cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 13, 2016 8:29:50 GMT
Repaid
| Loan Amount | : | £1,105,000
| | Security Value | : | £1,700,000 | | SS Indicated LTV | : | 65%
| | 90 Day Market Valueation | : | Not 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
> This is a proposed leisure village and will be the second by this borrower. The site currently consists of approximately 18.5 acres of land, including an 8-acre main lake and a 1.25-acre fishing lake, together with a 3 bedroom detached stone house. > Full planning application was granted in October 2015 for the following development: · 19 x 2 and 3 bedroom lakeside timber lodges · 12 x 2 and 3 bedroom timber woodland lodges · 10 timber camping pods · Conversion of laundry/amenity building to form a 1 bedroom cottage · Conversion of a former store to form a 2 bedroom holiday cottage · Conversion of site manager’s house and café to form a 450m2 restaurant and public house with manager’s accommodation above · 1 car park for 100 spaces · Managed wetland · 52 week trading permission > The valuation report states that "The business concept is considered to be strong", although they do point out (in the SWOT) that "Other lodge developments in the area offer competition" > The site inspection was carried out on 23 October 2015; it turns out that the valuer carried out an inspection for a previous client, and it seems they didn't feel it necessary to carry out a fresh site inspection. A lot can happen in 7 months... > The valuation report believes that a marketing period of circa 9-12 months would be required to achieve a sale at the Market Value of £1,700,000 (65% LTV). Annoyingly (once again) there is no 90 or 180-day market valuation. > Appendix is missing > Exit StrategyDevelopment finance or sale
| Code Number Assigned | : | 13/05/2016 | | Loan went live @ | : | 14/05/2016 | | Allocation | : | 12.12%
| | Amount of Investors @ Live | : | 2100 |
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Post by grodecki on May 13, 2016 8:35:02 GMT
Any idea when we're expecting full go live? I know 'completion' expected today but I'm not quite up to date with what that means in SS terms.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 13, 2016 8:37:17 GMT
Any idea when we're expecting full go live? I know 'completion' expected today but I'm not quite up to date with what that means in SS terms. I think completion means that all the legal paperwork have been completed Usually, after a PBL is allocated the loan goes live the next day; as it is the weekend it may be Monday We should get an e-mail soon 
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Post by grodecki on May 13, 2016 8:41:17 GMT
Sweet!
Expecting these to entirely prefund immediately with the amount of capital that's probably just sitting around at the mo!
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SteveT
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Post by SteveT on May 13, 2016 8:46:06 GMT
Sweet! Expecting these to entirely prefund immediately with the amount of capital that's probably just sitting around at the mo! Probably at least 4 times over.
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adrianc
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Post by adrianc on May 13, 2016 9:46:58 GMT
It's so close to the mill barrier, I wonder if it'll go bottom-up?
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sam i am
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Post by sam i am on May 13, 2016 9:50:53 GMT
Sweet! Expecting these to entirely prefund immediately with the amount of capital that's probably just sitting around at the mo! Probably at least 4 times over. PBL092 (Liverpool Waterfront) was 4x subscribed. That was a larger loan and there is probably more money waiting to be invested this time around. I expect this one will be at least 6x subscribed (which would be consistent with the £6.7m prefunding on PBL092) or even more if everyone gets their gaming heads on. Even 8-10x wouldn't overly surprise me. <adds a zero to the end of pre-fund amount>
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sam i am
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Post by sam i am on May 13, 2016 9:51:57 GMT
It's so close to the mill barrier, I wonder if it'll go bottom-up? Savingstream does have a habit of changing the rules without notice...
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treeman
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Post by treeman on May 13, 2016 9:55:12 GMT
Any idea when we're expecting full go live? I know 'completion' expected today but I'm not quite up to date with what that means in SS terms. I think completion means that all the legal paperwork have been completed Usually, after a PBL is allocated the loan goes live the next day; as it is the weekend it may be Monday We should get an e-mail soon Never know - we have had PBLs thrown into the pond at the weekend before .....
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adrianc
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Post by adrianc on May 13, 2016 9:56:59 GMT
It's so close to the mill barrier, I wonder if it'll go bottom-up? Savingstream does have a habit of changing the rules without notice... I was thinking "They've done a just-over before as bottom-up", but looking back at the list, they haven't. There's been two comparable PFs - and they were both done proportionally. 78 was nearly 5x oversubscribed, 79 just over - two of the four farmland. So - yep - this is going to go a LOT over.
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Post by grodecki on May 13, 2016 10:00:13 GMT
Probably at least 4 times over. PBL092 (Liverpool Waterfront) was 4x subscribed. That was a larger loan and there is probably more money waiting to be invested this time around. I expect this one will be at least 6x subscribed (which would be consistent with the £6.7m prefunding on PBL092) or even more if everyone gets their gaming heads on. Even 8-10x wouldn't overly surprise me. <adds a zero to the end of pre-fund amount> This is where I'm really not sure how much to prefund... I feel I may as well go 'high' and then be able to sell off most of the parts without much risk.
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sam i am
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Post by sam i am on May 13, 2016 10:27:00 GMT
Savingstream does have a habit of changing the rules without notice... I was thinking "They've done a just-over before as bottom-up", but looking back at the list, they haven't. There's been two comparable PFs - and they were both done proportionally. 78 was nearly 5x oversubscribed, 79 just over - two of the four farmland. So - yep - this is going to go a LOT over. And of course with 77-80 being the same borrower, this will have reduced demand for each loan somewhat. The only slight 'negative' in the particulars (without getting into full due diligence) is that this is a 6 month loan which may be a little less popular than a 12 month loan (which is what the farmland was advertised as until it was changed after launch). But I can't see that making much difference.
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Liz
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Post by Liz on May 13, 2016 10:33:38 GMT
I wonder if these 2 new loans are a 'portfolio' prefund.
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sam i am
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Post by sam i am on May 13, 2016 10:54:19 GMT
Any idea when we're expecting full go live? I know 'completion' expected today but I'm not quite up to date with what that means in SS terms. I always thought that 'completion' was synonymous with 'drawdown' i.e. when the borrower gets the funds. Take PBL094 (Isle of Wight) as an example. This is a live loan but the latest update (from yesterday) says: "Expected completion end of this week."
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adrianc
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Post by adrianc on May 13, 2016 11:05:19 GMT
This is where I'm really not sure how much to prefund... I feel I may as well go 'high' and then be able to sell off most of the parts without much risk. The minimum ownership period's gone away, hasn't it...?
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