cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 19, 2016 13:53:01 GMT
This Loan is LIVE
| Loan Amount | : | £210,000
| | Security Value | : | £300,000 | | SS Indicated LTV | : | 70%
| | 90 Day Market Valuation | : | £250,000 | | LTV Based on 90 day Market Valuation | : | 84%
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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
> The borrowers would like to raise some funds to refurbish a former Miners Welfare Hall (not included in the security - see below) which is on the site. Once completed, they intend to rent out the hall to create a further income stream for the charity. > The borrower has developed a strategy for delivery based on community needs and in now giving a greater offer to the community which includes both sporting and non-sporting events, where new income streams have been developed. > The subject property comprises a purpose built leisure centre which was constructed in 1983. At the time of the inspection (08/01/2016), the premises appeared to be in a fair condition and state of repair having regard to the age and construction. > The Valuation report states that there will be little demand for the property other than from other leisure centre operators. It is a specialist building in a predominantly residential area. As such it is the opinion of the survayor that demand will be limited and it is unlikely that a sale could be achieved in less than 12 months. > The Valuation report make the point that the former Miners Welfare building is not included within the security first charge. > Exit StrategyCommercial mortgage once the work has been completed.
| Code Number Assigned | : | 19/05/2016 | | Loan went live @ | : | 20/05/2016 | | Allocation | : | £100.00
| | Amount of Investors @ Live | : | 2014
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Post by nanniema on May 19, 2016 13:57:22 GMT
And PBL97
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adrianc
Member of DD Central
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Post by adrianc on May 19, 2016 14:35:39 GMT
90 day is £250k, putting 90day LTV at 84%.
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kaya
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Post by kaya on May 19, 2016 14:40:27 GMT
Prefund by X what, do you reckon, for a small slice?
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adrianc
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Post by adrianc on May 19, 2016 14:45:53 GMT
Prefund by X what, do you reckon, for a small slice? It's <£1m, so it'll be bottom-up. All four that're going live soon are <£1m, so there's going to be plenty of demand and not much supply. You'll probably get £150 or £200, I reckon, on any of them - no matter what you pre-fund, so long as it's above that. No gaming on tiddlers!
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locutus
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Post by locutus on May 19, 2016 15:39:05 GMT
Prefund by X what, do you reckon, for a small slice? It's <£1m, so it'll be bottom-up. All four that're going live soon are <£1m, so there's going to be plenty of demand and not much supply. You'll probably get £150 or £200, I reckon, on any of them - no matter what you pre-fund, so long as it's above that. No gaming on tiddlers! You may get a little more than that. I'm no BH but that sort of allocation is not worth my time to do DD, put a row in my spreadsheet and monitor so I won't be subscribing to these loans. I suspect a few BHs will likely do the same.
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Liz
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Post by Liz on May 19, 2016 15:47:06 GMT
It's <£1m, so it'll be bottom-up. All four that're going live soon are <£1m, so there's going to be plenty of demand and not much supply. You'll probably get £150 or £200, I reckon, on any of them - no matter what you pre-fund, so long as it's above that. No gaming on tiddlers! You may get a little more than that. I'm no BH but that sort of allocation is not worth my time to do DD, put a row in my spreadsheet and monitor so I won't be subscribing to these loans. I suspect a few BHs will likely do the same. They are good to hold for liquidity, even when the SM is illiquid.
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adrianc
Member of DD Central
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Post by adrianc on May 19, 2016 15:49:55 GMT
It's <£1m, so it'll be bottom-up. All four that're going live soon are <£1m, so there's going to be plenty of demand and not much supply. You'll probably get £150 or £200, I reckon, on any of them - no matter what you pre-fund, so long as it's above that. No gaming on tiddlers! You may get a little more than that. I'm no BH but that sort of allocation is not worth my time to do DD, put a row in my spreadsheet and monitor so I won't be subscribing to these loans. I suspect a few BHs will likely do the same. I'm working from the other direction. They're so small that if they do go south, it's a no-brainer for SS to cover them with the "discretionary" PF rather than risk their rep.
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locutus
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Post by locutus on May 19, 2016 16:12:49 GMT
Both good reasons but still not worth my time let alone that of someone with some serious dough.
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locutus
Member of DD Central
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Post by locutus on May 19, 2016 16:29:28 GMT
Both good reasons but still not worth my time let alone that of someone with some serious dough. Don't you mean serious d'oh?  I see what you did there. Very droll. 
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jfm
Member of DD Central
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Post by jfm on May 20, 2016 7:25:12 GMT
I think the charity trustees have personal liability for the charity's debts, which is why I would be wary of my charity borrowing money.
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Post by meledor on May 20, 2016 8:04:43 GMT
I think the charity trustees have personal liability for the charity's debts, which is why I would be wary of my charity borrowing money.
The level of risk of being liable for the charity's debts depends on the legal structure. Here the borrowing charity is a company limited by guarantee, so the risk is no more than for the director of any company.
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ben
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Post by ben on May 20, 2016 8:13:22 GMT
The uk seems to have a very loose defination of what a charity actually is a lot of charity are bascially businesses but who give a certain percantage to whatever group and then they can use that for tax advantages or allows them to apply for grants
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homes119
Member of DD Central
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Post by homes119 on May 20, 2016 8:46:05 GMT
For PBL098, I was initially wondering if a registered charity would have more or less creditworthiness but have decided it doesn't matter. Their plans look OK and the valuation seems sensible, so this one probably has less risk than other SS loans. I'm in for my bottom up allocation. I have the opposite view in terms of risk: From loan description (bold is mine): Our borrowers would like to raise some funds to refurbish a former Miners Welfare Hall which is on the site. Once completed, they intend to rent out the hall to create a further income stream for the charity.From valuation document: In the event of a sale there will be little demand for the property other than
from other leisure centre operators. This is a specialist building in a
predominantly residential area. As such we are of the opinion that demand
will be limited and it is unlikely that a sale could be achieved in less than 12
months. This is a community asset with unsecured boundaries and whilst
utilised by the local community and busy at the time of the inspection it will
become prone to vandalism in the event it became vacant. We have also
noted that the former Miners Welfare building located at the northern end of
the site is not included within the area over which your Bank is to take a
charge.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on May 20, 2016 8:55:52 GMT
For PBL098, I was initially wondering if a registered charity would have more or less creditworthiness but have decided it doesn't matter. Their plans look OK and the valuation seems sensible, so this one probably has less risk than other SS loans. I'm in for my bottom up allocation. I have the opposite view in terms of risk: From loan description (bold is mine): Our borrowers would like to raise some funds to refurbish a former Miners Welfare Hall which is on the site. Once completed, they intend to rent out the hall to create a further income stream for the charity.From valuation document: In the event of a sale there will be little demand for the property other than
from other leisure centre operators. This is a specialist building in a
predominantly residential area. As such we are of the opinion that demand
will be limited and it is unlikely that a sale could be achieved in less than 12
months. This is a community asset with unsecured boundaries and whilst
utilised by the local community and busy at the time of the inspection it will
become prone to vandalism in the event it became vacant. We have also
noted that the former Miners Welfare building located at the northern end of
the site is not included within the area over which your Bank is to take a
charge.
I don't think the valuation report market value includes the Miners Welfare building, so I don't think there is any issue there ( might be wrong; I'm on a phone, so unable to recheck the report).
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