Post by ilmoro on Apr 14, 2015 9:04:10 GMT
Note the extension of PBL 14 in the 3rd paragraph not specifically stated in its own update
We apologise for the lack of an update recently.
We apologise for the lack of an update recently.
We have completed/drawn-down on the following loans recently:
PBL 30 - Glenburn (actually PBL29)
PBL 31 - Peel Park (actually PBL30)
PBL 27 - Power Station land in Fleetwood. (Completion expected today, bonus will be credited once confirmed)
Loan Repayments
Boat Loan 70 (2012 Luxury Widebeam 60) has been repaid.
Boat Loan 71 (2007 Narrowboat 60) has been repaid.
We expect PBL012 to repay this week in full. Capital and interest will be returned to investors.
Loan Extensions
Sometimes it is commercially expedient to extend a loan rather than to “call it in”, generally because a ‘refinance’ to another financial institution is taking longer than originally planned for. We will endeavour to inform all SS investors of the likelihood and reasons for these extensions in advance. The secondary market is very liquid so we feel that those who wish to exit at any time have the means to do so.
The following loans have been/will be extended so as to facilitate refinancing:
PBL 6
PBL 8
PBL 14
PBL 21
Superyacht
Existing Loans
PBL 4a – No change this week.
PBL 5 – We have met with the borrower and can confirm that he has received an offer to buy the property. He has also progressed discussions with Barclays Bank PLC to provide a long-term commercial mortgage.
PBL 6 – We have received interest to cover the remaining 3 months of this extension.
PBL 7 – We are in the process of disposal. A court hearing for the 5th of May is scheduled and we should receive vacant possession soon after.
PBL 8 – We have received word from Lloyds Bank PLC that a long-term commercial mortgage is being arranged and will be in place very soon i.e. end of April hopefully.
PBL 10 – No change.
PBL 11/12/13 – We are expecting repayment for Winkfield Row this week. The other loans will be repaid very soon as well. All funds will be returned to investors for withdrawal or reinvestment.
PBL 14 – No change. Planning permission is being sought for 9 x 3 bed houses on this land. We will share the drawings/elevations with SS investors when we receive them. A sale of 50% of the land is due at the end of May. We will repay all investors at this point for withdrawal/reinvestment in further opportunities.
PBL 15 – No change.
PBL 16/17/18 – Funds with lawyers. HSBC has agreed to release their charge in favour of Lendy Ltd. Completion is now expected this week or at the latest, next.
PBL 19 – No change.
PBL 20 – No change.
PBL 21 – Lloyds B2L mortgage in legals. See PBL 008.
PBL 22 – No change.
PBL 23 – Payment expected end of month.
PBL 25 – No change.
PBL 26 – No change.
PBL 27 – COMPLETED.
PBL 28 - No change.
PBL 29 - COMPLETED
PBL 30 - COMPLETED
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.
Farm in West Sussex worth £1.2m – loan of £450k.
Farm in Wales worth £705k – loan of £415k. Commercials agreed and solicitors instructed.
Thank you for investing in Saving Stream.
. Now, if only those pesky PBL's 016-19 would draw-down........