cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 20, 2016 17:16:26 GMT
Thanks, I'll remember that  In fact in the last few seconds I've just had 2 emails from SS saying the same thing so it must be Friday Got mine at 17.56 .... and again at 17.57 my emails are always later than other posters - do you think they are sent in batches ? I suspect they are; I only got mine 10 minutes ago (18:06)
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Post by brianac on May 20, 2016 17:20:09 GMT
I got two @ 18:14
Brian
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on May 20, 2016 17:28:47 GMT
The risks associated with this loan seem somewhat higher than most SS loans. I remain to be convinced that the borrower's exit plans are doable or that the valuation is reliable. And anything boat-related seems more uncertain. I may pre-fund a little, but a little is all anyone is likely to get given it'll be filled bottom up. I'm much happier with 'boat related' than I would be with bricks and mortar in this particular instance, bearing in mind what the river levels did last year 
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Likes: 857
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Post by ramblin rose on May 20, 2016 17:33:44 GMT
Got mine at 16:44, but I'm better looking.  Thanks, I'll remember that In fact in the last few seconds I've just had 2 emails from SS saying the same thing so it must be Friday Note to self: Read your emails more carefully Rose  (had been thinking what a coincidence that two loans had gone live together and given me precisely the same allocation - Doh!)
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Post by brianac on May 21, 2016 15:40:51 GMT
Thanks, I'll remember that In fact in the last few seconds I've just had 2 emails from SS saying the same thing so it must be Friday Note to self: Read your emails more carefully Rose (had been thinking what a coincidence that two loans had gone live together and given me precisely the same allocation - Doh!) I did get exactly the same allocation for both. (so you can probably guess what I got) Brian
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Post by GSV3MIaC on May 21, 2016 18:43:51 GMT
I got one email for one of them, two for the other. My Partner was in too, and she got one and zero (emails). I guess it was right 'on average'.
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dawn
Member of DD Central
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Post by dawn on May 23, 2016 12:20:44 GMT
This Loan is LIVE
| Loan Amount | : | £540,000
| | Security Value | : | £2,900,000 | | SS Indicated LTV | : | 19%
| | Actual LTV (see below) | : | 60% | | 90 Day Valuation | : | £2,175,000
| LTV Based on 90 day Market Valuation
| : | 80%
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Last 3 Updates From SS (ignoring "No change" and pre-live updates) Date
| Information
| | 20/05/2016 | This loan has now been drawn down |
Observations from the valuation report & other remarks
> This is the second charge aginst the security with an existing loan (1.2million) taking first charge. As such it is important to note that the actual LTV is 60%.
> The borrower, an architect, is building houseboats with the intention to sell them with a long term lease in the marina and requires short term funding to complete at least 3 new builds which has proven quite capital intensive. All 3 of these boats have sold and are ready to refinance once completed and in situ in the marina with the long term leases in place. > The valuation report indicates that two 25-meter moorings that had been ‘sold’ off on the basis of a premium of £250,000 each and a term of 25 years, effectively, in lieu of an annual rent. The Borrower advised the valuation company that he had cancelled these ‘sales’. The valuation report indicates that the lender should make appropriate enquiries to satisfy themselves of the accuracy of the information that has been provided to us in respect of the tenure. > A quick search of the borrower, brings up an article in the telegraph that discusses the borrowers houseboats; " One for sale for £850,000 has a “garden” which consists of a wild meadow covering the roof and entire back of the houseboat".
>Appendixes are missing (again  ) > Exit StrategyRefinance of the marina onto a longer term mortgage or repayment through forward boat sales
| Code Number Assigned | : | 19/05/2016 | | Loan went live @ | : | 20/05/2016 | | Allocation | : | £300 | | Amount of Investors @ Live | : | 2026
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Could some-one explain to me how you got to 60% for the LTV - it is probably obvious but I've got a really bad cold and my head just isn't working. As far as I can see if the first charge is £1,200,000 then that leaves £1,700,000 of security for the second charge. Therefore I made the LTV ~32% (£540,000 / £1,700,000).What am I doing wrong, please?
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sam i am
Member of DD Central
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Post by sam i am on May 23, 2016 12:24:14 GMT
60% is the total LTV.
1st charge = £1,200,000
2nd charge = £540,000
Total = £1,740,000
Security =£2,900,000
Total/Security = 60%
Edit: The first charge takes the first 41% of the 60% LTV and SS takes the next 19% of the 60% LTV.
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SteveT
Member of DD Central
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Post by SteveT on May 23, 2016 12:25:19 GMT
Add all the charges, then divide this by the security value.
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dawn
Member of DD Central
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Post by dawn on May 23, 2016 12:29:54 GMT
Thank you both - I thought I was doing something obvious wrong. I'm blaming the cold.
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Post by mattie on Jun 10, 2016 10:21:48 GMT
I have seen the marina advertised for sale today.
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Liz
Member of DD Central
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Post by Liz on Jun 10, 2016 10:24:01 GMT
How much?
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Post by mattie on Jun 10, 2016 10:31:44 GMT
Didn't say, looks like they want you to contact them and ask! I would post the link but I am not sure if it's allowed.  The photos on the sales particulars seem to be computer generated / artist impressions so I guess not finished yet! Have a look at businesses for sale on [ Website reference removed since there is only 1 asset of this type for sale there, effectively identifying the borrower. However Google is probably your friend ] |
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Post by earthbound on Jun 10, 2016 10:43:24 GMT
Private ad placed by the project manager 5th june 2016, well spotted mattie edit.. its been up for sale over a month. |
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jimbob
Member of DD Central
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Post by jimbob on Jun 10, 2016 10:58:42 GMT
Price on asking Exit is given as: "Refinance of the marina onto a longer term mortgage or repayment through forward boat sales." Below average investment for me in this one, given the second charge and 80% LTV 90 day overall. WIll keep an eye out...
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(had been thinking what a coincidence that two loans had gone live together and given me precisely the same allocation - Doh!)
)
