Post by star dust on Jan 16, 2016 18:21:48 GMT
Latest update from SS for anyone interested and completeness - looks like nothing much happening next week, but possible loan launches and repayments the following.
"As you may be aware, we have now introduced a Captcha stage when making investments to combat the 'bot' automated buying activity we were experiencing.
The year of 2015 was an incredible time of growth for Saving Stream with our overall lending increasing from £15m to £80m and investor numbers increasing from 1,500 to nearly 6,000.
Our aim for 2016 is to continue to bring you high quality bridging loan and development finance investment opportunities. To achieve this we are increasing our broker network along with our marketing spend, and recruiting business development managers to bring in the new investment oppoortunities that the platform requires.
PIPELINE BRIDGING LOANS
Residential and Retail Development, Hull
Waiting on a new valuation document. This will likely drawdown later in January.
Land Surrey
Legals instructed. The valuation has come in below expectation. The buyer and vendor are in discussions in order to move forward.
Marina, Suffolk
Delayed until early Feb as the borrower is rearranging his SIPP.
Boat Yard, Berwickshire
Delayed until early Feb as the borrower is rearranging his SIPP.
Semi Detached House, Surrey
In legals aiming to complete on the 28th Jan.
Land with planning potential, Durham
In legals, hope to complete before end of Jan
1,000 acres farmland, Bedfordshire
This is now in legals, hope to complete end of Jan. We have split it into 4 tranches to facilitate a tranched drawdown and repayment schedule. All tranches will have equal priority.
PIPELINE DEVELOPMENT FINANCE LOANS
DFL001 - Exeter Dev Phase 1 (10 detached houses)
Terms agreed, entering DD phase with 1st drawdown likely in early Feb.
DFL002 - Exeter (Commercial and Resi dev) - (Presume this is PBL 50.)
Terms agreed, entering DD phase with 1st drawdown likely in early Feb.
EXISTING LOANBOOK
PBL004a/b
We have agreed terms with this borrower to provide him with development finance. This loan will be repaid and relaunched on the platform under the new T & Cs.
PBL006
Finally agreed a drawdown date for the end of Jan. We will receive £300k to repay some of the loan with the surplus coming from the Superyacht.
Superyacht
The borrower has secured a purchaser and it is currently in legals. A 10% deposit has been paid to the solicitors so we are very confident that this will progress favourably. End of Feb likely.
PBL016 / PBL017 / PBL018
We have agreed to provide the borrower with a small development loan on these properties which will significantly add value and assist with disposals. Currently negotiating terms.
PBL019
Our borrower has agreed to sell the hotel for over £900k. We need to extend the loan by 3 months to accommodate him until completion. Currently in legals.
PBL020
A planning application has been submitted, which will increase its value to £3.6 million, should be approved by mid-March. There are various lenders already in place to repay on receipt of planning approval.
PBL021
A sale is scheduled to exchange at any point.
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
A separate property is being sold at the end of Jan which will repay all of our loans to this borrower.
PBL037 /038/039
No change.
PBL040
Barclays has made an offer to refinance the loan and it is in legals.
PBL042
This has been extended a further 2 months to accommodate the planning strategy. The borrower has managed to get the site into the local plan, it now has residential permission as well as commercial so the value has increased significantly.
PBL043/044/045
Barclays have agreed to refinance within a couple of weeks.
PBL046 /047/ 048
No change.
PBL049
This plot has exchanged for £1.2m with anticipated completion in March.
PBL050
We have agreed to lend this borrower funds to complete the development of 7 flats and a large commercial space on the ground floor. A lease has been signed with a well known restaurant brand which will significantly increase the value of the asset.
PBL051/052 /053/ 055
No change.
PBL054
Joint venture partner is in due diligence to refinance within our loan term.
PBL056 / 057/ 058/059/ 060
No change.
PBL061
The borrower has progressed the completion of at least 30 units very quickly and to a very high standard. He will be looking to raise a further advance against these completed units soon to facilitate the completion of the next batch.
PBL062 / 063/ 064/065
No change.
PBL066
We have completed on this loan.
PBL067
We have completed on this loan.
PBL068/ 069 /070/071
No change.
PBL072.
We completed this loan just before Xmas.
PBL073
We completed this loan just before Xmas.
PBL074
We completed this loan last week."
"As you may be aware, we have now introduced a Captcha stage when making investments to combat the 'bot' automated buying activity we were experiencing.
The year of 2015 was an incredible time of growth for Saving Stream with our overall lending increasing from £15m to £80m and investor numbers increasing from 1,500 to nearly 6,000.
Our aim for 2016 is to continue to bring you high quality bridging loan and development finance investment opportunities. To achieve this we are increasing our broker network along with our marketing spend, and recruiting business development managers to bring in the new investment oppoortunities that the platform requires.
PIPELINE BRIDGING LOANS
Residential and Retail Development, Hull
Waiting on a new valuation document. This will likely drawdown later in January.
Land Surrey
Legals instructed. The valuation has come in below expectation. The buyer and vendor are in discussions in order to move forward.
Marina, Suffolk
Delayed until early Feb as the borrower is rearranging his SIPP.
Boat Yard, Berwickshire
Delayed until early Feb as the borrower is rearranging his SIPP.
Semi Detached House, Surrey
In legals aiming to complete on the 28th Jan.
Land with planning potential, Durham
In legals, hope to complete before end of Jan
1,000 acres farmland, Bedfordshire
This is now in legals, hope to complete end of Jan. We have split it into 4 tranches to facilitate a tranched drawdown and repayment schedule. All tranches will have equal priority.
PIPELINE DEVELOPMENT FINANCE LOANS
DFL001 - Exeter Dev Phase 1 (10 detached houses)
Terms agreed, entering DD phase with 1st drawdown likely in early Feb.
DFL002 - Exeter (Commercial and Resi dev) - (Presume this is PBL 50.)
Terms agreed, entering DD phase with 1st drawdown likely in early Feb.
EXISTING LOANBOOK
PBL004a/b
We have agreed terms with this borrower to provide him with development finance. This loan will be repaid and relaunched on the platform under the new T & Cs.
PBL006
Finally agreed a drawdown date for the end of Jan. We will receive £300k to repay some of the loan with the surplus coming from the Superyacht.
Superyacht
The borrower has secured a purchaser and it is currently in legals. A 10% deposit has been paid to the solicitors so we are very confident that this will progress favourably. End of Feb likely.
PBL016 / PBL017 / PBL018
We have agreed to provide the borrower with a small development loan on these properties which will significantly add value and assist with disposals. Currently negotiating terms.
PBL019
Our borrower has agreed to sell the hotel for over £900k. We need to extend the loan by 3 months to accommodate him until completion. Currently in legals.
PBL020
A planning application has been submitted, which will increase its value to £3.6 million, should be approved by mid-March. There are various lenders already in place to repay on receipt of planning approval.
PBL021
A sale is scheduled to exchange at any point.
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
A separate property is being sold at the end of Jan which will repay all of our loans to this borrower.
PBL037 /038/039
No change.
PBL040
Barclays has made an offer to refinance the loan and it is in legals.
PBL042
This has been extended a further 2 months to accommodate the planning strategy. The borrower has managed to get the site into the local plan, it now has residential permission as well as commercial so the value has increased significantly.
PBL043/044/045
Barclays have agreed to refinance within a couple of weeks.
PBL046 /047/ 048
No change.
PBL049
This plot has exchanged for £1.2m with anticipated completion in March.
PBL050
We have agreed to lend this borrower funds to complete the development of 7 flats and a large commercial space on the ground floor. A lease has been signed with a well known restaurant brand which will significantly increase the value of the asset.
PBL051/052 /053/ 055
No change.
PBL054
Joint venture partner is in due diligence to refinance within our loan term.
PBL056 / 057/ 058/059/ 060
No change.
PBL061
The borrower has progressed the completion of at least 30 units very quickly and to a very high standard. He will be looking to raise a further advance against these completed units soon to facilitate the completion of the next batch.
PBL062 / 063/ 064/065
No change.
PBL066
We have completed on this loan.
PBL067
We have completed on this loan.
PBL068/ 069 /070/071
No change.
PBL072.
We completed this loan just before Xmas.
PBL073
We completed this loan just before Xmas.
PBL074
We completed this loan last week."
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