PBL94 - Isle of Wight land - DEFAULT
Apr 25, 2016 13:39:11 GMT
markdirac, locutus, and 1 more like this
Post by cooling_dude on Apr 25, 2016 13:39:11 GMT
This Loan is currently LIVE
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks
> Valuation report is dated October 2015, and SS have advised that the a new valuation report is expected before drawdown. All observations below here is based on the old valuation report, but SS have indicated that the details will be the same on the new valuation report (with the exception of the date, and the client name) New valuation report now available.
> A previous valuation report (Dated October 2015 - was online just before loan went live, now gone) was prepared for a party that is not our borrower. It seems that, up to and around the date of that valuation report (October 2015), our borrower was looking to sell the site (see quote below). I wonder why this sale fell through...
> Planning Permission was submitted on 24/12/2003 for ‘Outline – residential development’ and was initially refused but granted at appeal on 12/04/2007. The consent was granted subject to a number of conditions
- Condition 5 required that no development shall take place until an overall master plan has been submitted for the site (road layout, open space areas, children’s play areas, footpath/cycleway etc). I can't see this "master plan"...
> There is no 90 or 180-day market value within the current valuation.
> The site has full planning permission for a three/four/five storey building to provide retirement apartments with associated communal facilities and parking and a mixture of bungalows and houses with parking (181 units in total).
> The land will be divided into 3 separate plots; 2 of the 3 plots will be sold to another developer for upwards of £3m to repay our loan within 6 months. It's not indicated how the plots will be divided in relation to the PP above or exactly which plot the borrower plans on keeping. However, since the proposed buyer of the 2 of the 3 plots is a "social care property partner", I guess that it is safe to assume that our borrowers retained plot will be for the "bungalows and houses" aspect of the PP.
> I presume that the 2 plots that the borrower wants to sell to the "social care" developer, makes up the "Retirement village site" mentioned in the valuation report. The valuation report has valued this part of the site at £4,709,394, so easily covers the loan; however it is strange that in the SS overview, it mentions that the borrower plans to sell this part of the land for upwards of £3m when the valuation states it is worth 1.7m more.
Note : If anybody wants me to add to this, please just add a comment in this thread......
| Loan Amount | : | £ 3,250,000 |
| Security Value | : | £ 5,000,000 |
| SS Indicated LTV | : | 65% |
| 90 Day Market Valueation | : | None provided |
| LTV Based on 90 day Market Valueation | : | N/A |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks
> A previous valuation report (Dated October 2015 - was online just before loan went live, now gone) was prepared for a party that is not our borrower. It seems that, up to and around the date of that valuation report (October 2015), our borrower was looking to sell the site (see quote below). I wonder why this sale fell through...
"We understand that a valuation is required to assist <3rd Party> to assess whether the proposed acquisition of the site from <our borrower> is suitable for a value for money viewpoint.
- Condition 5 required that no development shall take place until an overall master plan has been submitted for the site (road layout, open space areas, children’s play areas, footpath/cycleway etc). I can't see this "master plan"...
> There is no 90 or 180-day market value within the current valuation.
> The site has full planning permission for a three/four/five storey building to provide retirement apartments with associated communal facilities and parking and a mixture of bungalows and houses with parking (181 units in total).
> The land will be divided into 3 separate plots; 2 of the 3 plots will be sold to another developer for upwards of £3m to repay our loan within 6 months. It's not indicated how the plots will be divided in relation to the PP above or exactly which plot the borrower plans on keeping. However, since the proposed buyer of the 2 of the 3 plots is a "social care property partner", I guess that it is safe to assume that our borrowers retained plot will be for the "bungalows and houses" aspect of the PP.
> I presume that the 2 plots that the borrower wants to sell to the "social care" developer, makes up the "Retirement village site" mentioned in the valuation report. The valuation report has valued this part of the site at £4,709,394, so easily covers the loan; however it is strange that in the SS overview, it mentions that the borrower plans to sell this part of the land for upwards of £3m when the valuation states it is worth 1.7m more.
Note : If anybody wants me to add to this, please just add a comment in this thread......
| Code Number Assigned | : | 25/04/2016 |
| Loan went live @ | : | 27/04/2016 |
| Allocation | : | 60% |
| Amount of Investors @ Live | : | 1819 |
. I guess they are going for long term rental income on this one... 
