Post by ilmoro on Apr 28, 2015 13:34:45 GMT
We have completed/drawn-down on the following loans recently:
PBL 031 – Equestrian farm in Wales. Valued at £710k, loan of £497k.
Loan Repayments
The following loans are expected to be repaid this or next week:
PBL 023 - £200k
PBL 012 - £341k
PBL 008 - £455k
Loan Extensions
We have received interest to extend the following loans:
Superyacht for 1 month. Full repayment expected and confirmed from bank.
PBL 006 for 3 months.
Existing Loans
PBL 4a – No change.
PBL 4b – No change.
PBL 5 – An offer well in excess of our loan has been accepted and full repayment is expected within a month.
PBL 6 – See above.
PBL 7 – Court hearing 5th of May. There were 5 offers of over £240k for immediate exchange if it went to auction tomorrow. However it has been withdrawn because our borrower has not been responding to their comms. Therefore, it is now just a case of getting the court order for Lendy Ltd to become Mortgagee in Possession. Expected 5th May 2015.
PBL 8 – See above.
PBL 10 – No change.
PBL 12 - See above.
PBL 13 –This should be repaid within 3 weeks. [Think they mean PBL11 as 13 has already repaid]
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. We are working with the broker to arrange a take out bridge or commercial facility. However, we are happy with this borrower and may offer to extend the loan subject to receiving 6 months interest. Will advise on progress.
PBL 16/17/18 – Brokers advised potentially completing tomorrow.
PBL 19 – No change.
PBL 20 – No change.
PBL 21 – Lloyds B2L mortgage in legals.
PBL 22 – Advised there might be movement from the Land Reg.
PBL 23 – Payment expected end of week.
PBL 25 – No change.
PBL 26 – No change.
PBL 27 – No change. Had a very beneficial meeting with this borrower this week; we are very confident that this loan will be repaid on time and progress is already underway on the building works.
PBL 28 - No change.
PBL 29 - No change.
PBL 30 - No change.
PBL 31 – 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 £2.5m over land worth £10m. Expected signed commercials today. Will go live next week on SS.
Pub in Southsea, Portsmouth. Value £350k, loan £245k. Completion end of June.
Farm in Lancashire – value £1.25m. (In legals).
Farm in Cambridgeshire – value £850k. (In legals).
Farm in Norfolk – value £1.5m.
Commercial/Resi Exeter - £1.2m.
Land with PP Exeter - £800k.
Land with PP Torquay - £300k.
Thank you for investing in Saving Stream.