ablender
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Post by ablender on Oct 12, 2015 14:02:02 GMT
Hi,
I saw a new loan available in the pipeline. There is something that I do not fully understand and would like to tap into your knowledge. At the moment it is showing a Value of £3,000,000 and a LTV of 70%. But on the attached document it says that the estimated value is £2,870,000. If I did the calculations correctly, a loan of £2,100,000 will result in a LTV of 73%. Is this correct? Is this significant?
Cheers.
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SteveT
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Post by SteveT on Oct 12, 2015 14:09:27 GMT
It was previously listed briefly at a higher assumed valuation. I guess that SS will be reducing the amount to be lent or else seeking additional security if the loan sum is to remain the same.
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ablender
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Post by ablender on Oct 12, 2015 14:10:45 GMT
OK, I will wait before I commit then to see the final figures.
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webwiz
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Post by webwiz on Oct 12, 2015 14:12:09 GMT
OK, I will wait before I commit then to see the final figures. Also slightly odd as they have not also asked for a valuation subject to a short marketing period, as they usually do.
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SteveT
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Post by SteveT on Oct 12, 2015 14:14:22 GMT
OK, I will wait before I commit then to see the final figures. Things are occasionally a bit free-form with SS and sometimes loans have launched for funding before all the details are fully nailed down (which are then finalised pre-drawdown). That said, I can't see all of this one being pre-funded immediately so there should be availability post-launch too.
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sam i am
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Post by sam i am on Oct 12, 2015 21:10:08 GMT
Loan details now amended to Valuation = £2.87m, Loan = £2.00m, LTV just below 70%.
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jfm
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Post by jfm on Oct 13, 2015 18:13:16 GMT
Is anyone concerned that a majority of the rent on the building is paid by a newly formed company connected to the borrower?
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star dust
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Post by star dust on Oct 13, 2015 18:39:30 GMT
Is anyone concerned that a majority of the rent on the building is paid by a newly formed company connected to the borrower? Who it seems are also paying OTT rent payments for some strange reason (which are likely to reduce) - it has an unhappy resonance with a commercial loan on another platform. I know SS's model works differently, but my pre-fund is set to zero subject to any unexpected revelations in the BL particulars, I am also assuming that this one will be under the new terms, but I guess that could do with some clarification as it is a 'resurrection'.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 13, 2015 19:52:52 GMT
Is anyone concerned that a majority of the rent on the building is paid by a newly formed company connected to the borrower? Who it seems are also paying OTT rent payments for some strange reason (which are likely to reduce) - it has an unhappy resonance with a commercial loan on another platform. Oh, Give us a clue. Like platform loan name/number.
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alison
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Sanctuary!!
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Post by alison on Oct 13, 2015 20:01:32 GMT
Who it seems are also paying OTT rent payments for some strange reason (which are likely to reduce) - it has an unhappy resonance with a commercial loan on another platform. Oh, Give us a clue. Like platform loan name/number. So - pipeline.
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mikes1531
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Post by mikes1531 on Oct 13, 2015 20:06:20 GMT
Who it seems are also paying OTT rent payments for some strange reason (which are likely to reduce) - it has an unhappy resonance with a commercial loan on another platform. Oh, Give us a clue. Like platform loan name/number. AC/205
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ablender
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Post by ablender on Oct 13, 2015 21:50:32 GMT
Does this discussion mean that we would be better to stay away from this one?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 13, 2015 22:17:05 GMT
Does this discussion mean that we would be better to stay away from this one? No, it doesn't mean stay away. We haven't got the bridging particulars yet, so we don't know the exit strategy.
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david42
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Post by david42 on Oct 13, 2015 23:02:52 GMT
Is anyone concerned that a majority of the rent on the building is paid by a newly formed company connected to the borrower? Who it seems are also paying OTT rent payments for some strange reason (which are likely to reduce) - it has an unhappy resonance with a commercial loan on another platform. I know SS's model works differently, but my pre-fund is set to zero subject to any unexpected revelations in the BL particulars, I am also assuming that this one will be under the new terms, but I guess that could do with some clarification as it is a 'resurrection'. I raised my concerns about this loan directly with Saving Stream. My question: The building valuation may have been influenced by the artificially high rent paid by **** ******* Ltd to the building owner - another company in the same group. Answer from Liam at Saving Stream: "We queried this, the valuer is confident that the rent is accurate and is the market rate."
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Post by savingstream on Oct 14, 2015 12:20:23 GMT
We have evidence that they have been paying this rent for the previous 5 years at or near the amount mentioned in the valuation in the company that owned it previously. This new co has just been set up to manage all the groups own assets.
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