bigal
Posts: 31
Likes: 61
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Post by bigal on Mar 21, 2016 13:39:11 GMT
PBL090 - Go-Live Date 31 March 2016
Large House with OPP for Care Village, Derby
PBL at present, with the possibility of SS providing a DFL in due course (circa. £12m) | 6 Month Market Value | £4,550,000
| 39% LTV | | 90 Day Market Value | £3,870,000
| 46% LTV | | Loan Amount | £1,772,000
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- Valuations (dated 16 Mar 2016) based on the assumption that OPP has been granted.
- Informal valuation (dated Aug 2014 - see annexes) for 80 bed home, 32 cottages and 66 apartments came in at £3,240,000 (note this differs from OPP figures of 62, 30, 66 respectively)
- 7.8 is out of date: OPP has now been granted. (Confirmed and uploaded by SS in their post in this thread - SS website still to be updated).
- 7.9: PP has Joint applicants (husband &wife) - husband is local councillor and Deputy Chair of the Planning Committee!
- 7.13: "The proposed development would not be in accordance with Policy S3 of the Adopted Local Plan since it would constitute development in the countryside. However, the economic aspects of the scheme including local employment opportunities have to be considered in addition to social benefits..." Given the latter being considered to outweigh the former, approval is recommended subject to conditions and a Section 106.
- Existing house will be demolished under the plans. Remainder of the site was historically gardens.
- Property neighbours main road to town on northern boundary (with a mature hedgerow effectively concealing property from eye-level), private road to west (which is shared access to this property and industrial sheds), large industrial sheds to SW (which deflects property boundary into an irregular shape), land with trees and shrubs to south and east. (See Google satellite view)
- Property is Freehold and free from any encumbrance. No leases in place. Deemed suitable for security.
- Developer is known to valuer and has good track record for projects of this size and type. Valuer projects conservative build time of 15-21 months once full PP received.
- 37 objections to OPP from local residents are listed (worth a read, as much for a chuckle - who says the residents won't appreciate the weekly rock band practice next door, and as for the traffic calming measures contravening the statutory right to drive at 40mph on this stretch of road, well...?!)
- 14.1: "Strengths
• Clear site ready for development.
• Benefit of enhanced planning possibly.
• New railway line is been granted in planning which will increase value of the end product.
Weaknesses
• Outline planning subject to Section 106 notice.
• Industrial shed to the rear of the site."
- DFL is to cover sale of property from current owner (Councillor) to SS' borrower (Developer).
Please feel free to note any additions, omissions or corrections and I will try to update.
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Post by savingstream on Mar 21, 2016 14:27:34 GMT
Thanks for this BigAl. I am sure our other investors will appreciate your DD summaries. Looks like Cooling Dude has some competition.
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Post by pepperpot on Mar 21, 2016 14:34:30 GMT
...and now the suspicion is set to defcon 4, that's the most worrisome post of all!!!  <wanders off to wash mouth out with soap and water> |
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registerme
Member of DD Central
Posts: 6,624 
Likes: 6,437
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Post by registerme on Mar 21, 2016 14:36:11 GMT
- 7.9: PP has Joint applicants (husband &wife) - husband is local councillor and Deputy Chair of the Planning Committee!
That'll be an interesting conflict of interest to handle!
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brin
I am trying to stay calm.
Posts: 379
Likes: 69
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Post by brin on Mar 21, 2016 14:36:28 GMT
Hey maaaan, dig that post, thanks dooood.  |
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alanp
Member of DD Central
Posts: 168
Likes: 72
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Post by alanp on Mar 21, 2016 15:16:22 GMT
- 7.9: PP has Joint applicants (husband &wife) - husband is local councillor and Deputy Chair of the Planning Committee!
That'll be an interesting conflict of interest to handle! Not unusual though, many local Councillors are also local business people. He should Declare an Interest and abstain (remove himself from room) during the committee discussion / vote (unless he is presenting in some way on behalf of the applicant) if he is present at the meeting or, ideally, ask one his parties nominated substitutes to attend in his place. What he may say when he is chatting to fellow councillors over a cup of coffee however...... To be fair most councils bend over backwards in cases like this to avoid any possibility of reputational damage or challenges post decision.
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Post by savingstream on Mar 21, 2016 15:29:49 GMT
Our borrower is not the Councillor. It is a sale from the current owner to our borrower. OPP has already been given.
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mickj
Member of DD Central
Posts: 435
Likes: 191
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Post by mickj on Mar 21, 2016 17:56:23 GMT
Looks like Cooling Dude has some competition. But not for a few weeks Here:
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agent69
Member of DD Central
Posts: 6,044
Likes: 4,437
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Post by agent69 on Mar 21, 2016 18:36:02 GMT
PBL Number TBC - Currently Stage 3
Large House with OPP for Care Village, Derby 67 pages - I'm impressed. Anyone care to take a punt on how oversubscribed this will be?
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on Mar 21, 2016 18:37:47 GMT
Reckon we'll get 75% of prefund requests
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Post by GSV3MIaC on Mar 21, 2016 20:53:39 GMT
Has anyone figured out if the borrower for this one is the same as (or related to) any of the borrowers for "similar opportunity" loans on the SS platform?
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jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Mar 21, 2016 22:04:19 GMT
Reckon we'll get 75% of prefund requests Considering the state of the SM, if this went live on say Thursday (to allow 2 days notice in emails) it could be quite a lot less over gamed than usual as people could be nervous. In that scenario, I'd go for 95% of requests. Give it until the end of next week and a months interest paid and I'd guess stevet would likely be on the money. If it was the week after and no other loans launched in the mean time, then it could be 60% or less.
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romy
Member of DD Central
Posts: 78 
Likes: 41
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Post by romy on Mar 21, 2016 23:23:13 GMT
That'll be an interesting conflict of interest to handle! Not unusual though, many local Councillors are also local business people. He should Declare an Interest and abstain (remove himself from room) during the committee discussion / vote (unless he is presenting in some way on behalf of the applicant) if he is present at the meeting or, ideally, ask one his parties nominated substitutes to attend in his place. What he may say when he is chatting to fellow councillors over a cup of coffee however...... To be fair most councils bend over backwards in cases like this to avoid any possibility of reputational damage or challenges post decision. I seem to remember reading that it had been "called in" to an extra planning review committee to avoid conflicts
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Post by yorkshireman on Mar 22, 2016 0:59:01 GMT
PBL Number TBC - Currently Stage 3
Large House with OPP for Care Village, Derby
PBL at present, with the possibility of SS providing a DFL in due course (circa. £12m) | 6 Month Market Value | £4,550,000
| 39% LTV | | 90 Day Market Value | £3,870,000
| 46% LTV | | Loan Amount | £1,772,000
|
|
- Valuations (dated 16 Mar 2016) based on the assumption that OPP has been granted.
- Informal valuation (dated Aug 2014 - see annexes) for 80 bed home, 32 cottages and 66 apartments came in at £3,240,000 (note this differs from OPP figures of 62, 30, 66 respectively)
- 7.8: Council planning portal shows OPP application submitted 13 May 2015, and status still "awaiting decision". SS advise OPP has already been granted - awaiting document upload.
- 7.9: PP has Joint applicants (husband &wife) - husband is local councillor and Deputy Chair of the Planning Committee!
- 7.13: "The proposed development would not be in accordance with Policy S3 of the Adopted Local Plan since it would constitute development in the countryside. However, the economic aspects of the scheme including local employment opportunities have to be considered in addition to social benefits..." Given the latter being considered to outweigh the former, approval is recommended subject to conditions and a Section 106.
- Existing house will be demolished under the plans. Remainder of the site was historically gardens.
- Property neighbours main road to town on northern boundary (with a mature hedgerow effectively concealing property from eye-level), private road to west (which is shared access to this property and industrial sheds), large industrial sheds to SW (which deflects property boundary into an irregular shape), land with trees and shrubs to south and east. (See Google satellite view)
- Property is Freehold and free from any encumbrance. No leases in place. Deemed suitable for security.
- Developer is known to valuer and has good track record for projects of this size and type. Valuer projects conservative build time of 15-21 months once full PP received.
- 37 objections to OPP from local residents are listed (worth a read, as much for a chuckle - who says the residents won't appreciate the weekly rock band practice next door, and as for the traffic calming measures contravening the statutory right to drive at 40mph on this stretch of road, well...?!)
- 14.1: "Strengths
• Clear site ready for development.
• Benefit of enhanced planning possibly.
• New railway line is been granted in planning which will increase value of the end product.
Weaknesses
• Outline planning subject to Section 106 notice.
• Industrial shed to the rear of the site."
- DFL is to cover sale of property from current owner (Councillor) to SS' borrower (Developer).
Please feel free to note any additions, omissions or corrections and I will try to update.
"• New railway line is been granted in planning which will increase value of the end product." Probably HS2, why should that increase the value as I doubt if there will be much demand from the residents of a "care village"? 
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Post by Deleted on Mar 22, 2016 9:44:12 GMT
Would be good to see the loan parts available on the secondary market decrease before we push ahead with more loans.
Good liquidity is an essential aspect of the site.
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