Post by star dust on Feb 1, 2016 13:05:20 GMT
1 February update for anyone interested/ completeness. My observations in blue, and highlighting some 'new' events.
"Interest payments for January 2016 have now been credited to all investor accounts.
The delay in pipeline loans going live is frustrating but is mainly due to the slow down of Christmas working its way through. In the next month we will hopefully be releasing nearly £30m of new loans that are currently in with solictors at present. We also have some loans expected to repay such as PBL043/044/045, PBL06 and the superyacht at least.
PIPELINE BRIDGING LOANS - Solicitors instructed
Development, Hull
This has all be agreed with the borrower, solicitors instructed. Value - £9.5m, Loan £5.225m
Land with OPP, Surrey
Legals instructed. The valuation has come in below expectations. The vendor has been on an extended holiday but just returned. Value c £2m, loan £1.2m. This was the one pulled from the pipeline so maybe a mistake or will re-appear?
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
All legals completed, purchase/completion 12th Feb. Value £415k, loan £315k.
Land with planning potential, Durham
In legals, hope to complete early Feb. Value £600k, loan £420k.
1,000 acres farmland, Bedfordshire
This is now in legals, hope to complete beginning of Feb. We have split it into 4 loans to facilitate a tranched drawdown and repayment schedule. All will have equal priority as they will be on separate titles. Value £10m, loan £7m.
Caravan Park, Lancashire with planning potential
Undertaking paid, deposit arranged and sent to our account. Should complete early/mid Feb. Value £2.665m, £1.6m
Land in Wales with PP for large commercial space
Value £2.5m, Loan £1.2m
Large Industrial Unit Herts
Value £8m, Loan £5m
Large Industrial Unit Herts
Value £5m, Loan £3m
Site in Norfolk with PP to build care home, flats and houses
Value £5m, Loan £3m
Commercial building in Peterborough with PP for care home
Value £1.3, loan £845k
PIPELINE DEVELOPMENT FINANCE LOANS - Solicitors instructed
DFL001 - Exeter Dev Phase 1 (10 detached exec homes)
GDV £8.5/9m – loan £6m. Agreed terms, entering DD phase with 1st drawdown likely in early Feb.
DFL002 - Exeter (Commercial and Resi dev)
Agreed terms, entering DD phase with 1st drawdown likely in early Feb.
PRE-PIPELINE LOANS - Terms issued and likely to proceed
Land with planning Torquay – GDV £39m, land loan £7m against £15m value.
Hotel Torquay – Value £6m, loan £3m.
Land Torquay – Value £2m, loan £1m.
Various parcels of land in Edinburgh – Value £85m, £20m loan over 5 assets.
Hotel Dorset – Value £3.7m, loan £2.5m
School building, Lancashire. Value £2.2m, loan £1.4m
Large mansion, Surrey, Value £5m, loan £3m
Buy-to-let property, Liverpool, Value £250k, loan £150k
Glasgow restaurant and retail unit
EXISTING LOANBOOK
PBL004a/b Legals agreed and expected to be signed next week. We will relaunch as a new loan.
PBL006 EFG should be completing in 10 days or so.
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. Mid-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 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 11th Feb. 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 has been paid until end of Feb.
PBL025 We have declined to provide development finance. The borrower is refinancing the site with another lender.
PBL026 This loan is in legals have been completed, should be completed next week.
PBL027 No change. Borrower has agreed a £10m investment to take us out and complete the build.
PBL028 DS1 signed, should be paid back next week. Already paid back!
PBL029 We are receiving payment of this loan very soon.
PBL031 The borrower has renewed this loan – all interest and fees have been paid for a further 6 months.
PBL033/035 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/PBL044/PBL045 We are expecting full repayment next week.
PBL046 We will extend this loan by a further 3 months once the client pays us the interest owed. Expecting receipt next week.
PBL047/048 No change.
PBL049 This plot has exchanged for £1.2m with anticipated completion in March. We have advanced this borrower an additional £150k. All on schedule.
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. Will be relaunched as DFL 02.
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. Request expected next week for a further drawdown.
PBL062/063/064/065/066/067/068/069/070/071/072/073/074 No change. "
"Interest payments for January 2016 have now been credited to all investor accounts.
The delay in pipeline loans going live is frustrating but is mainly due to the slow down of Christmas working its way through. In the next month we will hopefully be releasing nearly £30m of new loans that are currently in with solictors at present. We also have some loans expected to repay such as PBL043/044/045, PBL06 and the superyacht at least.
PIPELINE BRIDGING LOANS - Solicitors instructed
Development, Hull
This has all be agreed with the borrower, solicitors instructed. Value - £9.5m, Loan £5.225m
Land with OPP, Surrey
Legals instructed. The valuation has come in below expectations. The vendor has been on an extended holiday but just returned. Value c £2m, loan £1.2m. This was the one pulled from the pipeline so maybe a mistake or will re-appear?
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
All legals completed, purchase/completion 12th Feb. Value £415k, loan £315k.
Land with planning potential, Durham
In legals, hope to complete early Feb. Value £600k, loan £420k.
1,000 acres farmland, Bedfordshire
This is now in legals, hope to complete beginning of Feb. We have split it into 4 loans to facilitate a tranched drawdown and repayment schedule. All will have equal priority as they will be on separate titles. Value £10m, loan £7m.
Caravan Park, Lancashire with planning potential
Undertaking paid, deposit arranged and sent to our account. Should complete early/mid Feb. Value £2.665m, £1.6m
Land in Wales with PP for large commercial space
Value £2.5m, Loan £1.2m
Large Industrial Unit Herts
Value £8m, Loan £5m
Large Industrial Unit Herts
Value £5m, Loan £3m
Site in Norfolk with PP to build care home, flats and houses
Value £5m, Loan £3m
Commercial building in Peterborough with PP for care home
Value £1.3, loan £845k
PIPELINE DEVELOPMENT FINANCE LOANS - Solicitors instructed
DFL001 - Exeter Dev Phase 1 (10 detached exec homes)
GDV £8.5/9m – loan £6m. Agreed terms, entering DD phase with 1st drawdown likely in early Feb.
DFL002 - Exeter (Commercial and Resi dev)
Agreed terms, entering DD phase with 1st drawdown likely in early Feb.
PRE-PIPELINE LOANS - Terms issued and likely to proceed
Land with planning Torquay – GDV £39m, land loan £7m against £15m value.
Hotel Torquay – Value £6m, loan £3m.
Land Torquay – Value £2m, loan £1m.
Various parcels of land in Edinburgh – Value £85m, £20m loan over 5 assets.
Hotel Dorset – Value £3.7m, loan £2.5m
School building, Lancashire. Value £2.2m, loan £1.4m
Large mansion, Surrey, Value £5m, loan £3m
Buy-to-let property, Liverpool, Value £250k, loan £150k
Glasgow restaurant and retail unit
EXISTING LOANBOOK
PBL004a/b Legals agreed and expected to be signed next week. We will relaunch as a new loan.
PBL006 EFG should be completing in 10 days or so.
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. Mid-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 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 11th Feb. 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 has been paid until end of Feb.
PBL025 We have declined to provide development finance. The borrower is refinancing the site with another lender.
PBL026 This loan is in legals have been completed, should be completed next week.
PBL027 No change. Borrower has agreed a £10m investment to take us out and complete the build.
PBL028 DS1 signed, should be paid back next week. Already paid back!
PBL029 We are receiving payment of this loan very soon.
PBL031 The borrower has renewed this loan – all interest and fees have been paid for a further 6 months.
PBL033/035 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/PBL044/PBL045 We are expecting full repayment next week.
PBL046 We will extend this loan by a further 3 months once the client pays us the interest owed. Expecting receipt next week.
PBL047/048 No change.
PBL049 This plot has exchanged for £1.2m with anticipated completion in March. We have advanced this borrower an additional £150k. All on schedule.
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. Will be relaunched as DFL 02.
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. Request expected next week for a further drawdown.
PBL062/063/064/065/066/067/068/069/070/071/072/073/074 No change. "
