Post by cooling_dude on Jun 17, 2016 13:44:07 GMT
ALL REPAID
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 I am placing all these loans in one DD thread because it's the same borrower
Borrower
DD on each security
PBL116 - N***** Road, Luton
PBL117 - C*** Street, Manchester
PBL118 - P******* Grove, Manchester
Exit Strategy
| PBL116 | PBL117 | PBL118 | ||
| Loan Amount | : | £787,050 | £498,465 | £932,800 |
| Security Value | : | £1,350,000 | £855,000 | £1,600,000 |
| SS Indicated LTV | : | 58% | 58% | 58% |
| 90 Day Market Valuation | : | £1,050,000 | £600,000 | £1,360,000 |
| LTV Based on 90 day Market Valuation | : | 75% | 83% | 69% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 I am placing all these loans in one DD thread because it's the same borrower
Borrower
- There are three borrowers here; V** P****** 1 LTD (PBL117), 1 - 5 P******* GROVE LTD (PBL118), V** P****** 3 LTD (PBL116). They are all owned by the same parent company (V** D*********** PLC).
- According to companies house, the above companies were incorporated on September 2013, February 2013 & November 2015. The Parent company was incorporated on March 2015.
- SS claim that the borrower (I would imagine they are referring to the director that links the above companies and the parent company) is an experienced chartered builder/surveyor with 27 years of experience within the construction industry.
- The parent company has a website, and has a news tab, and on the news dated 03/03/16 it states (my additions in blue)...
In December 2015, V** completed the acquisition of its first project of C**** Street in Manchester (PBL117). This residential property development included a conversion from commercial offices into a residential property of 8 apartments. The acquisition was done through a Special Purpose Vehicle. In November 2015, V** acquired its second property development located on N***** Road in Luton (PBL116). The property development consisting of a three storey building will hold 30 apartments with an additional floor to be erected consisting of nine apartments which will be put forward for further planning.
- SS state on each loan that the borrower is using the bridge to purchase the property and then to refinance and develop. However, it must be noted that the borrower has owned PBL116 since April 2016 (as noted by the valuation report), and its parent company has owned it since November 2015 (as indicated in the news article above). Furthermore, the news article above would indicate that the borrowers parent company has also owned PBL117 since November 2015
PBL116 - N***** Road, Luton
- The subject property comprises a substantial end terrace three storey (plus basement) self-contained office building with on-site parking.
- The valuation report notes that a Request for Prior Approval permitting “a change of use from office(s) to residential (Class O) 30 flats” was confirmed on 20th October 2015.
- At the time of the inspection, the premises appeared to be in a fair condition and state of repair having regard to its age and construction. Internally the office accommodation is becoming dated however would be serviceable with light refurbishment works
- The borrower purchased this property on 6th April 2016 for £1,350,000.
- A search online finds that this property sold for £712,500 on 16th Oct 2015, presumably (due to the date being close to the indicated date in the news article at the top of this post) to the parent company V** D*********** PLC, who then sold it to their junior company (our borrower) for £1,350,000. However, this sale predates the Prior Approval, which may reflect the increased price.
- The property comprises a four storey (plus roof space) mid-terrace building that appears to have been built around 1920. This Valuation is of the first floor, second floor, third floor and fourth floor (roof space) only. It benefits from planning permission for 8 x two bedroom residential apartments.
- The property is owned leasehold on a 999 year lease at a peppercorn ground rent from September 2015
- Arrangements with regards to the maintenance of the building (as the ground floor will be under separate ownership) are still being confirmed
PBL118 - P******* Grove, Manchester
- The existing brick built HMO premises are now approaching the end of their useful economic life span and will be demolished as part of the development proposals.
- The property will be demolished as part of the development proposals. Planning permission (approved during June 2014) has been approved for the demolition and erection of a part 4, 5, 6 and 7 storey residential building with basement comprising of 42 self-contained apartments.
- The applicant intends to demolish the existing premises during August 2016 and the proposed development is due to be completed during August 2017.
Exit Strategy
- Refinance on a longer term loan.
| PBL116 | PBL117 | PBL118 | ||
| Code Number Assigned | : | 17/06/2016 | 17/06/2016 | 17/06/2016 |
| Loan went live @ | : | 18/06/2016 | 18/06/2016 | 18/06/2016 |
| Allocation | : | ? | £1100 | ? |
| Amount of Investors @ Live | : | 951 | 1050 | 1016 |
). Now I'm home I'm gonna get stuck in, but not before I get that brandy... 