PBL106 - W********* Industrial Estate - LIVE
Jun 13, 2016 17:45:37 GMT
sqh, markdirac, and 1 more like this
Post by cooling_dude on Jun 13, 2016 17:45:37 GMT
This Loan Is 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
Borrower
Security
Exit Strategy
| Loan Amount | : | £2,450,000 |
| Security Value | : | £3,750,000 |
| SS Indicated LTV | : | 65% |
| 90 Day Market Valuation | : | £3,200,000 |
| LTV Based on 90 day Market Valuation | : | 77% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
Borrower
- SS say that this is an experienced investor with significant wealth behind them.
Annoyingly they don't mention the actual name, and the only reference to the borrower in the valuation report does not exist (presumably because it has been misspelt...).After drawdown I had a look at the company adrianc suspected (here) and it does turn out that our borrower is M***in G****f**** Ltd.- The above company was Incorporated on December 2014
- Our borrower has an opportunity to purchase this site off market if he can move quickly.
Security
- An industrial site of approximately 20 acres at Whitehill Road near Fife. The site is currently part of an industrial estate although there are currently 8 residential homes, not included in the sale, within the site.
- The site benefits from planning permission in principle, granted in 2012, for residential development of the 5 acres. A scheme has been drawn up for 50 houses on that part of the site. The remaining 15 acres have a good chance of gaining residential planning permission in time but this has not been considered as part of the valuation upon which our loan is based.
- The subject property comprises a range of industrial and commercial units which vary in style and construction. Many on the northern side of the site are in a dilapidated condition.
- There are 10 tenants still on site, providing a current revenue of c.£63k per annum. (These tenancies can be terminated with a maximum of one year’s notice.) There are many unused buildings on site that could be reinstated to create further income whilst the planning process continues with little expenditure.
- The property is located in an area associated with coal mining. However, the valuation report assumed there is no mining activity present which would have an effect on the property, and note that all movement attributable to workings at shallow depth should now have ceased
An illegal travellers camp is currently occupying part of the site (most recent news reporting the site is from 22/06/16); they arrived earlier in the week preceding 18/06/16.savingstream have said that the travellers have now left (13/07/16 - See Here)
Exit Strategy
- Amend planning and increase value or
- Refinance onto longer term commercial/development finance
- Offers in principle from commercial banks have been seen which will repay our loan if necessary.
| Code Number Assigned | : | 13/06/2016 |
| Loan went live @ | : | 16/06/2016 |
| Allocation | : | 100% |
| Amount of Investors @ Live | : | 1118 |
