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Post by savingstream on Apr 25, 2016 16:04:54 GMT
savingstream : So we investors are being asked to commit to a loan before we get to see the valuation? Doesn't seem appropriate, somehow. I suppose it's OK as long as the SM is liquid enough to allow us to invest first and then exit quickly if the valuation isn't to our taste, but if the valuation isn't good and a lot of people want to get out at the same time... It's the same valuer so I doubt they're going to change their assessment of market value much in just 6 months. I can see the IoW out of my window and it looks very much the same as it did last October  The expediency of a short term lender emphasising speed of transaction to the market sometimes must prevail. We said we won't risk the funds until we have the final version. JLL are not changing the val other than date and client name i.e Lendy Ltd and Saving Stream Security Holdings Ltd.
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star dust
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Post by star dust on Apr 25, 2016 16:17:33 GMT
When I read the particulars (haven't read the valuation yet), I thought this is much more like my idea of a bridging loan than quite a few of the other loans, i.e. it is a temporary need for finance to fill a gap between deals - only problem might be if the sale of the two split pieces falls through, but that seems as assured as these things ever are.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 4, 2016 15:32:26 GMT
3 new pipeline loans have appeared... | Name |
Value
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Loan
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LTV
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Notes
| | PBL - THREE DEVON FARMS & LAND | £5,300,000 | £3,700,000 | 70% | 1 |
| | PBL - WAKEHAM FARM, DEVON | £2,000,000 | £1,400,000 | 70% | 1 |
| | DFL - ARBORETUM | £16,000,000 | £6,000,000 | 30% | 2 | Same borrower, and follow on from PBL 58
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Post by trilby on May 4, 2016 15:42:17 GMT
And they say money doesn't grow on trees...
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sam i am
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Post by sam i am on May 4, 2016 16:04:36 GMT
A few quick comments/questions on the new pipeline loans:
- Are the three farms and the single farm the same borrower? Or is it just coincidence that all the farms are in Devon and have debt reduction/forgiveness deals?
- Should we be worried about debt reduction/forgiveness? Does this indicate an inability of the borrower to repay or just that the lender no longer wants the loan (but why?) (I seem to recall this with another loan - PBL040?)
- The DFL appears to be the development of the existing Torquay PBL058. I wonder how much time there will be from payback of the PBL before launch of the DFL (given that SS said it will not rollover)?
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adrianc
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Post by adrianc on May 4, 2016 18:04:29 GMT
A few quick comments/questions on the new pipeline loans: - Should we be worried about debt reduction/forgiveness? Does this indicate an inability of the borrower to repay or just that the lender no longer wants the loan (but why?) (I seem to recall this with another loan - PBL040?) That rings alarm bells to me. In the absence of clarification, they're going in the same pile as the Gloucestershire convent/hotel.
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sam i am
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Post by sam i am on May 4, 2016 18:18:07 GMT
A few quick comments/questions on the new pipeline loans: - Should we be worried about debt reduction/forgiveness? Does this indicate an inability of the borrower to repay or just that the lender no longer wants the loan (but why?) (I seem to recall this with another loan - PBL040?) That rings alarm bells to me. In the absence of clarification, they're going in the same pile as the Gloucestershire convent/hotel. As you say, it requires some clarification. But I seem to recall that in a previous instance a satisfactory explanation was given, so it doesn't necessarily indicate a higher than normal risk.
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sam i am
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Post by sam i am on May 5, 2016 8:18:43 GMT
I asked savingstream if the Three Devon Farms & Land was the same borrower as Wakeham Farm and received this reply: "No this is not the same borrower as Wakeham Farm." Thanks for answering my question, Savingstream. |
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adrianc
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Post by adrianc on May 5, 2016 8:20:26 GMT
I asked savingstream if the Three Devon Farms & Land was the same borrower as Wakeham Farm and received this reply: "No this is not the same borrower as Wakeham Farm." Thanks for answering my question, Savingstream. So two completely separate and unrelated Devon farmers in debt reduction plans from their banks, simultaneously? Or two separate limited companies, but controlled by the same individuals?
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SteveT
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Post by SteveT on May 5, 2016 8:23:30 GMT
Perhaps they simply share a common Introducer
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Liz
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Post by Liz on May 5, 2016 8:55:58 GMT
Perhaps they share a bank, and the new bank manager has gone a bit power crazy.
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sam i am
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Post by sam i am on May 5, 2016 9:12:42 GMT
I did a quick bit of Googling and came up with a consistent name associated with the 3 farms which did not correspond with any of the directors listed for Wakeham Farm.
What I did find is that the name associated with the 3 farms appears to have a notice of appointment of administrators from 2014. But I didn't have time to check this further to determine its importance or relevance. Maybe someone else can follow this up.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 5, 2016 11:03:30 GMT
I did a quick bit of Googling and came up with a consistent name associated with the 3 farms which did not correspond with any of the directors listed for Wakeham Farm. What I did find is that the name associated with the 3 farms appears to have a notice of appointment of administrators from 2014. But I didn't have time to check this further to determine its importance or relevance. Maybe someone else can follow this up. I've been doing some research into these 2 pipeline loans myself, and also can't find any connection between the 2 loans. There are 70 miles between the 2 loan locations, so it seems that it's just a coincidence (or as SteveT said, the same Introducer based in devon, that chiefly deals with Farmers). Researching the other "three farms" loan is pointless; there are over 50 companies related to one of the addresses, and although there is one name that predominantly links them (no doubt the same name sam i am has found), I think it's best to see which company actually owns the farms (land registry?).
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agent69
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Post by agent69 on May 5, 2016 18:29:50 GMT
I wonder if the R*ck****rd land is anywhere near the famous local attraction of Acorns?
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sam i am
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Post by sam i am on May 6, 2016 11:17:53 GMT
Presumably three members of the same family. It's the last set of initials that I came across on my aforementioned Google search.
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