mikeh
Member of DD Central
Posts: 499 
Likes: 370
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Post by mikeh on Apr 21, 2016 13:09:28 GMT
PBL87 - Watford Unit 3 - Going Live 19/03/2016 - Gone Dead 21/04/2016 RIP
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Post by Deleted on Apr 21, 2016 13:30:04 GMT
(I didn't like to say anything, but I was wondering where your LTVs were coming from...) 90% SS sending conflicting information; 10% Brandy  Yesterday cooling_dude returned to Due Diligence duty, today pbl087 repays early  - A coincidence ? 
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Post by given2fly on Apr 21, 2016 13:38:40 GMT
Was it ever drawn down?
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Post by dodgeydave on Apr 21, 2016 13:42:14 GMT
No
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stevio
Member of DD Central
Posts: 2,065
Likes: 894
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Post by stevio on Apr 21, 2016 16:11:10 GMT
What happened here? Was there an announcement or update from savingstream? Does this effect PBL88? |
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Post by given2fly on Apr 21, 2016 17:05:39 GMT
Borrower decided not to proceed, as they got a better deal elsewhere.
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awk
Posts: 276
Likes: 147
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Post by awk on Apr 21, 2016 17:10:10 GMT
PBL088 is showing as Drawndown
Did anyone notice this happen and whether PBL087 stayed as Not ? Strange if they went ahead with one loan and not the other.
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Post by Deleted on Apr 21, 2016 17:19:04 GMT
Borrower decided not to proceed, as they got a better deal elsewhere. Hopefully Saving Stream received sufficient compensation for the borrowers late change of heart. Raises questions about whether pbl088 will also be repaid early.
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Post by meledor on Apr 21, 2016 17:37:43 GMT
Rather ironic that the borrower got a better deal elsewhere considering all the issues that were raised on here - the restrictive covenant with 2 years left to run, suggestions that SS had understated the real LTV, the fact that this residential development was not in a residential area, even concerns about it being on the site of an old asbestos factory. And there were large amounts on the SM for weeks after it went live suggesting that it was not very popular. Yet the borrower's high street lender was able to step in with cheaper finance. Perhaps it says something about this bank's DD or maybe ours?
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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: 11,329
Likes: 11,549
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Post by ilmoro on Apr 21, 2016 18:14:02 GMT
PBL088 is showing as Drawndown Did anyone notice this happen and whether PBL087 stayed as Not ? Strange if they went ahead with one loan and not the other. Daft question, of course we did.  mrclondon even predicted it thanks to inside info on purchase. 5th April. 87 always Not
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Post by mrclondon on Apr 21, 2016 18:18:51 GMT
Rather ironic that the borrower got a better deal elsewhere considering all the issues that were raised on here - the restrictive covenant with 2 years left to run, suggestions that SS had understated the real LTV, the fact that this residential development was not in a residential area, even concerns about it being on the site of an old asbestos factory. And there were large amounts on the SM for weeks after it went live suggesting that it was not very popular. Yet the borrower's high street lender was able to step in with cheaper finance. Perhaps it says something about this bank's DD or maybe ours? I'd hazard a guess that the fact the school were effectively guaranteeing to take a 15 year lease on the unit 3 building if planning is refused for the borrower's residential conversion scheme tipped the balance to this being a relatively safe bridging loan, and passing a mainstream lender's sniff test. If this is indeed the reason then it would be unlikely that unit 4 will be refinanced in the short term with no long term tenants in situ.
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awk
Posts: 276
Likes: 147
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Post by awk on Apr 21, 2016 19:10:41 GMT
PBL088 is showing as Drawndown Did anyone notice this happen and whether PBL087 stayed as Not ? Strange if they went ahead with one loan and not the other. Daft question, of course we did. mrclondon even predicted it thanks to inside info on purchase. 5th April. 87 always Not Many thanks ilmoro , obviously, that strange radar / mind probe contraption on your head is all seeing, all knowing - does anything ever escape you? 
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Investor
Member of DD Central
Posts: 662
Likes: 590
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Post by Investor on Apr 21, 2016 22:08:10 GMT
Yep, he is completely unaware of the vast quantities of pig poo on the back of his jacket
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- A coincidence ? 
