Post by ilmoro on May 11, 2015 13:10:29 GMT
Here's the latest update, for the benefit of the Non-Comms
NEW LIVE LOAN
NEW LIVE LOAN
We are going live with PBL032 at 14:30 today. This is a 50+ acre farm in Cambridgeshire valued at £850k and we are lending £595k against it on a 1st charge basis.
Loan Repayments
PBL023 has now been paid back to investors in full inclduing May's 11 days of interest.
Existing Loans
PBL 4a – We met with the borrower last week; we are considering offering him a development loan to build 10 large houses. He will need a credit facility of up to £1m which will gradually be raised against the increasing valuation of the security as he builds the new properties.
PBL 4b – See above.
PBL 5 – No change.
PBL 6 – No change.
PBL 7 – We received the court order for vacant possession last week. The owner has 42 days (15th June) to vacate the property. We are also progressing well with the sale of the property for £250k. Funds should be with us in full by the 15th June.
PBL 8 – Our solicitors have received £150k cash for two of the apartments. We will be repaying the loan next week in full and then re-launching a £300k new loan.
PBL 10 – No change.
PBL 12 – No change.
PBL 13 – No change. [Actually PBL11]
PBL 14 – A sale is still expected at the end of the month for 50% of the land and planning permission for 9 houses is also expected within the same timescale.
PBL 15 – No change.
PBL 16/17/18 – No change.
PBL 19 – Possible movement. We have received interest to cover our costs to date.
PBL 20 – No change.
PBL 21 – No change.
PBL 22 – No change.
PBL 23 – Full repayment received.
PBL 25 – No change.
PBL 26 – No change.
PBL 27 – No change.
PBL 28 - No change.
PBL 29 - No change.
PBL 30 - No change.
PBL 31 – No change.
PBL 32 – GOING LIVE ON SS @ 14:30. Filled after 5 mins
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. Received signed commercials today. Will go live later this 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 Norfolk – value £1.5m.
Commercial/Resi Exeter - £1.2m.
Land with PP Exeter - £800k.
Land with PP Torquay - £300k.
Development Loans. We are considering offering development finance to proven and competent borrowers.
Thank you for investing in Saving Stream.
SS will make it their business to keep things clarified on latest updates.