Post by star dust on Dec 19, 2015 7:25:47 GMT
Posting for all those saying they haven't got this email (in another thread), the pre-funding bit has already been posted, but have left for completeness. I am sure ilmoro will be updating his thread soon, and as you can see not a great deal of change elsewhere.
PREFUNDING AMENDMENTS
For loans under £1million, we are going to be allocating funding from the bottom upwards as some of these loans are more than ten times oversubscribed. This will prevent the ‘gaming’ that is taking place at the moment. We have also set new prefunding limits, based on the sum of your portfolio, plus cash on account.
PIPELINE LOANS
• Residential and Retail Development, Hull – Waiting on new valuation document. £5.225m loan. This will likely drawdown mid-January.
• Land with OPP, Surrey – Legals instructed. We have received the valuation and are working through the legals.
• Farm, Huntingdon – We expect to go live with this loan on Monday, December 21, using the new pre-funding method for allocations.
• Land in Essex – We expect this to go live later today and complete early next week.
• IOW property – Waiting on valuation.
• Lowestoft – Delayed until early January.
• Eyemouth - Delayed until early January.
• Semi Detached House, Surrey – In legals.
• Land with planning potential, Durham – Waiting for undertaking to be received
EXISTING LOANBOOK
PBL004a/b
The borrower is still negotiating with the new lender. We expect to meet with the borrower on Monday, December 21, to discuss. We are considering offering him development finance on the project if the other lender fails to come up with the funds in a timely fashion. This will then be launched as a new loan.
PBL006
This is still in legals with bank.
Superyacht
The borrower has secured a purchaser and it is currently in legals.
PBL016 / PBL017 / PBL018
Barclays has made an offer of refinance and it is in legals. He is paying us monthly interest in the interim.
PBL019
A new lender has been agreed and it is currently in legals. We have seen the offer but it will probably roll over into the new year.
PBL020
A planning application has been submitted, which will increase its value to £3.6 million, if approved in eight weeks. There are various lenders already in place to repay on receipt of planning approval.
PBL021
A sale is scheduled to exchange this week.
PBL022
Another lender has made an offer and it is in legals. Interest is still held on account. Repayment will probably be at the end of January.
PBL025
No change.
PBL026 -
This loan is in legals to extend, with the addition of a further £200k worth of security.
PBL027
No change. Borrower is considering floatation on Alternative Investment Market (AIM).
PBL028
Being taken out by another lender. In legals.
PBL029
We are working closely with the broker to organise a January repayment or an extension of 3 months.
PBL031
The borrower has renewed this loan – all interest and fees have been paid for a further 6 months.
PBL033
We have received a new valuation of over £15m on this site which is now live on the website.
PBL035
No change.
PBL036
The loan is being refinanced by Lloyds and is still in legals.
PBL037 / 038/ 039 Gloucestershire
No change.
PBL040
Barclays has made an offer to refinance the loan and it is in legals.
PBL042
No change.
PBL043 / PBL 044/ PBL 045 Dorset
Barclays has offered to refinance early which will potentially be seen by the end of the year.
PBL046
No change.
PBL047 / PBL 048 - Essex
No change.
PBL049 - Essex
This plot has exchanged for £1.2m with anticipated completion in March. We will be advancing this borrower an additional £150k next week, which will go up as a new loan.
PBL050 /PBL 051/ PBL 052/ PBL 053/ PBL 055
No change.
PBL054
Joint venture partner is in due diligence to refinance within our loan term.
PBL056/ PBL 057/ PBL 058/ PBL 059/ PBL 060
No change.
PBL061
Building work has progressed to the second fix and the borrower will be looking for an additional sum in the near future, secured against the completed assets.
PBL062/ PBL 063/ PBL 064/ PBL 065
No change.
PBL066
There has been a delay due to an existing charge. This is now in hand and we should be able to complete before Christmas.
PBL067
We should be completing before Christmas.
PBL068
No change.
PBL069/ PBL 070/ PBL 071- Gloucs
Completed earlier this week.
PBL0 72
We hope to complete later today.
PREFUNDING AMENDMENTS
For loans under £1million, we are going to be allocating funding from the bottom upwards as some of these loans are more than ten times oversubscribed. This will prevent the ‘gaming’ that is taking place at the moment. We have also set new prefunding limits, based on the sum of your portfolio, plus cash on account.
PIPELINE LOANS
• Residential and Retail Development, Hull – Waiting on new valuation document. £5.225m loan. This will likely drawdown mid-January.
• Land with OPP, Surrey – Legals instructed. We have received the valuation and are working through the legals.
• Farm, Huntingdon – We expect to go live with this loan on Monday, December 21, using the new pre-funding method for allocations.
• Land in Essex – We expect this to go live later today and complete early next week.
• IOW property – Waiting on valuation.
• Lowestoft – Delayed until early January.
• Eyemouth - Delayed until early January.
• Semi Detached House, Surrey – In legals.
• Land with planning potential, Durham – Waiting for undertaking to be received
EXISTING LOANBOOK
PBL004a/b
The borrower is still negotiating with the new lender. We expect to meet with the borrower on Monday, December 21, to discuss. We are considering offering him development finance on the project if the other lender fails to come up with the funds in a timely fashion. This will then be launched as a new loan.
PBL006
This is still in legals with bank.
Superyacht
The borrower has secured a purchaser and it is currently in legals.
PBL016 / PBL017 / PBL018
Barclays has made an offer of refinance and it is in legals. He is paying us monthly interest in the interim.
PBL019
A new lender has been agreed and it is currently in legals. We have seen the offer but it will probably roll over into the new year.
PBL020
A planning application has been submitted, which will increase its value to £3.6 million, if approved in eight weeks. There are various lenders already in place to repay on receipt of planning approval.
PBL021
A sale is scheduled to exchange this week.
PBL022
Another lender has made an offer and it is in legals. Interest is still held on account. Repayment will probably be at the end of January.
PBL025
No change.
PBL026 -
This loan is in legals to extend, with the addition of a further £200k worth of security.
PBL027
No change. Borrower is considering floatation on Alternative Investment Market (AIM).
PBL028
Being taken out by another lender. In legals.
PBL029
We are working closely with the broker to organise a January repayment or an extension of 3 months.
PBL031
The borrower has renewed this loan – all interest and fees have been paid for a further 6 months.
PBL033
We have received a new valuation of over £15m on this site which is now live on the website.
PBL035
No change.
PBL036
The loan is being refinanced by Lloyds and is still in legals.
PBL037 / 038/ 039 Gloucestershire
No change.
PBL040
Barclays has made an offer to refinance the loan and it is in legals.
PBL042
No change.
PBL043 / PBL 044/ PBL 045 Dorset
Barclays has offered to refinance early which will potentially be seen by the end of the year.
PBL046
No change.
PBL047 / PBL 048 - Essex
No change.
PBL049 - Essex
This plot has exchanged for £1.2m with anticipated completion in March. We will be advancing this borrower an additional £150k next week, which will go up as a new loan.
PBL050 /PBL 051/ PBL 052/ PBL 053/ PBL 055
No change.
PBL054
Joint venture partner is in due diligence to refinance within our loan term.
PBL056/ PBL 057/ PBL 058/ PBL 059/ PBL 060
No change.
PBL061
Building work has progressed to the second fix and the borrower will be looking for an additional sum in the near future, secured against the completed assets.
PBL062/ PBL 063/ PBL 064/ PBL 065
No change.
PBL066
There has been a delay due to an existing charge. This is now in hand and we should be able to complete before Christmas.
PBL067
We should be completing before Christmas.
PBL068
No change.
PBL069/ PBL 070/ PBL 071- Gloucs
Completed earlier this week.
PBL0 72
We hope to complete later today.
