Update 16 January 2016

Your quite right. I had the same feeling. I knew PBL36 was formally PBL8 but got distracted by rumours that there was a boat loan before that (actually PBL19 which was PBL9 which was the Bourne) However, having had a quick skim through the updates there is a reference to 8 & 21 being the same borrower. I think I lost the link when PBL8 became PBL36. Fixed now

mikes1531 PBL6 - I took it to mean to mean redemption date but as you say that doesnt explain whats happening with the balance. I wonder if they are going to add it to the SY and relaunch that loan/an additional loan hence the apparent typo. SS dont mention anything about funds coming from anywhere other than the SY, no reference to refinance of his other property referred to previously, yet even if that was the source it would have to be sorted already to prevent their being an unsecured loan. Not actually in any of these as Ive decided not to hold anything with less than 3 months to redemption to avoid such uncertainties since new T&Cs (not appplicable here I know)

I am not sure how that works either as usually my understanding of tranche is one gets priority over the other as each trance is technically a new loan 

So basically you mean take all 4 trances as one loan?

I read it that SS will only release the tranches as and when drawn down and the borrower is paying interest. All tranches will rank pari passu (or something like that - 60 years since I did Latin) in terms of the security in the event of a default.

In which case, would it not be four tranches secured on 1,000 acres, rather than four tranches each secured on (a different?) 250 acres?

I think oldgrumpy probably is right.  I'd be surprised if there were four separate parcels of 250 acres, each with a separate title.  And if there were, we'd be looking at four separate loans rather than four tranches.

AIUI, by saying from the start that there is going to be a total of £7M lent against the security, all four tranches can have equal priority.  (I think webwiz has the correct term -- pari passu.)  If SS had announced the loans one at a time, then they would have ended up with the first one having higher priority than the second, the second having higher priority than the third, etc., because otherwise people who invested in the earlier loans would find their security being diluted, compared to what they invested in, as the further loans are made.

SS have stated the value as a total of £10M.  This may be a development project where the £10M is the GDV, so the whole of the £7M really can't be secured until the project is built.  If the land itself is worth at least £2.5M, then the first £1.75M loan can be made using just the land as the security and the money advanced could be used to start the development.  By the time that is all spent, the value of the land and partially completed project should be higher and would support the second loan as well, at which point the second £1.75M tranche could be funded by SS and released to the borrower to continue spending on the development.  And so on until the project is complete and the borrower is in a position to sell it on, or refinance it with a traditional lender, and repay the SS loans.

If the £10M value is for the land itself -- and I haven't a clue what Bedfordshire farmland might be worth -- then the borrower could be needing the money for some project where funding is needed over a period of time.  There would be no point in taking all of the £7M at the beginning if it isn't needed up front since that would mean paying more interest than necessary, so the loan is divided up into tranches and the additional money is funded and sent to the borrower -- and the interest starts accruing -- only when they need it.

I expect that all will be revealed when the Loan Particulars are made available.