cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Jul 7, 2016 12:48:27 GMT
This Loan is LIVE
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| @ 1st Tranche
17/05/16
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| @ 2nd Tranche >TBD< |
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| | Loan Amount | : | £ | 4,381,000
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| | Gross Dev. Value | : | £ | 15,575,000
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| | SS Indicated LTGV | : |
| 28% |
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| Value
| : | £ | 5,510,000
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| LTV
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| 84% |
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| | 90 Day Market Valuation | : | £ | 4,685,000
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| | LTV Based on 90 day MV | : |
| 94%
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| | Term | : |
| 365 Days
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| % PA
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| 12%
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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
- This is the same borrower as PBL085 & PBL025 (PBL025 will roll into this new DFL)
- Saving Stream says that our borrower is M****** (Huddersfield) Ltd who were set up specifically for the purchase and development of the student blocks at The Waterfront. They say that the Director and Shareholder is in his early 30s and is already a successful property entrepreneur who has built up a business specialising in the building of student accommodation and other development sites based in Lancashire & Yorkshire.
- A quick look on companies house confirms some of the above, but looking at the shareholders I see that the director only has a 1% share in the business; interestingly a Bridging Finance Company has the majority share (41.26%). A little more digging shows this Bridging company also has a charge on this security.
The Loan
- This DFL is being rolled on from PBL025. The loan from PBL025 (£3,110,000) was to buy the land, which at the time was valued at £5,510,000 and is still valued at the same amount.
- The first tranche will amount to £500,000
- With the addition of the loan from PBL025 the total initial loan will be £3,610,000 with an initial LTV at 66%
- Saving Stream says that funding will remain within 70% of the Gross Development Value for the development of £15.75m.
Security
- Development site with planning permission for student accommodation. The proposed scheme comprises a detached 11 storey building providing 252 self-contained studio rooms with en suite bathroom and kitchen facilities. The accommodation will include communal living space and 24 car parking spaces.
- The planning permission relates to the erection of two blocks of student accommodation (Blocks B and C). The planning permission was approved on 19th August 2014.
- The valuation report says that the 90-day value for the current site is £4,685,000, which would provide a current LTV of 94%
- We have been provided with a Sales Schedule relating to proposed Block B which states the proposed sale prices will range from £59,995 - £65,995. No pre sales for Block B have been agreed however the applicant has advised 30 rooms have been reserved (no deposits have been paid to date and no contracts have not exchanged yet).
- No pre-sales for Block B have been agreed however the applicant has advised 30 rooms have been reserved (no deposits have been paid to date and no contracts have not exchanged yet).
- The development works are due to commence during July 2016 and completion is due during August 2017.
Exit Strategy
- The exit will be made from the sale of units. SS state that the demand is expected to be high and reservations taken during the course of the development.
| Code Number Assigned | : | 07/07/2016 | | Loan went live @ | : | 11/07/2016 | | Allocation | : | 77% | Amount of Investors @ Live
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| 2256 |
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Post by geraldine1210 on Jul 7, 2016 13:07:05 GMT
Thanks for heads up.
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bloodycat
Member of DD Central
Posts: 184
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Post by bloodycat on Jul 7, 2016 14:15:43 GMT
Are current investments in PBL025 going to be automatically rolled over in to this?
Quite happy if that is the case but don't want any more of it than I already have. I guess there's no need to prefund anyway given how much is available on the SM for any spare funds.
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Liz
Member of DD Central
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Post by Liz on Jul 7, 2016 14:44:43 GMT
Are current investments in PBL025 going to be automatically rolled over in to this? Quite happy if that is the case but don't want any more of it than I already have. I guess there's no need to prefund anyway given how much is available on the SM for any spare funds. Loan parts are usually rolled into the new loan, I would 99% chance they will do again, although this is SS 
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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
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Post by ilmoro on Jul 7, 2016 14:46:35 GMT
Are current investments in PBL025 going to be automatically rolled over in to this? Quite happy if that is the case but don't want any more of it than I already have. I guess there's no need to prefund anyway given how much is available on the SM for any spare funds. Ive asked the question and asked them to publish response on site & in the go live email. The probable answer is yes in line with DFL1/2.
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Liz
Member of DD Central
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Post by Liz on Jul 7, 2016 14:48:39 GMT
I'm liking this low LTV, even if they have to heavy discount the units, the loan will easily be repaid.
This is also positive, because it takes a negative days loan out of the SM, and reduces said SM by over £70k.
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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Post by Steerpike on Jul 7, 2016 15:09:21 GMT
LTV is 28% now but is capped at 70% GDV so not as attractive as it currently appears
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goopy
Member of DD Central
Posts: 307
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Post by goopy on Jul 7, 2016 15:14:52 GMT
What!!! No cashback? 
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jul 7, 2016 15:22:32 GMT
LTV is 28% now but is capped at 70% GDV so not as attractive as it currently appears It's 28% LTGV, not LTV.
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Steerpike
Member of DD Central
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Post by Steerpike on Jul 7, 2016 15:35:41 GMT
LTV is 28% now but is capped at 70% GDV so not as attractive as it currently appears It's 28% LTGV, not LTV. I was referring to the previous post but as I pointed out 70% GDV is not that attractive
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jul 7, 2016 15:42:05 GMT
I was referring to the previous post but as I pointed out 70% GDV is not that attractive Sorry, I was on my phone; I was meant to quote Liz post not yours (I didn't even see it !  ) Where are you plucking that 70% from?
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Liz
Member of DD Central
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Post by Liz on Jul 7, 2016 15:44:29 GMT
LTV is 28% now but is capped at 70% GDV so not as attractive as it currently appears How did you work that out? The GDV is £15.575m, so according to your figures, they are borrowing £10.9m.
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Steerpike
Member of DD Central
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Post by Steerpike on Jul 7, 2016 15:53:50 GMT
I was referring to the previous post but as I pointed out 70% GDV is not that attractive Sorry, I was on my phone; I was meant to quote Liz post not yours (I didn't even see it ! ) Where are you plucking that 70% from?
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Liz
Member of DD Central
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Post by Liz on Jul 7, 2016 15:56:10 GMT
I was referring to the previous post but as I pointed out 70% GDV is not that attractive Yes It's GDV/LTGV, to be precise. SS need to amend their column to LTV/LTGV, for the pendants like you out there 
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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Post by Steerpike on Jul 7, 2016 15:58:00 GMT
I was referring to the previous post but as I pointed out 70% GDV is not that attractive Yes It's GDV/LTGV, to be precise. SS need to amend their column to LTV/LTGV, for the pendants like you out there SS are showing it as GDV on the loan detail page
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