seeingred
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Post by seeingred on Oct 18, 2016 10:12:31 GMT
I asked about PBL069 a few days ago: it's been some time since an update.
"We are working closely with the Borrower on this in light of their recent bankruptcy order, and supervising them heavily. The properties being sold to achieve repayment of the loan and we have been informed that the anticipated completion date is soon. Completion is subject to completion of due diligence being undertaken so completion may not happen for a while and this is largely out of our hands. We will keep you updated. "
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adrianc
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Post by adrianc on Oct 18, 2016 10:40:51 GMT
I asked about PBL069 a few days ago: it's been some time since an update. "We are working closely with the Borrower on this in light of their recent bankruptcy order, and supervising them heavily. The properties being sold to achieve repayment of the loan and we have been informed that the anticipated completion date is soon. Completion is subject to completion of due diligence being undertaken so completion may not happen for a while and this is largely out of our hands. We will keep you updated. " I presume that applies to all six of those Glos loans (37/38/39/69/70/71 - £3,718,000 in all)? They never did smell right to me.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 18, 2016 11:18:03 GMT
I asked about PBL069 a few days ago: it's been some time since an update. "We are working closely with the Borrower on this in light of their recent bankruptcy order, and supervising them heavily. The properties being sold to achieve repayment of the loan and we have been informed that the anticipated completion date is soon. Completion is subject to completion of due diligence being undertaken so completion may not happen for a while and this is largely out of our hands. We will keep you updated. " I presume that applies to all six of those Glos loans (37/38/39/69/70/71 - £3,718,000 in all)? They never did smell right to me. Those Gloucester 6 are strange bunch - there are two separate companies on CH with a SS charge relating to the Gloucester security (I presume the 1st relates to the first batch, and 2nd relates to the second batch). Both these companies previously had the bankrupt individual as direcetor, but she has since resigned. Strangly, the second has no director's in charge!
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stevio
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Post by stevio on Oct 18, 2016 11:23:35 GMT
For benefit of bookmarks, PBL56 borrower in receivership Receivership? Was this an SS update or where did you learn this?
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elliotn
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Post by elliotn on Oct 18, 2016 11:38:53 GMT
I asked about PBL88 Restrictive Covenants (2-3 months), PBL118 demolition (AUGUST) and DFL04 'imminent' written confirmation of PSR. I have no further updates for the forum...
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elliotn
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Post by elliotn on Oct 18, 2016 11:41:50 GMT
For benefit of bookmarks, PBL56 borrower in receivership Receivership? Was this an SS update or where did you learn this? SS update: Recent Updates 2 weeks ago We have instructed our receiver to act to control the sale of this property on our behalf. We felt this was required due to the borrower taking too long. Lendy will cover the interest for the next 2-3 months and recover these payments from the sale proceeds. We don\'t feel it necessary to formally default this loan as we believe there is a viable exit strategy in place.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 18, 2016 15:13:26 GMT
[snip huge tables of extremely useful information] (Last Edit: Oct 13, 2016 at 5:49pm by ilmoro) Taking a well-earned break, or is this list no longer maintainable at current volumes of business? There seems to be no reference at all to loans beyond PBL137. @ mods or others familiar with the forum software: If it's too much for one person, is there any way that a similar list can be made such that it can be maintained by multiple people (without them all needing mod privileges, as mods have plenty more to keep them busy...) - a kind of "community wiki"-style post? Oversight, hadnt realised I hadnt added PBL139.
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star dust
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Post by star dust on Oct 24, 2016 12:13:00 GMT
Updates are coming through on site. Think they're nearly finished, they're in a bit of a haphazard order, I will paste the list here when I've sorted them out a bit. On slow internet so bear with me for a few minutes, main element posted just checking through - all done now I think. In Edit yet again, I see the General Update was emailed out several hours ago, and for completeness the commentary was: " Interest Rate ChangeRecently we informed our investors of a significant change in our offering. We have yet to offer a lower priced loan, as it takes time to originate loans that fit the criteria. There are a few in our internal pipeline and we should be launching the first one this week. This news has been received very well in the intermediary market and we are seeing some very good quality opportunities coming through. Deal Flow We launched our biggest loan so far over the weekend; thanks to our IT team for working on a Sunday. The loan is for a large commercial unit in Kentish Town with a good exit strategy. Uptake was strong, filling nearly £6m with only 48 hours notice. There is now plenty of diversification availability on the secondary market" Updates extracted from the SS website; bits in Blue are some of the more noteworthy ones. "DFL007 - Drawndown. DFL005; DFL006 - No change. DFL004 - Written confirmation seen from PRS Scheme facilitator to advise that they had to delay their visit/ offer until the end of October/ November due to their own increased workloads. DFL003 - No change. DFL002 - Build progressing on schedule. Commercial tenant has signed the lease and begins work on the fit out next week. DFL001 - Build progressing on schedule. PBL140 - No change. PBL139 - No update (yet?)PBL135; PBL136; PBL137 - No change PBL132; PBL133; PBL134 - No update (yet?)PBL131 - Expected to finally complete at the end of October. PBL128 - We expect this loan will be repaid to SS investors shortly. PBL123 – No change PBL119 - Considering development funding for this project. Awaiting further information. PBL103; PBL101; PBL097; PBL098; PBL099 - No change. PBL096 - New valuation and QS report instructed. We are considering providing the development finance. PBL095 - Buyer found, in legals. Borrower advises debt will be cleared on time or shortly after. PBL094 - Borrower visited our office last week for an interview. Offers to purchase have been received. We might offer to build the scheme out in conjunction with the adjacent chargeholder. We are reviewing. PBL093 - Converting from a PBL to a DFL loan. We will be putting this into the pipeline shortly. PBL092 - We are visiting the site this week to review progress so far. The borrower is requesting a further advance which we are considering depending on the outcome of the visit. PBL090 - We are working with a buyer on this site. Expected completion next week for full amount. PBL089 - Repayment due from probate funds. PBL088 - No change. PBL086 - Borrower is exchanging contracts on another property to repay this loan. PBL085 - No change. PBL084 - We made a further advance against this property recently. PBL082 - Hoping to sell asset, or extend finance. Borrower is working with care home providers. PBL081 - We are lending the client the funds to fix the unauthorised building works out of our own capital. Our QS/Monitoring Surveyor is visiting the site weekly, we will release funds upon receipt of his positive report. Expected 3 months work. PBL075 - Borrower refinancing another unemcumbered property to raise sufficient funds to clear his debt on this property. In legals. Monitoring closely. PBL074 - The borrower has had an offer accepted that is sufficient to clear our debt. In legals, we are monitoring closely. PBL073 - Our agent is going to visit the site this week to interview the borrower. The borrower will probably extend for 6 months in January, he has sufficient cash reserves to pay the interest in advance. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings. PBL068 - In discussion with broker to refinance away. Supposedly a number of offers on the table, monitoring closely. PBL067 - New planning permission has been granted for a larger scheme which should add value to the site. We have asked the borrower to refinance with another company or sell. He is in the process now. PBL066 - In discussions with borrower to refinance exit. PBL065 - Our agent visited the site last week. Progress is slow so as our borrower has been amending planning permissions to increase value; we are considering the development finance package. PBL064 - Had an offer to refinance in full from the borrower, also received offers to purchase from our agents. We are talking with the borrower and working to a deadline. PBL062; PBL063 - In the process of selling residential property to cover shortfall of the Commercial property loan. PBL056 - We have instructed our receiver to act to control the sale of this property on our behalf. We felt this was required due to the borrower taking too long. Lendy will cover the interest for the next 2-3 months and recover these payments from the sale proceeds. We don't feel it necessary to formally default this loan as we believe there is a viable exit strategy in place. Repeat from 3 weeks ago.PBL055; PBL057 - Loan extended for 12 months. Servicing interest. PBL047; PBL048 - The borrower's solicitor advises a 28th October refinancing. PBL046 - Borrower is refinancing another property with which to raise enough capital to repay our loan. In the meantime, he is servicing his interest. PBL042 - This loan will be relaunched and increased this week as a new PBL. PBL040 - Supposedly refinancing this week; If this does not happen in a timely fashion, our agent has found a cash buyer to purchase our debt. (This is 'dated' 3 days ago, not sure what happened to this update)PBL035 - No Change. PBL033 - Borrower is currently working with high street bank and is waiting for commercial mortgage to cover loan. Going through DD process with major contractor. PBL031 - Agreed repayment for 2 months extension, one month term now remaining. Awaiting for planning permission. PBL027 - In discussion with the Green Investment Bank for significant equity and funding package. PBL020 - Buyer pulled out; seeking other buyers. Offers being received between £1.2m and £1.5m. A tenant is looking to take over the site and will pay rent over the xmas period with a view to purchase in the new year. All options are still on the table.PBL006 - Client seeking an extension. He is expecting significant funds shortly and will repay."
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ric
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Post by ric on Oct 24, 2016 15:52:12 GMT
Can anybody clarify this for me?
PBL084 - We made a further advance against this property recently.
did they lend further money on top of the original loan amount? where did the get the funds?
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Post by GSV3MIaC on Oct 24, 2016 16:22:23 GMT
/mod hat off
Well not from us, so there are two interpretations - either they had never released all the initial funds, or else they lent some more from their own resources. SS is a bit more than the 'tip of the Lendy Iceberg', but it is by no means the whole shooting match, as far as I can tell. If you want to know for sure, email them!
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adrianc
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Post by adrianc on Oct 24, 2016 17:16:34 GMT
/mod hat off Well not from us, so there are two interpretations - either they had never released all the initial funds, or else they lent some more from their own resources. SS is a bit more than the 'tip of the Lendy Iceberg', but it is by no means the whole shooting match, as far as I can tell. If you want to know for sure, email them! The PBL81 comment would tie up with that theory.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 3, 2016 0:54:08 GMT
For those who havent noticed Ive moved a few loans around. PBL055 & 057 are now under new structure as charges are registered in favour of SSSH, PBL035 will also move for same reason. PBL084 has been moved to old structure as Lendy appear to be chargeholder.
NB My opinion, not definitive, not advice, ask SS for definitive position
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 3, 2016 1:06:38 GMT
For those who havent noticed Ive moved a few loans around. PBL055 & 057 are now under new structure as charges are registered in favour of SSSH, PBL035 will also move for same reason. PBL084 has been moved to old structure as Lendy appear to be chargeholder. NB My opinion, not definitive, not advice, ask SS for definitive position savingstream do need to clarify the situation about which loans are considered on the old T&Cs, and which are on the new T&Cs. AFAICS, in addition to ilmoro observations, DFL001 also has Lendy Ltd as charge holder (not SSSH). There may be more
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 3, 2016 14:57:29 GMT
For those who havent noticed Ive moved a few loans around. PBL055 & 057 are now under new structure as charges are registered in favour of SSSH, PBL035 will also move for same reason. PBL084 has been moved to old structure as Lendy appear to be chargeholder. NB My opinion, not definitive, not advice, ask SS for definitive position savingstream do need to clarify the situation about which loans are considered on the old T&Cs, and which are on the new T&Cs. AFAICS, in addition to ilmoro observations, DFL001 also has Lendy Ltd as charge holder (not SSSH). There may be more Im in process of reviewing all loans at CH for which structure applies. Not got much time at mo though.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 3, 2016 16:04:00 GMT
savingstream do need to clarify the situation about which loans are considered on the old T&Cs, and which are on the new T&Cs. AFAICS, in addition to ilmoro observations, DFL001 also has Lendy Ltd as charge holder (not SSSH). There may be more Im in process of reviewing all loans at CH for which structure applies. Not got much time at mo though. I've been through my own DB, and the only other loan I can see that is registered with Lendy Ltd when I thought they were on the new T&Cs is DFL002 (It looks like Lendy just kept the existing charge from the previous loan which was under the old T&Cs). DFL001 & 2 I can (sort of) understand because its seems that Lendy Ltd has simply not seen fit to register a new charge following the loan rolling on from the previous loans. The Scottish Estate sticks out like a sore thumb. My only guess is that it the proposal and legal stuff was all agreed before SSSH came into existence, and the loan was left laying about before SS placed it on the SM A comment from savingstream would be nice
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