PBL107 to 115 - Flats & Houses, London REPAID
Jun 13, 2016 17:40:04 GMT
duck, sqh, and 6 more like this
Post by cooling_dude on Jun 13, 2016 17:40:04 GMT
PBL110, 111, 114 were repaid on 27/06/2016 (before drawdown)
PBL109 was repaid on 23/08/2016
PBL115 was repaid on 02/09/2016
PBL113 was repaid on 12/01/2017
PBL112 was repaid on 31/07/2017
PBL108 was repaid on 24/11/2017
PBL107 was repaid on 06/02/2018
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 reports & other remarks
Please note that on 27/06/2016 I altered this thread to separate the LIVE loans & REPAID loans. All the following information is now only in regards to the current Live loans (PBL107, 108, 109, 112, 113, 115). All the information in regards to PBL 110, 111, 114 is found at the bottom of this post.
Borrower
DD on each security
PBL107 - Flat In C***** Gardens, London, SW3
PBL109 - Flat in B****** Place, London, W1 REPAID (23/08/16)
PBL112 - Flat in P********* Square, London, W2
PBL113 - House on P***** Road, London, W6
PBL115 - House on W******* Road, London, SW6
Exit Strategy
The following information is in regards to the 3 repaid loans (PBL 110, 111, 114)
Borrower
DD on each security
PBL110 - Flat in R******** Square, London, SW1
PBL111 - Flat in V******* Court, 1 P******** Villas, London, W2
PBL114 - Flat in C********* House, H******* Street, London, W1
Exit Strategy
PBL109 was repaid on 23/08/2016
PBL115 was repaid on 02/09/2016
PBL113 was repaid on 12/01/2017
PBL112 was repaid on 31/07/2017
PBL108 was repaid on 24/11/2017
PBL107 was repaid on 06/02/2018
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| Loan Amount | : | |||||||||
| Security Value | : | |||||||||
| SS Indicated LTV | : | |||||||||
| 90 Day Market Valuation | : | |||||||||
| LTV Based on 90 day Market Valuation | : |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 reports & other remarks
Please note that on 27/06/2016 I altered this thread to separate the LIVE loans & REPAID loans. All the following information is now only in regards to the current Live loans (PBL107, 108, 109, 112, 113, 115). All the information in regards to PBL 110, 111, 114 is found at the bottom of this post.
Borrower
- SS indicate in their overview that our borrower is S**** Enterprise Ltd
- SS say that the above borrower is an expert in property management and real estate solutions and they are releasing equity from their unencumbered property to take advantage of a new market opportunity.
- A quick look on companies house shows that S**** Enterprise Ltd was incorporated in 1997, with its business activities indicated as "Buying and selling of own real estate", which does seem to back up the above comment from SS.
- There are 3 other companies mentioned in the valuation documents, none of which seem to be obviously connected to our borrower (besides sharing a common address with O***** Real Estate Ltd & W**** & Co Property Partners Ltd)
| W**** & Co Property Partners Ltd | : | This was the indicated borrower of PBL110, 111, 114, which went live at the same time as the rest of these loans. Despite the timing and the similarities, the only connection seemed to be the shared office address |
| A******* Global Real Estate | : | The valuation report notes that they previously valued these properties for this company. This company is connected to "W**** & Co Property Partners Ltd" & "O***** Real Estate Ltd" by a common director |
| O***** Real Estate Ltd | : | The valuation report includes a letter dated 05/04/16 which indicates 2 different borrowers than the borrowers SS indicate, this being the first. This company is connected to "W**** & Co Property Partners Ltd" and "A******* Global Real Estate" by a common director |
| D******* Limited | : | On the same letter mentioned above, this is the second indicated borrower (that isn't one of our borrowers). There is no D******* Limited on companies house. |
DD on each security
PBL107 - Flat In C***** Gardens, London, SW3
- During the course of the valuation, it observes that the Building is in a good condition externally. The Property itself was currently undergoing comprehensive refurbishment works, and the surveyors were instructed to assume that the refurbishment works are completed to a good standard for the purposes of the valuation
Lease only 22 years (of 65 years) but the security is valued assuming the lease is extended by 90 years (negotiations for lease extension ongoing)- Saving Stream has confirmed (here) that the leases have been extended post valuation report.- The price paid for the Property was £1,500,000 in January 2015
- During the course of the valuation, it observes that the Building is in a good condition externally. The Property itself was currently undergoing comprehensive refurbishment works, and the surveyors were instructed to assume that the refurbishment works are completed to a good standard for the purposes of the valuation
Lease is 84 years (of 125 years) but the security is valued assuming the lease is extended by 90 years (negotiations for lease extension ongoing)- Saving Stream has confirmed (here) that the leases have been extended post valuation report.- The price paid for the Property was £1,900,000 in January 2015
During the course of the valuation, it observes that the Building is in a good condition externally. The Property itself was currently undergoing extension refurbishment works, and the surveyors were instructed to assume that the works are completed to a good standard for the purposes of the valuationLease is 23 years (of 81 years) but the security is valued assuming the lease is extended by 90 years (negotiations for lease extension ongoing) - Saving Stream has confirmed (here) that the leases have been extended post valuation report.The price paid for the Property was £1,600,000 in August 2014our borrower is looking to sell this property and currently have a sale agreed.
PBL112 - Flat in P********* Square, London, W2
- Since its last sale, the property has been renovated and refurbished to a high standard with the creation of a completely open plan living/dining/kitchens space on the 3rd floor.
- This Property is held Leasehold. The current lease has 91 years remaining
PBL113 - House on P***** Road, London, W6
- This Property is a four bedroom mid terrace house that has been newly renovated and refurbished (to a good standard). Since its last sale, the property has been extended at the rear with a glass roofed kitchen dining area which stretches the width of the property. The property also now benefits from a loft extension. The property also has a large garden to the rear.
- This Property is held Freehold
PBL115 - House on W******* Road, London, SW6
This Property has been newly renovated and refurbished. Since its last sale, the property has been extended at the rear with a glass roofed kitchen dining area which stretches the width of the property. The property also now benefits from a loft extension.The borrower will be looking to sell the property and currently have a sale agreed
Exit Strategy
- The borrower is looking to refinance the properties within PBL 107, 108, 109, 112, 113
- The borrower will be looking to sell the security within PBL115 and currently have a sale agreed
| PBL107 | PBL108 | PBL109 | PBL110 | PBL111 | PBL112 | PBL113 | PBL114 | PBL115 | ||
| Code Number Assigned | : | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 | 13/06/2016 |
| Loan went live @ | : | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 | 15/06/2016 |
| Allocation | : | £1500 + % | £1500 + % | £1500 + % | £1500 + % | £1500 + % | £1500 + % | £1500 + % | £1500 + % | £1500 + % |
| Amount of Investors @ Live | : | 1344 | 1360 | 1356 | 1446 | 1352 | 1428 | 1470 | 1319 | 1474 |
The following information is in regards to the 3 repaid loans (PBL 110, 111, 114)
Borrower
- PBL 110, 111, 114 are linked to W**** & Co Property Partners Ltd
- SS say that the above borrower is an expert in property management and real estate solutions and they are releasing equity from their unencumbered property to take advantage of a new market opportunity.
- A quick look on companies house shows W**** & Co Property Partners Ltd was incorporated in 2014, so doesn't back up the above statement
- There are 3 other companies mentioned in the valuation document, and 1 more of interest:
| S**** Enterprise Ltd | : | This was the indicated borrower of PBL107, 108, 109, 112, 113, 115, which went live at the same time as the rest of these loans. Despite the timing and the similarities, the only connection seemed to be the shared office address |
| A******* Global Real Estate | : | The valuation report notes that they previously valued these properties for this company. This company is connected to "W**** & Co Property Partners Ltd" & "O***** Real Estate Ltd" by a common director |
| O***** Real Estate Ltd | : | The valuation report includes a letter dated 05/04/16 which indicates 2 different borrowers than the borrowers SS indicate, this being the first. This company is connected to "W**** & Co Property Partners Ltd" and "A******* Global Real Estate" by a common director |
| D******* Limited | : | On the same letter mentioned above, this is the second indicated borrower (that isn't one of our borrowers). There is no D******* Limited on companies house. |
DD on each security
PBL110 - Flat in R******** Square, London, SW1
- During the course of the valuation, it observes that the Building is in a good condition externally. The Property itself was currently undergoing comprehensive refurbishment works, and the surveyors were instructed to assume that the refurbishment works are completed to a good standard for the purposes of the valuation
- The term of the current lease is 981 years unexpired
- The price paid for the Property was £1,325,000 in February 2015
PBL111 - Flat in V******* Court, 1 P******** Villas, London, W2
- The valuation report observed that The Property is newly refurbished to a good standard.
- This Property is held Leasehold. The current lease has 89 years remaining
- The borrower is looking to sell the property and is currently under offer
PBL114 - Flat in C********* House, H******* Street, London, W1
- This Property itself was in very good condition after recently undergoing refurbishment works, and in a good
condition externally Lease is 62 years (of 99 years) but the security is valued assuming the lease is extended by 90 years (negotiations for lease extension ongoing)- Savingstream has confirmed (here) that the leases have been extended post valuation report.- This price paid for the property was £925,000 in March 2015.
Exit Strategy
- The borrower is looking to refinance the properties within PBL 107, 108, 109, 110, 112, 113, 114
- The borrower is currently looking to sell the security within PBL111 and is currently under offer
- The borrower will be looking to sell the security within PBL115 and currently have a sale agreed
...
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