Dear VIP club member
DFL001 -
Next development tranche drawn this week.
DFL002 -
No change.
DFL003 -
No change.
DFL004 -
No change.
DFL005 -
Next development tranche being drawn this week.
DFL006 -
No change.
DFL007 -
No change.
DFL008 -
Next development tranche drawn this week.
DFL009 -
Next development tranche drawn this week.
DFL010 -
No change.
PBL006 -
Borrower continues to service their interest payments and we are confident the Borrower has substantial assets so we are comfortable for this loan to continue.
PBL020 -
This loan continues to progress through legals towards a sale; we have received a higher offer which has also been accepted and is now in a contract race. We are having discussions with other potential purchasers in parallel; also, we may be putting the property into an auction in February with a reserve of the highest offer received.
PBL027 -
Borrower is in discussions with a number of potential investors and has advised that more funds will be available in January to cover interest. The Borrower has also advised that one potential investor (who already operates in the renewable energy sector) has signed an agreement in principle to provide equity investment in January.
PBL031 -
We are expecting payment for the interest to date and a further one month extension.
PBL033 -
Expecting funds for a 1-month extension to give the borrower time to refinance with another lender.
PBL035 -
Client has advised that the CEO of proposed JV partner will be signing agreement in early January.
PBL037 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL038 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL039 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL040 -
We were expecting to be repaid by now so we have asked our receivers to supervise the sale process (which is still underway and stuck in legals) to ensure that any undue delay is avoided. The pressure has been heeded by the Borrower who is servicing their interest payments.
PBL046 -
We are applying significant pressure on the Borrower to complete their refinance. The Borrower has told us that they have been delayed by a mainstream lender so will be refinancing in the interim using a bridging lender with a view to paying back the Saving Stream loan. We are closely monitoring the Borrower and their financial position to ensure that if receivers need to be appointed, then they are done so without delay.
PBL047 -
We are in direct communications with the Borrower's new funders who have asked for some time to get through their legal and financial due diligence. Given the delay, we have asked the Borrower to refinance by the end of February 2017, which we are very confident will happen on time.
PBL055 -
We have received a quarterly interest payment.
PBL056 -
The Borrower has changed tack and is deciding to raise funds against the whole of its business. We have made it clear to the Borrower that we are expecting repayment without undue delay so if additional due diligence is necessary, we will force a sale of the property, which the Borrower understands.
PBL057 -
We have received a quarterly interest payment.
PBL062 -
Together with PBL062, the security property has been sold at auction for £850,000 (minus sale costs) and we are waiting for completion to be effected within the next 4 weeks.
PBL063 -
Together with PBL063, the security property has been sold at auction for £850,000 (minus sale costs) and we are waiting for completion to be effected within the next 4 weeks.
PBL064 -
The Borrower has changed tack and is deciding to raise funds against the whole of its business. We have made it clear to the Borrower that we are expecting repayment without undue delay so if additional due diligence is necessary, we will force a sale of the property, which the Borrower understands.
PBL065 -
Interest received for a further months interest. Our borrower is currently negotiating with a purchaser.
PBL066 -
Receivers have now appointed sales agents to commence marketing of the site with a view to finding a buyer. A number of interested parties are considering making offers.
PBL067 -
Receivers have now appointed sales agents to commence marketing of the site with a view to finding a buyer. A number of interested parties are considering making offers.
PBL068 -
The Borrower's new lender is conducting their due diligence on the security property. This can take a while and is driven by solicitors so we are monitoring the refinancing closely and if we feel that the refinance is not moving as swiftly as we would like, we will appoint receivers to focus their attention, or force a sale of the property via auction early in the new year.
PBL069 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL070 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL071 -
The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind.
PBL073 -
Client has extended for 2 months to give themselves time to refinance. They are currently working with other lenders to refinance away.
PBL074 -
Agents are actively marketing the property for sale. We will consider appointing receivers and an auction disposal in the new year.
PBL075 -
Agents are actively marketing the property for sale. We will an auction disposal in the new year if refinancing has not come through.
PBL081 -
Third £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor is due to visit again early in January. The build is progressing to plan and on time, we are in close communication with the borrower.
PBL082 -
Expecting funds for a 3 month extension to give the borrower time to refinance with another lender.
PBL084 -
The borrower is in advance talks with a high street lender
to refinance come the end of the loan term.
PBL085 - No change.
PBL088 -
No change.
PBL089 -
We are expecting repayment imminently.
PBL090 -
Borrower is in discussions with a new lender and has provided us with a copy of their proof by way of a written finance offer. We are starting to put the Borrower under more pressure to repay the loan and have "introduced" them to our receivers to show them we want the refinance to be completed without delay.
PBL094 -
The Borrower continues to be in discussions with a new lender and has provided us with copies of detailed correspondence with their new prospective lenders. The Borrower is considering their options as to the best way to structure the new debt.
PBL095 -
No change.
PBL097 -
We are looking at refinancing this loan and taking the first charge on the marina.
PBL098 -
No change.
PBL099 -
No change.
PBL101 -
The borrower is looking to extend for a further one month. Our credit team is currently processing this request.
PBL102 -
No change
PBL103 -
No change.
PBL105 -
The borrower has paid the cost of a 2 month extension.
PBL106 -
We are looking at potentially extending the loan for 2 months.
PBL107 -
No change.
PBL108 -
No change.
PBL112 -
No change.
PBL113 -
No change.
PBL120 -
No change.
PBL121 -
Borrower is currently in the process of arranging the development finance to repay our loan. He expects to repay on time.
PBL122 -
Phase two of this loan is currently still in legals but has been delayed slightly due to a planning issue.
PBL123 -
The Borrower is currently expecting to repay on time and we are liaising with their broker.
PBL125 -
The borrower has accepted a refinance option which will repay our loan slightly prior to our redemption date. He is currently going through the necessary due diligence for the new lender.
PBL126 -
No change.
PBL127 -
We are looking at a development proposal for this site.
PBL130 -
No change.
PBL132 -
We are reviewing the planning proposals that the borrowers wish to submit to the council. Once agreed, the borrower will submit and if accepted, enhance the value of our security.
PBL133 -
No change.
PBL134 -
Expecting partial repayment soon.
PBL135 -
No change.
PBL136 -
There have been daily exchanges of emails over the last 10 days regarding proposed repayment (including emails from Borrower's Solicitor), however at the last minute the Borrower has advised that there has been a change of plan with one of the original investors coming back on board. The Borrower has advised that the other investor who was going to inject funds as an equity partner was much more expensive and the original investor will be providing the remaining funds within the next 4-6 weeks. In view of this we are going to extend the facility for a further 2 months based on the investor injecting circa £500k immediately to cover interest and reduce the loan amount. This will be concluded next week. All existing investors will receive a circa proportional repayment of their investment.
PBL137 -
Broker is currently working with other lenders on the refinance to repay our loan.
PBL139 -
Borrower has submitted the planning application and expects to refinance onto a development finance facility shortly after gaining planning permission. We will consider this proposal.
PBL140 -
We are in the process of reviewing the planning proposal.
PBL141 -
Borrower is currently working with a lender to refinance onto bank term finance.
PBL142 -
No change.
PBL143 -
No change.
PBL144 -
No change.
PBL145 -
No change.
PBL147 -
The loan has now completed and drawndown.
PBL148 -
No change.
Please look out for our annual report email, being sent next week.
Wishing everyone a very merry Christmas.
Kind regards,
The Saving Stream Team