ben
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Post by ben on Feb 11, 2016 21:50:03 GMT
So is it looking less likely these loans are going live on Saturday now? I would have thought we would have got an e-mail from SS by now. The impression I got from their post was that they were putting it up on Saturday so people would put there money in and it would actually go live on Tuesday when they had enough money to cover it. So SS was going to pay the few days extra interest so they had the money ready for go live rather then having to fund it themselfs like they usually do
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mikes1531
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Post by mikes1531 on Feb 12, 2016 3:26:58 GMT
So is it looking less likely these loans are going live on Saturday now? I would have thought we would have got an e-mail from SS by now. The impression I got from their post was that they were putting it up on Saturday so people would put there money in and it would actually go live on Tuesday when they had enough money to cover it. So SS was going to pay the few days extra interest so they had the money ready for go live rather then having to fund it themselfs like they usually do Re-reading the OP... ... we will be issuing the 48 hours notice before we go live with a number of loans very soon i.e tmrw afternoon. We are hoping to receive the valuation documents for all 4 tranches of the farmland in Bedfordshire TOMORROW which we will put up as soon as they arrive with us for your perusal. We will then allocate loan parts on Saturday with the intention of completing on the loan on Tuesday. I take that to mean they were going to make the loans live on Thursday. But that seemed to depend on the receipt of the valuations, so I'm guessing they're still waiting for the valuations and things are on hold until those are available. With any luck, savingstream will let us know what's happening later today.
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duck
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Post by duck on Feb 12, 2016 7:00:16 GMT
And expect that there will be a lot of parts of 'overdue' loans put on the SM as a result. Those may indeed be snapped up quickly -- those offered today have gone pretty fast -- but I expect that before too long we will find those parts taking a while to sell. Overdue loans still moving well this morning, OK not big sums but one buyer instantly snapped up £300 in two 'overdues' that I put on the market a few minutes ago.
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Post by savingstream on Feb 12, 2016 8:06:31 GMT
No valuation doc yesterday unfortunately, although we know they were burning the midnight oil to get it ready for us. Go live now set for Sunday if it comes in today...
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star dust
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Post by star dust on Feb 12, 2016 8:48:37 GMT
No valuation doc yesterday unfortunately, although we know they were burning the midnight oil to get it ready for us. Go live now set for Sunday if it comes in today... Thanks for the update savingstream; hope it's just a matter of pushing a button on the Sunday, we don't want any burning (out) at your end  .
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Post by Deleted on Feb 12, 2016 13:48:32 GMT
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 12, 2016 16:02:07 GMT
While we wait for the valuation documents. Notice the farm is still for sale on Rightmove for £9.25m, so I will be slightly cautious if the valuation comes in above this. Thanks contrarian for the link (although I've got a feeling your link might be against the forum rules, but that's for the MODs to decide not me  !) The 9.25m is not far off the total valuation taken from the 4 loan parts, considering the total size of the value on SS. I’m guessing that they will adjust the figures slightly once their own valuation documents comes in; however if they do vary too much, it would be of concern. In any case I very much doubt the surveyors ‘180 marketing period’ valuation would be close to the 9.25m mark considering the land has been for sale since September 2015. It will be interesting which valuation SS use for the LTV
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am
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Post by am on Feb 12, 2016 16:44:41 GMT
While we wait for the valuation documents. Notice the farm is still for sale on Rightmove for £9.25m, so I will be slightly cautious if the valuation comes in above this. Thanks contrarian for the link (although I've got a feeling your link might be against the forum rules, but that's for the MODs to decide not me !) The 9.25m is not far off the total valuation taken from the 4 loan parts, considering the size of the total loan. I’m guessing that they will adjust the figures slightly once their own valuation documents comes in; however if they do vary too much, it would be of concern. In any case I very much doubt the surveyors ‘180 marketing period’ valuation would be close to the 9.25m mark considering the land has been for sale since September 2015. It will be interesting which valuation SS use for the LTV What we don't yet know is whether we are being offered all the farm, including the buildings, as security, or just the land. Depending on what the buildings are £10m might be reasonable (if you accept agricultural land prices as reasonable - I've looked at buying agricultural land and rejected it because the achievable income was too low) for the whole farm, but it seems a bit rich for just 823 acres of land. The other point that is concerning me that even if they get strategic planning for some of the land I have some skepticism that they will get it for the whole property in the short term - there's still a fair bit of undeveloped land west of the eastern bypass (Baden Powell Way).
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sam i am
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Post by sam i am on Feb 12, 2016 17:12:13 GMT
The Bedfordshire farmland loans now have PBL numbers (077 - 080) but no valuation docs on the site yet.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 12, 2016 17:14:46 GMT
Thanks contrarian for the link (although I've got a feeling your link might be against the forum rules, but that's for the MODs to decide not me !) The 9.25m is not far off the total valuation taken from the 4 loan parts, considering the size of the total loan. I’m guessing that they will adjust the figures slightly once their own valuation documents comes in; however if they do vary too much, it would be of concern. In any case I very much doubt the surveyors ‘180 marketing period’ valuation would be close to the 9.25m mark considering the land has been for sale since September 2015. It will be interesting which valuation SS use for the LTV What we don't yet know is whether we are being offered all the farm, including the buildings, as security, or just the land. Depending on what the buildings are £10m might be reasonable (if you accept agricultural land prices as reasonable - I've looked at buying agricultural land and rejected it because the achievable income was too low) for the whole farm, but it seems a bit rich for just 823 acres of land. The other point that is concerning me that even if they get strategic planning for some of the land I have some skepticism that they will get it for the whole property in the short term - there's still a fair bit of undeveloped land west of the eastern bypass (Baden Powell Way). I'd be surprised if it didn’t include the buildings; they are definitely included in the sale, and I couldn’t see the purchaser telling SS “If it doesn’t work out, you can have the land but I’m keeping the buildings”  ! Looking at map showing the land for sale, there is simply no way that any council is going to allow to build on all of it; it would double the size of Biggleswade! However, I’m sure there is lots of potential for planning permission (towards Sutton for example). I wonder if this is just someone purchasing the land, gaining as much planning permission as possible, partitioning the land that gets Planning and selling it off to developers. Any leftover land could be sold back as agricultural land.
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oldgrumpy
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Post by oldgrumpy on Feb 12, 2016 17:30:58 GMT
I do hope that areas of land not being cleared for immediate development will continue to be used (possibly on short lease) to produce food.
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mikes1531
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Post by mikes1531 on Feb 12, 2016 17:45:20 GMT
The 9.25m is not far off the total valuation taken from the 4 loan parts, considering the size of the total loan. I’m guessing that they will adjust the figures slightly once their own valuation documents comes in; however if they do vary too much, it would be of concern. In any case I very much doubt the surveyors ‘180 marketing period’ valuation would be close to the 9.25m mark considering the land has been for sale since September 2015. It will be interesting which valuation SS use for the LTV What we don't yet know is whether we are being offered all the farm, including the buildings, as security, or just the land. Depending on what the buildings are £10m might be reasonable (if you accept agricultural land prices as reasonable - I've looked at buying agricultural land and rejected it because the achievable income was too low) for the whole farm, but it seems a bit rich for just 823 acres of land. The other point that is concerning me that even if they get strategic planning for some of the land I have some skepticism that they will get it for the whole property in the short term - there's still a fair bit of undeveloped land west of the eastern bypass (Baden Powell Way). What's on offer for £9.25M seems to include the house and farm buildings because they're part of the Rightmove 'slide show'. The SS 'Value TBC' for the four tranches is £10M, but in view of the estate agent listing that does seem a bit excessive, though I suppose if it's about to be sold for £9.25M after 6 months of offering then the valuer could deem that to be the 180-day value and show a higher 'market' value. Having said that, though, should we expect the property to go for the offering price after being for sale for six months? (Is there any way to tell if the offering price now is the same as it was when it first was listed?) If the borrower is paying something like £9M for the property and borrowing £7M from SS then they'd have to be providing about £3M of their own funds as their net disbursal from SS would be about £6M -- or less -- once all the fees and upfront interest are retained. As for the likelihood of obtaining PP for housing in the short-term, am makes a good point about there still being a lot of undeveloped land inside the bypass. But it would seem that there's a lot of development going on there at the moment, as indicated by a comparison of the Google 'map' and 'satellite' views of that area. The map shows a network of roads, whereas the satellite view -- presumably older -- shows green fields!
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mikes1531
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Post by mikes1531 on Feb 12, 2016 17:49:56 GMT
I do hope that areas of land not being cleared for immediate development will continue to be used (possibly on short lease) to produce food. Unfortunately, oldgrumpy, even with climate change, I don't think this land will produce any bananas!
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oldgrumpy
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Post by oldgrumpy on Feb 12, 2016 17:57:33 GMT
I do hope that areas of land not being cleared for immediate development will continue to be used (possibly on short lease) to produce food. Unfortunately, oldgrumpy , even with climate change, I don't think this land will produce any bananas! No shortage of bananas in Bedfordshire, my friend. Haven't you seen any Pratt's where you live? www.shpratt.com/
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am
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Post by am on Feb 12, 2016 17:58:51 GMT
What we don't yet know is whether we are being offered all the farm, including the buildings, as security, or just the land. Depending on what the buildings are £10m might be reasonable (if you accept agricultural land prices as reasonable - I've looked at buying agricultural land and rejected it because the achievable income was too low) for the whole farm, but it seems a bit rich for just 823 acres of land. The other point that is concerning me that even if they get strategic planning for some of the land I have some skepticism that they will get it for the whole property in the short term - there's still a fair bit of undeveloped land west of the eastern bypass (Baden Powell Way). I'd be surprised if it didn’t include the buildings; they are definitely included in the sale, and I couldn’t see the purchaser telling SS “If it doesn’t work out, you can have the land but I’m keeping the buildings” ! Looking at map showing the land for sale, there is simply no way that any council is going to allow to build on all of it; it would double the size of Biggleswade! However, I’m sure there is lots of potential for planning permission (towards Sutton for example). I wonder if this is just someone purchasing the land, gaining as much planning permission as possible, partitioning the land that gets Planning and selling it off to developers. Any leftover land could be sold back as agricultural land. I would also expect the buildings to be included with one or more of the tranches, but as far as I am aware SS only says 200+ acres of land, rather than farm with 200+ acres.
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