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Post by GSV3MIaC on Feb 10, 2016 16:59:44 GMT
SS should combine them into one again. If they're launching together, they don't need to be tranched. One suspects they may be tranched so they can be PAID BACK individually, as the buyer manages to turn them into cash/profits, rather than so they can be DRAWN DOWN individually?
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oldgrumpy
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Post by oldgrumpy on Feb 10, 2016 17:18:52 GMT
jivan I wouldn't dismiss this loan completely because of the discussion on this forum. I wouldn't dismiss SS/Lendy either. Just be aware that risks abound on all the platforms. That's why we get more than 2%. Banks and government policy have forced me/us into this, where if we had been still comfortably plodding along with 3.5-5% safe we probably wouldn't have ventured into this unsteady activity. 
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treeman
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Post by treeman on Feb 10, 2016 17:27:26 GMT
To help my understanding .......... Apologies for going over old ground or cross-posting. AIUI (for now without all the necessary info.....). This Loan is to purchase an existing Farm in entirety - 830 odd acres with house, farm buildings and all associated gubbins. It's on the market @ £9.25M - can see details on RightMove and others. The maps on these sites seem to be accurate ! The borrower is receiving the SS Loan as 4 equal tranches - each therefore with equal First Charges on 25% of the asset. The plan is to redevelop the site as 5000 or so housing units. Subject to planning etc etc. "This is a strategic land masterplanning project to re-zone the usage of the land from agricultural to multi-purpose residential and commercial development."Am I getting this right?The loan is to fund a purchase I guess all the tranches are needed together - not entirely sure why this is split into 4 ? GSV3MIaC is probably right a few posts previously. As far as how the subscription / pre-funding might work on this ...... I can't see it all (£7M) being oversubscribed even with the current demand. I can't see any real benefit either in going for a spread on all 4 or just 1 tranche - although the previously mentioned possible imbalances on individual tranche pre-funds is a tricky one to try to predict - I'm still pondering ...... probably leaning to a spread at this stage...... but interested in any other ways of looking at it !  |
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oldgrumpy
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Post by oldgrumpy on Feb 10, 2016 17:31:46 GMT
....probably leaning to a spread at this stage...... but interested in any other ways of looking at it !
I expect the farmer hasn't bothered with any of the usual spreading this winter!! 
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adrianc
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Post by adrianc on Feb 10, 2016 17:45:08 GMT
i) I'm disappointed that I only got £180 allocation from my first pre-fund bid of £1k (yes, I understand there's been a hiatus of loans coming thru during the holiday period and things are now looking up in terms of loans and loan sizes) More down to those two loans being absolute tiddlers rather than the hiatus. investor maintains a table of all pre-funds in this thread - p2pindependentforum.com/thread/3253/pre-funding-information - and you'll see that PBL75 and PBL76 were never going to be flying around by the grand. As a rough rule of thumb, there's around 1,500-2,000 people in on any pre-fund. A £300k loan is never going to go far among that number. I don't want to seem facetious, but that does seem to suggest that that wall of information doesn't actually add much of value beyond a little warm and fuzzy feeling inside.
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Post by highlandtiger on Feb 10, 2016 18:08:51 GMT
Am I the only one who actually thinks that these loans will be snapped up within minutes. Everyone seems to think there will be plenty to go round.
We've just had £3m of loans repaid, the last two loans that went live just about covered the money from the interest people still had received. So for a start there is half the Farm land loans covered. With the amount of interest from people moaning they cant get anything on the SM I'm convinced there is plenty of money out there waiting for these loans to go live.
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Post by goldservice on Feb 10, 2016 18:11:12 GMT
All the guy from SS wanted to do was to 'keep us in the loop'. Then he had to read around 40 posts, some very long. Hope the release doesn't get delayed too much ... |
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Post by Deleted on Feb 10, 2016 18:15:38 GMT
Is it just me that remembers all the deals being offered in 2006 for "agricultural land that will be designated for housing in the near future"  ? I'm not up for these 4 thanks.  |
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ilmoro
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Post by ilmoro on Feb 10, 2016 18:26:26 GMT
Pretty sure SS said each tranche has a seperate title. I suspect it has been done like this to facility future financing as it will be much easier to raise development finance in four chunks each with seperate security. For example the student accom loan that was on SS and then proposed on MT. It will also allow part of the project to be completed and refinanced. Flexibility.
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beechside
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Post by beechside on Feb 10, 2016 18:49:18 GMT
savingstream did tell us that no more than three loans would ever go live on the same day. The reason was so that we could manage our prefunding levels and not over-commit. May we have clarity on this, please? Do we split our funding over three or four loans? Thanks!
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Post by jivan on Feb 10, 2016 19:01:41 GMT
Is it just me that remembers all the deals being offered in 2006 for "agricultural land that will be designated for housing in the near future" ? I'm not up for these 4 thanks. Agreed! 70% LTV is actually pretty high, and then there's all those questions about who decides what the "V" actually represents......it's a supposition based on various assumptions, not a fixed figure, and it seems to me that we're not even being told what those assumptions are. As to the info that IS provided, I'm sure this bit of blurb will really help us to make a decision: The grade 2 land is largely under combinable cropping, but has in the past grown a range of vegetable and root crops, supported by spray irrigation. Grainstorage is largely on-floor. The land is almost all arable, with a few small grass paddocks adjoining both sets of buildings, and has been well farmed over many years. The fields are of a size suited to modern farming and are well served by internal tracks. Current cropping includes wheat, oilseed rape and beans, but the farm has in the past produced brassicas, sugar beet, potatoes and other vegetable crops.
.......very useful!! 
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adrianc
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Post by adrianc on Feb 10, 2016 19:17:22 GMT
Is it just me that remembers all the deals being offered in 2006 for "agricultural land that will be designated for housing in the near future" ? There is a VERY different climate, when it comes to planning decisions over new housing, in 2016 to 2006.
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ben
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Post by ben on Feb 10, 2016 19:21:37 GMT
Is it just me that remembers all the deals being offered in 2006 for "agricultural land that will be designated for housing in the near future" ? I'm not up for these 4 thanks. Agreed! 70% LTV is actually pretty high, and then there's all those questions about who decides what the "V" actually represents......it's a supposition based on various assumptions, not a fixed figure, and it seems to me that we're not even being told what those assumptions are. As to the info that IS provided, I'm sure this bit of blurb will really help us to make a decision: The grade 2 land is largely under combinable cropping, but has in the past grown a range of vegetable and root crops, supported by spray irrigation. Grainstorage is largely on-floor. The land is almost all arable, with a few small grass paddocks adjoining both sets of buildings, and has been well farmed over many years. The fields are of a size suited to modern farming and are well served by internal tracks. Current cropping includes wheat, oilseed rape and beans, but the farm has in the past produced brassicas, sugar beet, potatoes and other vegetable crops.
.......very useful!! Thanks you set my mind at rest I was not sure until I read this but if it fails at least we can grow potatoes to substain ourselves
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Liz
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Post by Liz on Feb 10, 2016 19:31:12 GMT
Let's buy the field, grow crops, and plan for doomsday.
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am
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Post by am on Feb 10, 2016 19:42:05 GMT
Is it just me that remembers all the deals being offered in 2006 for "agricultural land that will be designated for housing in the near future" ? I'm not up for these 4 thanks. I am considering the possibility that no hope value is included in the valuation - that the valuation is what the property is worth as a working farm. The numbers don't seem obviously out of the way for that - 823 acres of agricultural land and two sets of farm buildings. Even if this is confirmed, there are other issues that I think need to be addressed, such as what are the various exit strategies - how does the borrower get his hand on the money to repay us?
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