Post by ilmoro on Jul 20, 2015 12:56:54 GMT
Welcome to our weekly update. Here are our current platform's statistics.
Loaned through Saving Stream £44,366,307
Current security held £69,855,000
Current live loan book £34,685,250 (50% LTV)
Repaid loans £9,681,057
Interest earned by Saving Stream investors £1,615,917 (3,774 investors)
Important Notices
The ‘Trust Structure” should be ready to launch in c2 weeks. We have mostly agreed the Lender & Borrower T&Cs and will make these available for review to everyone asap. We should also be able to transfer the existing loans into this structure via an assignment clause in our Loan Agreements.
The new website is well underway; it is an arduous but rewarding task for us to undertake and we are certain it will be very well received when complete, which is looking like end of August/September.
Repaid Loans
PBL 10 – £224k was repaid to investors in full this week. We have nearly repaid £10m in total to investors.
Completed/Drawndown Loans
PBL 40 – Completed.
PBL 43 – Completed today.
PBL 44 – Completed today.
PBL 45 – Completed today.
Existing Loans
PBL 4a - No change.
PBL 4b - No change.
PBL 6 – We have received interest to cover the cost of this loan until September. The sale of the borrowers assets is progressing through legals and we expect to be repaid before September.
Superyacht - Same borrower as PBL 6. See above.
PBL 11 - We are expecting full repayment by the end of the month.
PBL 12 - We are expecting full repayment by the end of the month.
PBL 14 – We are expecting full repayment by the end of the month. The sale is progressing through legals now.
PBL 15 – The sale document has been signed and exchanged with a completion date set for October the 1st. We have received interest to cover our SS costs until then.
PBL 16/17/18 - No change.
PBL 19 - No change.
PBL 20 - No change.
PBL 21 - No change.
PBL 22 – Currently seeking planning permission for a large number of apartments with a few neighboring sites. We have asked the client to re-bridge away, his broker is now arranging this and should be clear by the end of our loan term.
PBL 25 – A service access road has been created and building work is now ongoing.
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 - No change.
PBL 33 – Planning permission has been granted.
PBL 35 - No change.
PBL 36 - No change.
PBL 37/38/39 - No change.
PBL 40 - Completed today.
PBL 41 - Legals underway, probable completion c 2/3 weeks. There are lots of planning considerations to review.
PBL 42 – No change.
PBL 43 – Completed today.
PBL 44 – Completed today.
PBL 45 – Completed today.
Pipeline Loans
Farm in Lancashire - value £1.25m. (In legals).
Commercial/Resi Exeter - £1.2m. (In legals).
Land with PP Exeter - £800k. (In legals) should complete in 10 days or so.
Land in Essex – val £2m. Loan £1.2m.
Office block in Swindon. Val £2m. Loan £1.2m.
Thank you for investing in Saving Stream.
