As
ilmoro has noted the updates are more or less through now, they've halted at PBL115 with some prior also missing. I've provided the list here as there are some interesting changes
(highlighted in blue). I will update this list when/if any more are added or an email comes out.
18/08/2016
EXISTING LOANBOOKPBL006 - Borrower expecting significant funds in October. Will service interest until in receipt.
PBL019 - They have exchanged with a new buyer and completion is set for end of September.
PBL020 -
Offer received for nearly full amount of outstanding SS loan. We have accepted this today. Purchaser is reliant on a bank mortgage so we cannot comment on the time it will take to repay.
PBL026 - The new bank is waiting on the valuation to come in which was conducted last week. We are expecting a copy also.
PBL027 - Meeting with the borrower in early September to get a better understanding of their exit plan.
PBL031 - Extended until the 13th September, funds received. This is to allow further time for refinance.
PBL033 - We have offered to extend this loan by 6 months to allow a clean transition to the new bank lender. We will hear by the end of the month if they wish to accept our terms.
PBL035 - Waiting on repayment of PBL58
(expected tmrw.....) in order to fund the extension of this loan for 6 months.
PBL036 - New buyer at over £360k for a quick sale in place and in legals.
PBL037; PBL038; PBL039 - Hoping to see investment cash starting to trickle through next week. We will repay a property at a time as it arrives .
PBL040 - The offer of refinancing from Cambridge and Counties has fallen through. The borrower has paid a lump sum to clear his outstanding interest whilst he arranges another loan from friends and family in Ireland. Borrower expects a quick turnaround. We are working very closely with them.
PBL042 - Borrower expecting an offer of refinance very soon. Should not take too long to move on.
PBL046 - The borrower is servicing this loan whilst he arranges his refinance.
PBL047; PBL 048 - Another lender is in legals to repay us on all of this borrowers loans. Should not take too long; the borrower is very communicative and professional.
PBL 051 – The borrower is selling this asset and has supposedly found a buyer. We are in comms with them and have asked for evidence of a sale going ahead.
PBL052 - We have offered to refinance this asset but on a 1st charge basis. We will offer the loan as a new PBL, repay existing investors and increase it to pay off the first charge holder. Should be in pipeline within 2 weeks.
PBL054 - Offer accepted by borrower to increase this loan and purchase the strategic site adjacent. The marriage value of the 2 sites is c £9m. Will be putting this new loan into the pipeline next week.
PBL055 - In legals to extend. All undertakings paid. Not due until 22/9.
PBL056 - No change.
PBL057 - In legals, looking likely to extend formally next week.
PBL058 -
Expecting (fingers crossed) to receive funds for this tmrw. The lawyers are all in communication and working to a common aim.
PBL062 – Still in legals.
PBL063 - This is being refinanced by another bank and is still going through their legal process. Not sure when it will complete.
PBL064; PBL065 - No change.
PBL066 – no update provided by SS
PBL067 - Client in process of refinancing.
PBL068 – No change
PBL069/070/071 - Hoping to see investment cash starting to trickle through next week. We will repay a property at a time as it arrives.
PBL073 - Expecting the buyers strategy report soon with regards to his appeal. Expect a slight extension will be necessary.
PBL074 - The borrower has had an offer which will clear our debt. Currently still negotiating but it is a cash offer so shouldnt take too long once accepted.
PBL075 - The borrower is refinancing one of his other commercial properties to release equity to repay our loan. Currently in legals.
PBL077; PBL078; PBL079; PBL080 - An offer of refinance has been seen; the borrowers are currently sitting on £3m cash which we have asked to repay some of the loan whilst their refinance goes ahead. Currently waiting on their reaction and hopeful agreement. Otherwise, looks likely to repay on time or just slightly after due date.
PBL081 - Potential issue - the borrower has undertaken work not in compliance with the planning permission and is now seeking retrospective permission from the local authority. We are sending our planning expert up next week to review the situation and will report back as soon as we know anything further.
PBL082; PBL084; PBL085 - No change
DFL01; DFL02 - Next tranche is to be made available shortly.PBL086 - On target to repay on time. Currently in legals with another lender.
PBL088 – no change
PBL089 – no update provided by SS
PBL090 - In discussion with borrower to restructure the loan for a further term. We are considering offering development finance if we can get comfortable with the numbers.
PBL091 - The borrower has a buyer for the site and the buyer would like to borrow some funds from us. Very interesting buyer, worth a significant sum and has a very healthy income. In discussion.PBL092; PBL093; PBL094 – No change
PBL095 - A number of offers have been received. Borrower considering...
PBL096; PBL097; PBL098; PBL099 - No change.
PBL100; PBL101 – no update provided by SS
PBL102; PBL103; PBL105 – no change
PBL106 - no update provided by SS
PBL107; PBL108 – no change
PBL109 - Hoping to repay before the 22nd. PBL112; PBL113 – no change
PBL115 - Early repayment expected, perhaps by the 22nd of August. PBL116; PBL117; PBL118 - no change
PBL119 - We have offered to fund the development. Waiting on the QS report before we proceed. DFL03; PBL120 - no change
DFL04 - New tranche being released next week via pipeline.
PBL121; PBL122; PBL123 - no change
PBL124 - We are going to cancel this loan and fully repay investors plus the interest earned. The reason for this is that the borrower\'s existing 2nd charge lender is not happy that the borrower is refinancing and thus eating into the equity again which reduces their available security. This could take a few weeks to resolve but in the meantime, we don\'t want to hold onto the funds unnecessarily and incur the cost. PBL125 - This should go live either today or early next week.
Edit: updated 19/08/16 with additional info from SS