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Post by GSV3MIaC on Feb 14, 2016 17:08:17 GMT
Thanks for the update savingstream  Say; I hope you get some overtime pay working on a Sunday  ! Seconded. However I note the update was 'sent by mobile', probably from the golf course (or choice hostelry), so overtime is not guaranteed!!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 14, 2016 17:56:33 GMT
Thanks for the update savingstream Say; I hope you get some overtime pay working on a Sunday ! Seconded. However I note the update was 'sent by mobile', probably from the golf course (or choice hostelry), so overtime is not guaranteed!! Indoor ski slope more likely;-)
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Post by supernumerary on Feb 14, 2016 20:52:22 GMT
Thanks for the update savingstream Say; I hope you get some overtime pay working on a Sunday ! Seconded. However I note the update was 'sent by mobile', probably from the golf course (or choice hostelry), so overtime is not guaranteed!! That is a tad harsh... Could it be that the message was sent as Saving Stream were on the 2005 Bespoke one-off superyacht... If that is so, surely overtime is in order. 
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sam i am
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Post by sam i am on Feb 15, 2016 9:08:52 GMT
The loans are filled according to the prefunding data. Congratulations savingstream, you have come a long way in a short time. This is good news for everyone. More supply is great but the last thing I wanted was over-supply. I'm very pleased to see that a £7m loan can now be successfully launched on the platform without CB or waiting a long time to fill. Hopefully we have the right balance between supply, demand and liquidity.
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sam i am
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Post by sam i am on Feb 15, 2016 9:16:18 GMT
Valuation docs now on the site. Separate valuations and loans sizes for each tranche. It's now a bit more interesting...
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Liz
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Post by Liz on Feb 15, 2016 9:19:41 GMT
Valuation documents in, and loans all amended to different sizes.
Are all 4 loans going live Wednesday, please let us know Savingstream, and is the security split on all of the loans?
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Post by GSV3MIaC on Feb 15, 2016 9:20:26 GMT
Doesn't quite add up to £7m, but pretty close.
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Liz
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Post by Liz on Feb 15, 2016 9:28:50 GMT
Doesn't quite add up to £7m, but pretty close. I make it £6469,500
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sam i am
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Post by sam i am on Feb 15, 2016 9:28:52 GMT
Now the loans are of significantly different sizes it will be interesting to see if all will fill immediately or if the two smaller ones will be oversubscribed and the two larger ones will be more difficult to fill.
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Post by dodgeydave on Feb 15, 2016 9:28:56 GMT
What is Faming ??
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Post by savingstream on Feb 15, 2016 9:29:51 GMT
Doesn't quite add up to £7m, but pretty close. Val came in at £9.4m without consideration of any prospect of the planning opportunity which is what we asked for. We are lending on a purely 'cabbage and carrot basis'. Also not included is the Basic Farm Payment which is worth about £80k to the farm but does come with it.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2016 9:30:21 GMT
Reading Material ! So a quick read and these are my own observations - All four valuation documents are the same, so has been done for the entire land, not each tranche individually > However; in section 13.0 the valuation is sub-divided into 4 parts- 2x Scheduled Ancient Monument are on the land > One located in Tranche B and the other in Tranche D
> This could affect the ability to gain planning permission near these sites- The valuation includes all the buildings > However no mention of the farming equipment. As it is being sold as a working farm I would imagine it would include the farming equipment. I know little about farming, but I do know that the equipment involved (combine, tractors etc) is expensive stuff.- There is a restrictive covenant relating to noise within Clay End Yard > This part of the land includes the Dutch Barn, Stables and Manѐge, which later on the surveyor indicates could have potential for residential conversion. This restrictive covenant could restrict that potential - The land is currently held within two ownerships and it is assumed therefore is held under separate titles - Although the farmhouse is included in the valuation, the surveyor didn’t actually inspect it on the valuation date. - Central Bedfordshire Council are in the process of preparing a new local plan, the timetable for which is yet to be published. > THIS IS IMPORTANT - The surveyor sates that, there is a very low chance of obtaining non-agricultural planning consent on the land adjacent to Biggleswade- There are a number of traditional barns which have potential for residential conversion - The total land is valued at £9,400,000, but if you add up each individual sub-divided valuation, the value of comes to £9,385,000 > Luckliy SS have used the sub-divided valuations which adds up to £9,385,000 > However it is worth pointing out that the land is for sale @ £9,250,000, and has been for sale since September last year > There are no 180-day marketing period valuation which would of been a better gauge for LTV IMHO |
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sam i am
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Post by sam i am on Feb 15, 2016 9:33:27 GMT
Doesn't quite add up to £7m, but pretty close. Val came in at £9.4m without consideration of any prospect of the planning opportunity which is what we asked for. We are lending on a purely 'cabbage and carrot basis'. Also not included is the Basic Farm Payment which is worth about £80k to the farm but does come with it. This is still above the £9.25m asking price on Rightmove unless what is being offered for sale and what is being valued are not the same thing.
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Liz
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Post by Liz on Feb 15, 2016 9:33:42 GMT
Doesn't quite add up to £7m, but pretty close. Val came in at £9.4m without consideration of any prospect of the planning opportunity which is what we asked for. We are lending on a purely 'cabbage and carrot basis'. Also not included is the Basic Farm Payment which is worth about £80k to the farm but does come with it. Brilliant, prudence is always welcome in today's climate. I do need to know if all loans share all of the security, or if its being divided up.
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Post by savingstream on Feb 15, 2016 9:45:42 GMT
Val came in at £9.4m without consideration of any prospect of the planning opportunity which is what we asked for. We are lending on a purely 'cabbage and carrot basis'. Also not included is the Basic Farm Payment which is worth about £80k to the farm but does come with it. Brilliant, prudence is always welcome in today's climate. I do need to know if all loans share all of the security, or if its being divided up. Liz - we have divided it up.
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