cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 12, 2016 20:10:59 GMT
Maybe there is a small hitch or two? .. I mean the area shrank from 250 to '200+' acres, the total value seems to perhaps be a bit less than £10m, so the 70% LTV has to be looking a bit threatened, especially for any bits which don't include the farm itself? Ah well, at least it un-bunged the SM a bit .. for some of the older loans, if not the newer ones. addition: with respect to am's estimate, I think it is a zero short of what you'd need to pay for zoned building land in the part of the world! Not that I live there any more, but we are talking commuter belt, and even at 5 houses to the acre .. A hitch or two maybe, but it seems that SS is steaming ahead; PBL have been assigned to the names. I’m willing to bet a fair few people have withdrawn thier prefunding after reeading this thread.
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am
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Post by am on Feb 12, 2016 20:19:56 GMT
What's the farmer going to do once the land is sold? Head for Spain and retirement? Or do they have an agreement with the buyer that they can continue to run the farm until the PP decision is made? Does that affect the potential resale value of the land if PP for development is not forthcoming quickly? I think I've just talked myself into reducing my pre-funding requests still further!  It seems to me that it would make sense for the borrower if the farm continued to operate, as the profits would offset some of the interest being paid. They don't have involve the seller - they could rent the land to British Sugar who could then pay an agricultural contractor to do the work. Leaving the land for say five years, would lead to colonisation by scrub and pernicious weeds like thistles and docks, so would require clearance before it could be used for farming. I don't think a year or two would matter, and leaving it fallow might even enhance the value slightly. Have we a farmer in the house to express an informed opinion? I'm not adding any pre-funding requests until I know what the security is (if then).
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ablender
Member of DD Central
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Post by ablender on Feb 12, 2016 20:26:50 GMT
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! There a plan on the council web site showing the whole area inside the bypass being developed, with a linear park along the bypass. www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWhen this is complete, if they want more residential development, there are two potential areas I see - the western 300 acres or so of West Sunderland Farm to the east, and Furzenhall Farm to the north. There's also an aerodrome to the west which might possibly be a potential brownfield site. We need someone local to tell us how much land is left inside the relief road. In the document linked above, there is a diagram on page 28 which shows four different zones, A, B, C, D. Will these end up corresponding to the four different tranches? (Although the sizes look different to me. And things might have changed since 2003.)
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am
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Post by am on Feb 12, 2016 20:35:24 GMT
There a plan on the council web site showing the whole area inside the bypass being developed, with a linear park along the bypass. www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWhen this is complete, if they want more residential development, there are two potential areas I see - the western 300 acres or so of West Sunderland Farm to the east, and Furzenhall Farm to the north. There's also an aerodrome to the west which might possibly be a potential brownfield site. We need someone local to tell us how much land is left inside the relief road. In the document linked above, there is a diagram on page 28 which shows four different zones, A, B, C, D. Will these end up corresponding to the four different tranches? (Although the sizes look different to me. And things might have changed since 2003.) The land in that document is not the land we are being offered as security. The land in that document lies west of the eastern relief road (Baden Powell Road) and at least half of it has been built on since 2003. The land we are being offered as security lies east of the eastern relief road; the borrower hopes that when the land west of the road has been developed development will then progress to their land. The interest in the document lies in what it tells us about demand for building land in the area and the potential results of planning applications.
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jonah
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Post by jonah on Feb 12, 2016 21:18:49 GMT
The Bedfordshire farmland loans now have PBL numbers (077 - 080) but no valuation docs on the site yet. A word of warning -- double-check your pre-funding figures. I refreshed my pipeline loans page to confirm that the PBLs had been added -- and discovered that two of my four my pre-funding amounts had changed from what I had set a day or two ago. One was nearly double what I wanted, and the other was 10x what I had set! I haven't a clue how that might have happened. (I did remember to update them one at a time and then click the Save button after each change.) I hope what happened to me was just a fluke and doesn't catch others out, as it could be rather awkward if these go live and everyone is allocated what they pre-funded. All mine are 1/3rd increased
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Post by Deleted on Feb 13, 2016 11:30:33 GMT
Adjusted my pre-funding down as this loan could go live as soon as the valuation documents are posted, wasn't the plan to complete by next Tuesday ?
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ilmoro
Member of DD Central
'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 13, 2016 12:17:28 GMT
Adjusted my pre-funding down as this loan could go live as soon as the valuation documents are posted, wasn't the plan to complete by next Tuesday ? Yes, as in drawdown but the launch and drawdown dont have to correspond. If its underwritten then SS can drawdown contemporaneously (simultaneously or even coterminously  ) Seems unlikely now that launch will be much before Tues if SS stick to the recent 48hr notice policy. Even if theyve got the valuation then seems likely they would need to review it and possibly seek some clarification on points which I suspect the weekend will prevent. Happy to be pleasantly surprised (or unpleasantly if it reads badly)
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Post by polonius on Feb 13, 2016 15:33:51 GMT
A word of warning -- double-check your pre-funding figures. I refreshed my pipeline loans page to confirm that the PBLs had been added -- and discovered that two of my four my pre-funding amounts had changed from what I had set a day or two ago. One was nearly double what I wanted, and the other was 10x what I had set! All mine are 1/3rd increased I've checked mine. They have not been altered at all
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stevio
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Post by stevio on Feb 13, 2016 16:51:55 GMT
Adjusted my pre-funding down as this loan could go live as soon as the valuation documents are posted, wasn't the plan to complete by next Tuesday ? Yes, as in drawdown but the launch and drawdown dont have to correspond. If its underwritten then SS can drawdown contemporaneously (simultaneously or even coterminously ) Seems unlikely now that launch will be much before Tues if SS stick to the recent 48hr notice policy. Even if theyve got the valuation then seems likely they would need to review it and possibly seek some clarification on points which I suspect the weekend will prevent. Happy to be pleasantly surprised (or unpleasantly if it reads badly) Thought this was today?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 13, 2016 16:54:10 GMT
Yes, as in drawdown but the launch and drawdown dont have to correspond. If its underwritten then SS can drawdown contemporaneously (simultaneously or even coterminously ) Seems unlikely now that launch will be much before Tues if SS stick to the recent 48hr notice policy. Even if theyve got the valuation then seems likely they would need to review it and possibly seek some clarification on points which I suspect the weekend will prevent. Happy to be pleasantly surprised (or unpleasantly if it reads badly) Thought this was today? Nope. We're ( savingstream to be precise) are waiting for the valuation documents. They revised the 'going live date' to Sunday earlier in this thread, but as we have yet to receive the e-mail this now looks unlikely. My guess is that the loan will now go live early next week.
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ben
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Post by ben on Feb 13, 2016 16:54:46 GMT
They wanted the funds transferred in this weekend for drawdown on Tuesday so guess not going to show on site yet
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Post by GSV3MIaC on Feb 13, 2016 17:23:09 GMT
Yep, one suspects they don't have the £7m in the cashbox, so they need lenders to remit it (which they allow 48 hours for) before they can hand it over. Presumably they can 'float' more reasonable size loans without needing to wait. Let's hope it is just a delay, rather than an 'oops, valuation rather below par'. Don't see how it can go live before lenders have a chance to review the documents and adjust their prefunding to suit.
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locutus
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Post by locutus on Feb 13, 2016 18:28:03 GMT
Yep, one suspects they don't have the £7m in the cashbox, so they need lenders to remit it (which they allow 48 hours for) before they can hand it over. Presumably they can 'float' more reasonable size loans without needing to wait. Let's hope it is just a delay, rather than an 'oops, valuation rather below par'. Don't see how it can go live before lenders have a chance to review the documents and adjust their prefunding to suit. I wonder if the amount lent includes or excludes the upfront interest that is paid and held on account?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 13, 2016 18:33:33 GMT
Yep, one suspects they don't have the £7m in the cashbox, so they need lenders to remit it (which they allow 48 hours for) before they can hand it over. Presumably they can 'float' more reasonable size loans without needing to wait. Let's hope it is just a delay, rather than an 'oops, valuation rather below par'. Don't see how it can go live before lenders have a chance to review the documents and adjust their prefunding to suit. I wonder if the amount lent includes or excludes the upfront interest that is paid and held on account? I might need to be corrected on this; but the way I understood it, before any loan is provided to a borrower, the borrower has to pay the interest to Lendy Ltd upfront. In which case the amount lent will exclude the upfront interest
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locutus
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Post by locutus on Feb 13, 2016 18:37:33 GMT
I would have thought the interest was also lent by Lendy. Happy to be corrected though. My understanding is that if they lend £7million, they also lend an additional £840,000 but keep this on account to pay the interest to us.
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) Seems unlikely now that launch will be much before Tues if SS stick to the recent 48hr notice policy. Even if theyve got the valuation then seems likely they would need to review it and possibly seek some clarification on points which I suspect the weekend will prevent. Happy to be pleasantly surprised (or unpleasantly if it reads badly)
