the 18 month period of the accounts the number of £1 shares was increased from 200,000 to 498,032. This is confirmed by the subsequent accounts included in the valuation report and there is a statement of capital following allotment at Companies House dated 22/03/2016 indicatinfg that the allotment of these shares took place on 30/04/2015.
If the above is true then the Annual Return for information as at 3/07/2015 and the Confirmation Statement as at 3/07/2016 stating the number of shares to be 200,000 looks suspect (unless for the latter there has been a reduction in the number of shares since the accounts to 30/04/2016).
So the borrower owns 200,000 shares and 298,032 shares were then issued to new shareholders in 2015. So what about the Confirmation statement submitted on Aug 2016? Person with significant control (our borrower) - Ownership of shares – 75% or more
That Confirmation Statement has information as at 03/07/16 - as I said it looks incorrect.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 31, 2016 21:07:57 GMT
So what about the Confirmation statement submitted on Aug 2016? Person with significant control (our borrower) - Ownership of shares – 75% or more
That Confirmation Statement has information as at 03/07/16 - as I said it looks incorrect.
Wow - that's some mistake. Seems the accounts are a bit of a mess. So our (potential) borrower has had an interesting year - a loan with RS at the beginning of the year (which isn't exactly mainstream finance and is still outstanding), then he gives up the majority control of his business (we think) and now, only 3 months after the above, he wants the hotel back (which also has a charge benefiting BOS) Fair enough...
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guff
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Post by guff on Oct 31, 2016 21:44:09 GMT
That Confirmation Statement has information as at 03/07/16 - as I said it looks incorrect.
Wow - that's some mistake. Seems the accounts are a bit of a mess. So our (potential) borrower has had an interesting year - a loan with RS at the beginning of the year (which isn't exactly mainstream finance and is still outstanding), then he gives up the majority control of his business (we think) and now, only 3 months after the above, he wants the hotel back (which also has a charge benefiting BOS) Fair enough... And what's going on with T*** L****** CATERING LIMITED? Don't tell the grumpy one, but that top floor looks like the best view in town for monkey hangings.
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jamesc
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Post by jamesc on Oct 31, 2016 22:34:28 GMT
That Confirmation Statement has information as at 03/07/16 - as I said it looks incorrect.
Wow - that's some mistake. Seems the accounts are a bit of a mess. So our (potential) borrower has had an interesting year - a loan with RS at the beginning of the year (which isn't exactly mainstream finance and is still outstanding), then he gives up the majority control of his business (we think) and now, only 3 months after the above, he wants the hotel back (which also has a charge benefiting BOS) Fair enough... And this is one of our new 'lower risk' 10% loans, I would be steering clear at 12% !
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 4, 2016 15:00:59 GMT
The previously mooted Gunboat relaunch has appeared on the pipeline... With a reduced %PA (9%) ....  ....  . Anybody think we have seen the end of 12% loans on SS  |
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this is from the start of the FAQ thread pinned at top of this sub-forum linked to above:
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