ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 17, 2016 19:28:00 GMT
Liz & ilmoro ... Do me a favour and add some stars (V**) to my quoted comments in your post... or you'll get me in trouble with the MODs  'This is the self-moderating society'  Done
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am
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Post by am on Jun 17, 2016 19:52:40 GMT
One of the companies appears to have a bond (7% debenture) traded on the ISDX market.
(Doesn't seem to lead to any useful information, such as a prospectus, but I might have missed something.)
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am
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Post by am on Jun 17, 2016 19:57:36 GMT
Eh ? Why would you want a higher LTV ? Sorry jimbob. Less ambiguous edit: "Not that 58% (nominal) isn't welcome - I reckon 60% or 65% is generally more appropriate than SS's typical 70% in the current climate." I like Liz's suggestion that because of the PF, the risk is primarily SS's, and so perhaps SS "aren't comfortable lending more than 58%". If correct, then why would SS be less comfortable with this loan? Because of Brexit? Or something else? Simple hypothesis: the holding company for the presumed SPVs has X amount of cash available, which turns out to be 58% of the total valuation, which is being injected pro rata into the SPVs, so they all end up with the same LTV.
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Post by Deleted on Jun 17, 2016 19:57:44 GMT
Good to see cooling_dude maintaining the supply of due diligence, its been a busy week.
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jamesc
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Post by jamesc on Jun 17, 2016 20:27:47 GMT
RE PBL 116
We know the spv paid the parent £1,350,000 in April 2016, but has anybody been able to find out what the parent co paid for it in Nov 2015 ?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Jun 17, 2016 20:39:43 GMT
One of the companies appears to have a bond (7% debenture) traded on the ISDX market. (Doesn't seem to lead to any useful information, such as a prospectus, but I might have missed something.) Raised just shy of 3m in 8mths. Wholely owned subsiduary of another property investment company
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am
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Post by am on Jun 17, 2016 20:50:46 GMT
One of the companies appears to have a bond (7% debenture) traded on the ISDX market. (Doesn't seem to lead to any useful information, such as a prospectus, but I might have missed something.) Raised just shy of 3m in 8mths. Wholely owned subsiduary of another property investment company Which is 100% owned by JK.
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Post by meledor on Jun 17, 2016 20:59:12 GMT
One of the companies appears to have a bond (7% debenture) traded on the ISDX market. (Doesn't seem to lead to any useful information, such as a prospectus, but I might have missed something.)
This is referred to on the website I mentioned earlier http://www.v**c******.co.uk/investors. And strangely if you look at the prospectus
at www.isdx.com/companies-prices/ (search for company under "V" in green ribbon)
it includes an earlier version of the same valuation report for PBL 117. So this project has already been used as a reason for raising the £3m debenture.
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Post by harvey on Jun 17, 2016 21:36:18 GMT
A bottom-up allocation on these 3 I assume so my guess is that people who want less than £1,000 should get their full pre fund amount.
I have decided to ask for a small slice of 2 of the 3, but only 3 figure sums so I'm expecting to be allocated the full amount I have pre funded.
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jonah
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Post by jonah on Jun 17, 2016 22:54:59 GMT
A bottom-up allocation on these 3 I assume so my guess is that people who want less than £1,000 should get their full pre fund amount. I have decided to ask for a small slice of 2 of the 3, but only 3 figure sums so I'm expecting to be allocated the full amount I have pre funded. Mind if I ask which two and why? I've asked for a third of the PF for the commercial one vs the non commercial and wonder if you have similar logic.
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jamesc
Member of DD Central
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Post by jamesc on Jun 18, 2016 0:23:36 GMT
RE PBL 116
We know the spv paid the parent £1,350,000 in April 2016, but has anybody been able to find out what the parent co paid for it in Nov 2015 ? No body managed to answer my question but managed to find the answer myself in Nov 2015 the block was bought for £712,500 and then sold to SPV in Apr 2016 at £1,350,000 and funny old world the AP Valuers have also come up with a £1,350,000 value. So I wonder what's changed maybe PP you may say but unlike PBL117 & 118 its valued on comparative office blocks and not on GDV. All I can say is Luton has seen up wicked office block inflation over the last six months so its no thanks from me.
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grahamg
Member of DD Central
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Post by grahamg on Jun 18, 2016 9:10:54 GMT
RE PBL 116
We know the spv paid the parent £1,350,000 in April 2016, but has anybody been able to find out what the parent co paid for it in Nov 2015 ? No body managed to answer my question but managed to find the answer myself in Nov 2015 the block was bought for £712,500 and then sold to SPV in Apr 2016 at £1,350,000 and funny old world the AP Valuers have also come up with a £1,350,000 value. So I wonder what's changed maybe PP you may say but unlike PBL117 & 118 its valued on comparative office blocks and not on GDV. All I can say is Luton has seen up wicked office block inflation over the last six months so its no thanks from me.
So have they conjured up £600,000 profit out of thin air by playing pass the parcel.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 18, 2016 9:55:12 GMT
No body managed to answer my question but managed to find the answer myself in Nov 2015 the block was bought for £712,500 and then sold to SPV in Apr 2016 at £1,350,000 and funny old world the AP Valuers have also come up with a £1,350,000 value. So I wonder what's changed maybe PP you may say but unlike PBL117 & 118 its valued on comparative office blocks and not on GDV. All I can say is Luton has seen up wicked office block inflation over the last six months so its no thanks from me.
So have they conjured up £600,000 profit out of thin air by playing pass the parcel. The property sold for £712,500 on 16th Oct 2015 which predates the Prior Approval (20th October 2015), which might reflect the increased price.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 18, 2016 14:45:33 GMT
These are going live...
PBL116 - 100% Bottoms up - ?
PBL117 - 100% Bottoms up - £1100
PBL118 - 100% Bottoms up - ?
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ped
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Post by ped on Jun 18, 2016 15:01:53 GMT
117 and 118 came and went on the SM only a few thousand of each. Gone in seconds!  |
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