Post by ilmoro on Mar 27, 2015 13:49:22 GMT
Latest update, lots of info
Completions
Completions
We have completed/drawn-down on the following loans this week:
PBL 28 – This filled in 6 minutes when we released it.
PBL 26
PBL 27 (the power station land) has nearly been fully funded and we expect to complete mid week. Once we complete, the bonus payment incentive will cease.
Loan Extensions
For commercial reasons we have chosen to extend the loan term of 4 loans on the platform. The following two loans are the same borrower who is awaiting completion of a separate £8M property sale (confirmed):
2005 Superyacht 35M - 3 month extension
PBL006 – 3 month extension
There is delay in refinance of the following two loans (confirmed):
PBL 008 - 2 month extension
PBL 021 - 1 month extension
Interest will continue to be paid on all these loans as normal on a monthly basis. If investors do not wish to participate in these extensions, they may exit their position using the active secondary market. The only downside to this is that you stop earning interest from the date that you place your loan part up for sale.
We preferred not to call these loans in, as we are confident of the refinancing. For commercial reasons, we continue to believe this is the right and moral thing to do. However, as you can see from PBL 7, we are prepared to call debts in when necessary.
Existing Loans
PBL 004a/b – No change this week.
PBL 005 – We expect confirmation of refinance by Barclays Bank PLC next week.
PBL 006 – We extended this loan by 3 months to allow the client to arrange repayment. Interest is being paid by the client and will be paid to investors on a monthly basis as usual.
SUPERYACHT LOAN - We extended this loan by 3 months to allow the client to arrange repayment. Interest is being paid by the client and will be paid to investors on a monthly basis as usual.
PBL 007 – We are in the process of disposal. Clarke Willmott LLP is dealing with it.
PBL 008 – No change. We met with the borrower this week, he expects funds next week.
PBL 010 – No change
PBL 011/012/013 – No change from last week.
PBL 014 – The borrower has exchanged on this and we expect payment in May.
PBL 015 – No change from last week.
PBL 016/017/018 – Funds with solicitors. We have agreed a way forward and hope to complete imminently.
PBL 019 – No change or movement from the Land Registry. Apparently the LR is backed up from Xmas and getting anything from them in a timely manner is nigh on impossible. We are tempted to cancel this loan, returning funds to investors plus interest but will wait until next week.
PBL 020 – 2 lenders have made offers to refinance the residential property on site, which should see c£500k returned early.
PBL 021 – Lloyds B2L mortgage in legals. See PBL 008.
PBL 022 – No change from last week.
PBL 023 – Payment expected end of month
PBL 025 – No change.
PBL 026 – Completed
PBL 027 – This loan is nearly full. Completion of the loan should happen next week. Once we complete, the bonus payment scheme will cease. Please see the link for further details. Bonus Payment Details
Pipeline Loans
Large piece of land in Hemel Hempstead with planning for 200+residential units and GDV of +£60m. Needs cash to acquire further commercial assets nearby. We will provide a facility for the client. Loan £5m over land worth £10m. Needs significant underwriters. Bonus Scheme available for £1m+.
Pub in Southsea, Portsmouth. Value £350k, loan £245k.
B2L Southsea, Portsmouth. Value 290k, loan £162k.
2 x commercial/industrial buildings near Glasgow. Value £790k, loan £553k. Commercials agreed and solicitors instructed.
Farm in Derbyshire worth £2.4m – loan of £1m. Commercials agreed and solicitors instructed.
Farm in West Sussex worth £1.2m – loan of £450k.
Farm in Essex worth £1.3m – loan of £900k.
Farm in Wales worth £705k – loan of £415k. Commercials agreed and solicitors instructed.
Thank you for investing in Saving Stream.
