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 12:02:38 GMT
This Loan is currently LIVE
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| @ 1st Tranche
17/05/16
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| @ 2nd Tranche 24/08/16 |
| @ 3rd Tranche
15/10/16
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| @ 4th Tranche
21/11/16
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| @ 5th Tranche
22/12/16
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| @ 6th Tranche
09/03/17
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| @ 7th Tranche
06/04/17
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| @ 8th Tranche 10/05/17 |
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| | Loan Amount | : | £ | 3,188,000
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| 498,614
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| 443,990
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| 385,342
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| 496,426
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| 447,620
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| 277,983
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| 250,936
| | Gross Dev. Value | : | £ | 8,662,500
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| 8,662,500
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| 8,610,000
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| 8,610,000
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| 8,610,000
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| 8,610,000
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| 8,610,000
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| 8,610,000
| | SS Indicated LTGV | : |
| 37% |
| 43% |
| 48%
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| 52%
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| 58%
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| 63% |
| 67%
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| 70% | Value
| : | £ | 4,000,000
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| Unknown
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| 3,500,000
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| Unknown
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| Unknown
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| Unknown
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| Unknown
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| Unknown
| LTV
| : |
| 80% |
| Unknown
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| 118%
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| Unknown
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| Unknown
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| Unknown
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| Unknown
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| Unknown
| | 90 Day Market Valuation | : | £ | Unknown
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| Unknown
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| 2,800,000
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| Unknown
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| Unknown
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| Unknown
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| Unknown
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| Unknown
| | LTV Based on 90 day MV | : |
| Unknown
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| Unknown
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| 148%
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| Unknown
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| Unknown
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| Unknown
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| Unknown
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| Unknown
| | Term | : |
| Unknown
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| Unknown
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| Unknown
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| 207 days
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| 177 days
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| 100 days |
| 72 days
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| 38 days | % PA
| : |
| 12%
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| 12%
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| 12% |
| 12% |
| 12%
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| 12% |
| 12%
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| 12% |
PLEASE NOTE : Everything below this line is no longer being updated
Some of my observations from the valuation report & this loan as a whole
Update - 14/10/2016 (Tranche 3)
- A further tranche of Development Funding £443,990 is now required bringing the total loan to £3,500,000
- QS has undertaken monthly site visit and confirmed previous monies have been spent as evidenced through works
- The GDV Has slightly decreased (to £8,610,000 from £8,662,500)
- SS has included a new VR; it indicates that the current value of the development is £3,500,000 (118% LTV) and the current 90-day Value is £2,800,000 (148% LTV)
1. The valuation report does not indicate any GDV on a value of the land in its current state......
> This makes the valuation report completely useless to do on when these DFLs require a GDV to calculate the LTGV
> SS indicates on the loan overview that the GDV is £8,500,000, but we only have their word on this. That would make the LTGV 70%
2. PBL 4 a&b is due to roll into this loan. So if you have investments in either of these loans it will affect your pre-funding. For example: If you have £1000 invested in PBL 4, and you set your pre-funding to £0 your account will be credited with £1000 (i.e. PBL 4 is paid back to you). However if you have £1000 invested in PBL 4, and you set your pre-funding to £1000 your account balance will remain £0 (because you're moving your £1000 investment from one loan to the other).
2. PBL 4 a&b rolled into this new DFL
3. The first tranche is the sum of the original loans (PBL 4 a&b) + interest/fees + 500k. SS have confirmed this is £3,188,000 (see here)
> The current value of the land is £4,000,000. As such this initial loan part would provide us a current LTV of 80%
4. The security was inspected on Wednesday 25th November. It would have been nice to have an updated site visit; a lot can happen in 3 months.
5. The purpose of this loan is for the development of 11 dwellings.
| Code Number Assigned | : | 08/03/2016 (12:02) | | Loan went live @ | : | 09/03/2016 (17:10) | | Allocation | : | 27.66% | | No. of investors @ live time | : | 1900 |
BDT
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adrianc
Member of DD Central
Posts: 10,024
Likes: 5,149
Member is Online
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Post by adrianc on Mar 8, 2016 12:10:49 GMT
<cough>name-and-shame</cough>
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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 12:13:11 GMT
<cough>name-and-shame</cough> Better..... ?
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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 13:20:28 GMT
Go Live E-mail just received
This loan is due to go live Wednesday (09/03/2016)
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Post by dodgeydave on Mar 8, 2016 13:40:15 GMT
Are we to assume 4a and 4b will be repaid tomorrow
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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 13:44:58 GMT
Are we to assume 4a and 4b will be repaid tomorrow Wasn't in the update.....
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Post by dodgeydave on Mar 8, 2016 13:46:26 GMT
I thought the DFL 1 was a replacement for 4a or 4b
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 8, 2016 13:48:07 GMT
Go Live E-mail just received This loan is due to go live Wednesday (09/03/2016)Where's the valaution to support an £8.5mil GDV? Exisiting value is £2.2m and what is the current planning situation outlined in valuation as full permission on covers 5 houses? Can this loan really go live on a complete lack of information, leaving aside the uncertainties of how DFL will work?
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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 13:48:35 GMT
I thought the DFL 1 was a replacement for 4a or 4b Yes. I suppose SS didn't see it fit to explain that in thier e-mail. The PBL-4s update page states; So I guess that these are due to be repaid or rolled into the same loan...... I'll be honest I have no idea  ; really need some more information....
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Post by dodgeydave on Mar 8, 2016 13:51:33 GMT
It appears SS are getting a little sloppy in the rush to push through loans
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davex
Member of DD Central
Posts: 81
Likes: 18
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Post by davex on Mar 8, 2016 13:55:11 GMT
It seems as SS have grown their communications have shrunk. My £3k of pre-funding for these have likewise shrunk.
I do hope they raise their game, cannot do DD without proper information.
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Post by lb on Mar 8, 2016 13:57:42 GMT
Go Live E-mail just received This loan is due to go live Wednesday (09/03/2016)Where's the valaution to support an £8.5mil GDV? Exisiting value is £2.2m and what is the current planning situation outlined in valuation as full permission on covers 5 houses? Can this loan really go live on a complete lack of information, leaving aside the uncertainties of how DFL will work? if SS fund the loan upfront as they say then yes it can go live at any time and on any basis.
we also don't know if that £5m loan is then drip fed into the market in small pieces so when it says fully funded no one has the foggiest if that means £4.9m SS and £100k investors or any other ratio - cant see where it shows the net amount the borrower actually receives and the amount held back by SS - and most importantly why cant we see a copy of our own loan agreements after all the loan is between us and the borrower isn't it?
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 8, 2016 13:58:53 GMT
I thought the DFL 1 was a replacement for 4a or 4b Yes. I suppose SS didn't see it fit to explain that in thier e-mail. The PBL-4s update page states; So I guess that these are due to be repaid or rolled into the same loan...... I'll be honest I have no idea ; really need some more information.... In theory, DFL1 only covers one of the PBL4 loans security but it is unclear whether is it secured on the whole lot or just the plot the building is taking place on. If the former then it would have to repay both loans which will use up nearly half of the new loan (2.1m) so we are back to guessing how much will the first tranche be. However, given a current value of 4m for the whole lot then 70% LTV would allow a trance of 2.8m which gives a bit more funding to play with than devil 2 (Again assuming interest isnt calculated up front on full loan)
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Post by dodgeydave on Mar 8, 2016 14:03:48 GMT
I am setting my prefunding to zero. To many unanswered questions . Everyone is guessing
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 8, 2016 14:11:43 GMT
Where's the valaution to support an £8.5mil GDV? Exisiting value is £2.2m and what is the current planning situation outlined in valuation as full permission on covers 5 houses? Can this loan really go live on a complete lack of information, leaving aside the uncertainties of how DFL will work? if SS fund the loan upfront as they say then yes it can go live at any time and on any basis.
we also don't know if that £5m loan is then drip fed into the market in small pieces so when it says fully funded no one has the foggiest if that means £4.9m SS and £100k investors or any other ratio - cant see where it shows the net amount the borrower actually receives and the amount held back by SS - and most importantly why cant we see a copy of our own loan agreements after all the loan is between us and the borrower isn't it?
It was rhetorical question. Seeing the loan agreement when making any investment is one of SS T&Cs which they seem not to follow. 
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; really need some more information....
