fp
Posts: 1,008 
Likes: 853
|
Post by fp on Jul 13, 2016 14:16:45 GMT
Given that the planned end of this loan is about 5 weeks from now, would it make sense to provide a clearer picture of the expected end game? The last note says "Land has been re-zoned. Potential valuation of over £XXm. Waiting on new valuation, will update when received". That is all positive, but provides little timing information. The "Project Strategy" section is also inconclusive. Can we, as lenders, know what are the borrower's intentions and expected timetable? Already on it....
PBL080 - 261 acres farmland, Bedfordshire - Tranche D
Hi,
These loans are due to re-pay in a few weeks, yet the recent updates seem to suggest it is now worth more, this not being relevant if it is due to be repaid, must we assume that this loan is due to be extended and if so, how long for?
Many thanks,
xxxxxxx
Max (Saving Stream)
Jul 13, 11:02 BST
Hi xxxxxx,
Thanks for your email. We are awaiting the re-finance on the land, which should be back to us within the next month. From there we will be able to give a accurate update on extension, if any, on when this property is due to repay.
Kind regards,
Customer Services Team
Saving Stream
|
|
andyb
Posts: 69
Likes: 36
|
Post by andyb on Jul 28, 2016 9:25:03 GMT
Just seen this in the updates
"The borrower is refinancing away from us, currently waiting on the offer then will instruct legals. We are waiting to see a copy of a new CBRE valuation now the site has been rezoned."
updated 1 day ago
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Aug 4, 2016 10:40:37 GMT
Any opinions about these now? Apparently now worth plenty, so is it worth parking some more cash in them despite short term remaining and not worrying about the loan over run while waiting for an extension or repayment?
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Aug 4, 2016 10:42:34 GMT
Any opinions about these now? Apparently now worth plenty, so is it worth parking some more cash in them despite short term remaining and not worrying about the loan over run while waiting for an extension or repayment? I did so a month or so back when the rezoning was confirmed, in the 2 smaller ones at least. Surprised there's still any hanging around.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Aug 4, 2016 10:47:39 GMT
Any opinions about these now? Apparently now worth plenty, so is it worth parking some more cash in them despite short term remaining and not worrying about the loan over run while waiting for an extension or repayment? I did so a month or so back when the rezoning was confirmed, in the 2 smaller ones at least. Surprised there's still any hanging around. Is there anywhere the rezoning can be confirmed? It would be nice to verify.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Aug 4, 2016 10:57:32 GMT
Well, £9M+ to (optimistically) £75M would mean that refinancing elsewhere even with a bigger loan could be at far lower LTV and therefore rate than SS would be able to provide (while giving us 12%). In the meantime we have the first charge, and are assuming our LTV is now well below 70%.
Looking for somewhere to park my PBL56/64 money (and some other short term remaining loans I have withdrawn from). I feel SS have rather too many loans coming up for repayment in the next 60 days or so compared with rather too few new loans. I'll probably wait until at least half of those (+ the already overdue ones) are settled before any more cash goes in. I want to see what happens.
|
|
adrianc
Member of DD Central
Posts: 10,015
Likes: 5,144
Member is Online
|
Post by adrianc on Aug 4, 2016 11:30:40 GMT
I feel SS have rather too many loans coming up for repayment in the next 60 days or so compared with rather too few new loans. We've been saying that for MONTHS, though... They keep sneaking new loans out.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Aug 4, 2016 11:32:49 GMT
Well, they are piling up so much now that even I am becoming (tw)itchy.  edit: not much comment about my original enquiry though re these four loans 77-80. |
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Aug 19, 2016 7:13:10 GMT
Yesterday's comment: "An offer of refinance has been seen; the borrowers are currently sitting on £3m cash which we have asked to repay some of the loan whilst their refinance goes ahead. Currently waiting on their reaction and hopeful agreement. Otherwise, looks likely to repay on time or just slightly after due date."
Need interpreter please.
|
|
|
|
Post by mattie on Aug 19, 2016 7:16:36 GMT
"... looks likely to repay on time or just slightly after due date." Need interpreter please. My interpretation is that as the due date is today, we should have the money by Monday at the latest. But I am not entirely sure that is what they intended to say, otherwise the mention of the cash available for partial repayment is kind of pointless..
|
|
|
|
Post by Deleted on Aug 19, 2016 7:27:46 GMT
Yesterday's comment: "An offer of refinance has been seen; the borrowers are currently sitting on £3m cash which we have asked to repay some of the loan whilst their refinance goes ahead. Currently waiting on their reaction and hopeful agreement. Otherwise, looks likely to repay on time or just slightly after due date." Need interpreter please. Well, this is what I read of it: SS lent to this borrower over 6.5M for the 4 loans 77-80. Apparently SS knows (how?) that the borrower has 3m still available an unutilised in cash. So they asked the borrower to repay at least those 3m with immediate effect. But the borrower might be willing (and capable) to repay the whole lot. Will probably see during the next week if things gets moving. Experience tells me it is more likely some of the spare cash will be utilised for asking an extension...
|
|
|
|
Post by savingstream on Aug 19, 2016 9:29:12 GMT
"... looks likely to repay on time or just slightly after due date." Need interpreter please. My interpretation is that as the due date is today, we should have the money by Monday at the latest. But I am not entirely sure that is what they intended to say, otherwise the mention of the cash available for partial repayment is kind of pointless.. The due date is on the 26th. The days remaining on this loan corresponds with the date we went live on SS to gather the funds in for that loan. We are much better now at updating the remaining days to correspond with the actual due date.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Aug 19, 2016 10:11:14 GMT
My interpretation is that as the due date is today, we should have the money by Monday at the latest. But I am not entirely sure that is what they intended to say, otherwise the mention of the cash available for partial repayment is kind of pointless.. The due date is on the 26th. The days remaining on this loan corresponds with the date we went live on SS to gather the funds in for that loan. We are much better now at updating the remaining days to correspond with the actual due date. Could you explain the situation with the "Rezoning" that some of us have been looking into but can't find? Did you get that CBRE valuation to confirm that rezoning has occurred? I know it seems immaterial as you seem to be confident the borrower is going to be able to repay on time, but if this loan drags on, us investors need to know the situation with the security.
|
|
|
|
Post by dualinvestor on Aug 19, 2016 10:16:10 GMT
It's also interesting what savingstream 's latest update didn't say. There was no mention of the re-zoning. SS's three previous updates stated that the farmland had been re-zoned and that the potential valuation could be over £75M. Yet aside from SS's updates, there is no independent evidence that such re-zoning has actually occurred. the property has been rezoned presumably there is a "certificate" or at least a letter from the appropriate authority to that effect. Additionally there should be some sort of public register confirming it. Perhaps savingstream could confirm that they have seen such evidence.
|
|
|
|
Post by martin44 on Aug 20, 2016 21:45:04 GMT
The company advertising this farm for " THE OPPORTUNITY TO OBTAIN
A NEW 6 YEAR FARM BUSINESS TENANCY
Of a productive arable farm" dated 20 july 2016,are still claiming... "The land is classified by the Former Ministry of Agriculture Fisheries & Food Land Classification Map of England & Wales as being Grade II land"This is a month after SS claimed the land had been re-zoned, i have a fairly hefty sum on all four pbl's and have held on due to the SS update dated 2 months ago, a month before the claim made in the advertising jargon of the company now trying to let this out. savingstream should i be holding on to this on the strength of your re-zoning updates? edit. Does this land now have the potential of being worth over £75m |
|
