jamesc
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Post by jamesc on Mar 24, 2016 13:11:51 GMT
Just come up with a number given small size SS can launch this even with the SM a bit saturated because only really the new loans for sale everything else disappears very quickly
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Post by wildlife2 on Mar 24, 2016 13:16:44 GMT
Going live tomorrow.
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Bagman
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Post by Bagman on Mar 24, 2016 13:23:03 GMT
I would only expect to get £150-£200 in pre fund on this one
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jamesc
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Post by jamesc on Mar 24, 2016 13:27:40 GMT
Should be much better allocation than that, we got £150 on PBL86 and that was only £150,000 and got £300 on PBL74 and that was £322,000 and after a drought, should be more like £400-£500.
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Post by highlandtiger on Mar 24, 2016 15:09:18 GMT
As someone born and bred in Maidstone and whose family still live in the area, I can tell you that this property is no where near Maidstone but closer to Staplehurst a few miles away I have an Aunt that lives in Staplehurst so I know of the pub but not anything about it. What I do know is that the villages around there are commuter villages full of rich types heading into London very morning, an house prices in the area reflect that. Oh and they have a good boot fair at Staplehurst at weekends  |
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registerme
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Post by registerme on Mar 24, 2016 15:10:52 GMT
Trip advisor reviews looked positive when I glanced at them earlier. I'll go have another, more thorough, look.
EDIT: A couple of poor reviews but the vast majority (28/31?) positive. I'm not sure how much bearing this has on the loan given that it looks to be a PP / residential development play.
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bigal
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Post by bigal on Mar 24, 2016 15:19:06 GMT
PBL89 - Went live on Friday 25th March 2016
OPERATING PUBLIC HOUSE, MAIDSTONE, KENT| Market Value | £650,000 | 70% LTV | | 90 Day Market Value | £550,000 | 83% LTV | | Loan Amount | £455,000 | 183 days |
Primary Security: First charge
Secondary Security: Personal Guarantees and Debenture
- Valuation (dated 05 Feb 2016) based on an as-is basis (without any OPP in place)
- Property consists of operating pub/restaurant (with staff accommodation in two flats above), letting rooms to rear (three separate en-suites in a wooden pre-fab), beer garden & car park.
- Property is in an acceptable condition for lending purposes with no significant defects evident. Routine maintenance & repairs required.
- Held freehold with a current 9 year lease expiring February 2022. Valuation prepared on that basis.
- SS - "There is no planning permission on the site however there is considerable potential. We are lending on a purely bricks and mortar basis and the 9 year lease in place without any hope of planning value being added."
- SS - "Borrowers are very experienced investors who are building a portfolio of similar pubs with planning potential. They are buying this asset out of probate hence the need for rapid, short term finance whilst they arrange longer term funds to be arranged from a high street lender."
- Property forms the end part of a terrace of period dwellings (better illustrated in photo on valuation vs. SS website)
- Two possible avenues of development, subject to planning application and approval:
1. One terraced cottage formed, value IRO £200,000.
Remainder of terraced property converted into two separate dwellings (3br mid-terrace and 2br end-terrace), combined value IRO £650,000.
Total potential value £850,000 for buildings, plus additional value of adjoining land and B&B accommodation (subject to build costs of £250,000)
2. One 5br terraced house valued IRO £800,000, plus additional value of adjoining land and B&B accommodation (subject to build costs of £150,000)
NB. Valuation states: "The remaining land to the side and rear could be used for newbuild residential subject to planning permission being obtained. Without planning this only has hope value, however this would be a minimum of £100,000 providing an overall value of between £700,000 and £750,000 currently."
- Commercial properties used for comparison are all of smaller floor area. First comparison is on the market for £650,000 and attracting interest (no offers yet) - it does not have B&B accommodation though - so surveyor uses this as justification for his valuation of PBL089.
- Maximum valuation of £750,000 given, but this is adjusted to £650,000 to allow for anticipated developer margin.
- registerme reports that SS have advised him that the pub's annual rental income at present is £52,000.
- As an aside, I note the registered company trading under the premises name went into liquidation in 2012, although the Property itself did not form part of its assets. There's a messy web of failed companies running pubs under that director...
- And another aside, search for the name of the pub and "christening" - talk about starting out as you mean to go on!
Please feel free to note any additions, omissions or corrections and I will try to update.
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goopy
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Post by goopy on Mar 24, 2016 16:07:41 GMT
Are you sure you're not cd bigal?  |
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Post by brianac on Mar 24, 2016 16:15:19 GMT
PBL89 - Go-Live on Friday 25th March 2016
- And another aside, search for the name of the pub and "christening" - talk about starting out as you mean to go on!
Tends to be a Hazard when you do "functions" I used to work at a Hotel, they went to great efforts to avoid Traveller weddings/functions. Thanks for summary. Methinks I'm going to go for some of this one. Brian
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adrianc
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Post by adrianc on Mar 24, 2016 16:52:12 GMT
Are you sure you're not cd bigal? CD would have started a new thread in parallel so that his analysis was the first post.
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Post by highlandtiger on Mar 24, 2016 16:55:57 GMT
Are you sure you're not cd bigal? CD would have started a new thread in parallel so that his analysis was the first post. .........or would he
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investibod
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Post by investibod on Mar 24, 2016 16:56:04 GMT
One part of the particulars I cannot get my head around is
The words 'freehold' and '9 year lease' do not go together to me. Or am I just missing something?
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adrianc
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Post by adrianc on Mar 24, 2016 16:58:42 GMT
One part of the particulars I cannot get my head around is The words 'freehold' and '9 year lease' do not go together to me. Or am I just missing something? The property is owned freehold by the borrower. The current tenant/managers have a 9yr lease to run the pub.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2016 16:59:43 GMT
Are you sure you're not cd bigal? CD would have started a new thread in parallel so that his analysis was the first post. Could be an upgrade from C(yber)D(yne) Systems T-800 Model 101 to a T-1000 and is adapting its approach to blend in, plus, of course, the inconspicious disguise of a stick on moustache & a very big hat  Edit: I appear to have imagined the moustache, damn its good!
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investibod
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Post by investibod on Mar 24, 2016 17:01:26 GMT
One part of the particulars I cannot get my head around is The words 'freehold' and '9 year lease' do not go together to me. Or am I just missing something? The property is owned freehold by the borrower. The current tenant/managers have a 9yr lease to run the pub. Thanks for the clarification. Thought I must have been missing something.
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