cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Mar 8, 2016 11:43:19 GMT
This Loan is currently REPAID
| Loan Amount | £4,500,000
| | Security Value | £9,050,000
| | SS Indicated LTV | 50% | 90 Day Market Valueation
| £7,700,000
| LTV Based on 90 day Market Valueation
| 58% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Some of my observations from the valuation report1. The security is valued at £9,050,000 which gives us a best case LTV of 50%. It is valued in its current condition> 90 day market value is given as £7,700,000 which gives us a worst case LTV of 58%.2. £233,000 is payable upon practical completion; the surveyor has adjusted the valuation accordingly. 3. Practical completion is due during October 2016 > Note : If anybody wants me to add to this, please just add a comment in this post......
| Code Number Assigned | : | 08/03/2016 (11:40) | | Loan went live @ | : | 09/03/2016 (01:30) | | Allocation | : | 100% | | No. of investers @ live time | : | 1379 |
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 8, 2016 13:21:15 GMT
Go Live E-mail just received
This loan is due to go live Wednesday (09/03/2016)
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bernard
Member of DD Central
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Post by bernard on Mar 8, 2016 14:33:39 GMT
Anyone know why this is a pebble rather than a devil? I know it has an 'as is' valuation, but it is still a bare shell that needs 4mm quid spent on it to finish?
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SteveT
Member of DD Central
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Post by SteveT on Mar 8, 2016 14:35:15 GMT
Anyone know why this is a pebble rather than a devil? I know it has an 'as is' valuation, but it is still a bare shell that needs 4mm quid spent on it to finish? Presumably the borrower wants the entire loan advanced straight away, hence the only possible valuation is the "as is" state.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 8, 2016 14:35:36 GMT
Anyone know why this is a pebble rather than a devil? I know it has an 'as is' valuation, but it is still a bare shell that needs 4mm quid spent on it to finish? It's a bridging loan; the borrower is getting the entire amount upfront (not in stages), and the amount is due to be repaid within 12 months.
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registerme
Member of DD Central
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Post by registerme on Mar 8, 2016 16:27:58 GMT
But that doesn't really answer the question. More generally, the amount of blur between what might be a PBL, and what might be a DFL, is pretty unclear at the moment.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 8, 2016 16:35:39 GMT
But that doesn't really answer the question. More generally, the amount of blur between what might be a PBL, and what might be a DFL, is pretty unclear at the moment. The basics are: > A PBL (a Property Bridging Loan) is a short-term funding option. They are used to 'bridge' a gap between a debt coming due and the main line of credit becoming available. > A DFL (Development Finance Loan) is different because the loan will be for an actual development. They will generally require longer terms and as such will be released in stages. That's just the basics ( ilmoro does a fabulous job of explaining PBL & DFL Here); however it is true that details of SS DFLs are largely unknown. However, these details are due to be explained any minute now.....
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registerme
Member of DD Central
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Post by registerme on Mar 8, 2016 16:53:00 GMT
I get what it's meant to be, but it plainly isn't at the moment on SS, the current Huddersfield loan being a case in point.
In a similar vein the flat 12% is attractive not only because it is 12%, but because it is simple. This though may mask a range of underlying riskiness. SS may deal with this by charging borrowers different rates, but if they don't it means that some PBLs are effectively cross-subsidising others. Introduce another risk type into the same mix and you exacerbate the problem (if indeed a problem it actually is).
It doesn't concern me unduly, but I do think it's an example of how the platform will need to mature.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 8, 2016 22:59:58 GMT
Poor old Huddersfield C..... seems to have lacked attention after all the Exeter loan fiasco  From the dudes report and the really nice looking LTV, I'm taking what I would of invested in those horrible Devil loans and putting into this! Here's a thought @cooling_dude; you seem to be addicted to polls... why not add a "will you invest in XXXX loan" poll to all your future overviews?T Yep.... this does seem to be a good looking investment; I'm surprised SS didn't wait until after the DFLs to release it...... it will be interesting to see the allocation % on the 3 loans. I started a few polls...... I'm starting to feel abused  ...... . I think any poll like that might influence investors too much; I would rather everybody carried out their own DD  . Furthermore, I'd rather investors read the posts, a poll might just make them lazy!
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SteveT
Member of DD Central
Posts: 6,875
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Post by SteveT on Mar 9, 2016 11:03:13 GMT
PBL085 is now live. 100% of pre-fund request received.
1379 investors at launch
INVESTED £4,402,580
REMAINING £97,420
Of course, it remains to be seen if any of the INVESTED figure is actually retained by SS / underwriters to be released in further chunks in the coming days...
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sam i am
Member of DD Central
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Likes: 555
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Post by sam i am on Mar 9, 2016 11:04:49 GMT
I wonder if the £90k+ is the total remaining or if SS will drip in further amounts during the day...
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treeman
Member of DD Central
Posts: 1,026
Likes: 557
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Post by treeman on Mar 9, 2016 11:05:48 GMT
It's on the SM now
EDIT - Just gone up by nearly £100k
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on Mar 9, 2016 11:07:59 GMT
Perhaps a few people got rather more than they expected ...?
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registerme
Member of DD Central
Posts: 6,624
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Post by registerme on Mar 9, 2016 11:08:39 GMT
I got 100% of what I asked for. I wonder did some people overbid.....?
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boundah
Member of DD Central
Posts: 368
Likes: 430
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Post by boundah on Mar 9, 2016 11:18:41 GMT
I got 100% of what I asked for. I wonder did some people overbid.....? I got 100% too, probably double what I was expecting but still OK. Maybe SS's new disciplinarian approach has deterred some people from massively overbidding?
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...... 
. Furthermore, I'd rather investors read the posts, a poll might just make them lazy!
