Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Jul 7, 2016 15:59:08 GMT
Agreed. Whilst SS are ammending LTVs to take all debt into consideration, I don't see how they can list this one as 28% LTGV when the front page without doubt will display 28% LTV. Rolling over funds from PBL025 into this DFL whilst releasing a first tranche of £500k gives a current LTV of 65.52%. Anything else, prior to furthering development is deceptive, to say the least. It also looks like they will be using some of the sale proceeds to finish the build, so some of the £15.575m is double counted, ie spent and not realisable.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Jul 7, 2016 16:00:48 GMT
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 On the pipeline page the column shows only a LTV column, clearly should be LTV/GDV. Edit:Also the SM only has a column for LTV.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
|
Post by cooling_dude on Jul 7, 2016 16:10:37 GMT
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? It does say within However, you are right; the first tranche by my reckoning is going to be close to 70% (65% ish) LTV, but further tranches with this particular development and the LTV will start to decrease, and look a lot more attractive. Just depends on when you want to jump in.
|
|
|
|
Post by Deleted on Jul 7, 2016 16:12:38 GMT
I'm liking this low LTV, even if they have to heavy discount the units, the loan will easily be repaid. Displaying a 28% LTV isn't really an accurate reflection of the risk here and less experienced P2P'ers will draw similar false conclusions.
|
|
ped
Member of DD Central
Posts: 255
Likes: 84
|
Post by ped on Jul 7, 2016 18:43:50 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Jul 7, 2016 18:45:35 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? yes, £3.6m + interest & fees, but that will be the first tranche, with subsequent £500k tranches as value of work allows
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Jul 7, 2016 18:47:52 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? It says in the valuation report IIRC, that the build costs are £7.5m, so they would need advance sales and deposits, to raise the cash to finish the build.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 7, 2016 18:49:03 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? and sort ofI'm not 100% certain how this will be completed by SS, but if it is the same method as the previous DFLs (where they also had previous loans rolled into them) then current investors in PBL025 will have the option to pull out by setting pre-funding to 0. If so, SS will require more than £1,271,000, as there will be some who want to withdraw their investments from PBL025All wrong
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 7, 2016 18:51:18 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? It says in the valuation report IIRC, that the build costs are £7.5m, so they would need advance sales and deposits, to raise the cash to finish the build. Maybe, but there is a second charge on this security by another Bridging Finance Company (who holds a majority share in the business - 41.26%), so I'm guessing some funds are coming from them.
|
|
ped
Member of DD Central
Posts: 255
Likes: 84
|
Post by ped on Jul 7, 2016 19:03:26 GMT
It says in the valuation report IIRC, that the build costs are £7.5m, so they would need advance sales and deposits, to raise the cash to finish the build. Maybe, but there is a second charge on this security by another Bridging Finance Company (who holds a majority share in the business - 41.26%), so I'm guessing some funds are coming from them. Cheers C_D guess we will have to wait and see in a day or three?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Jul 7, 2016 19:09:27 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? and sort ofI'm not 100% certain how this will be completed by SS, but if it is the same method as the previous DFLs (where they also had previous loans rolled into them) then current investors in PBL025 will have the option to pull out by setting pre-funding to 0. If so, SS will require more than £1,271,000, as there will be some who want to withdraw their investments from PBL025 No, they wont. On previous rolled DFL, if they set PF to 0 they will just roll existing holding, they wont get any extra. Last time they would have had to email SS if they didnt want to roll
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 7, 2016 19:10:02 GMT
Maybe, but there is a second charge on this security by another Bridging Finance Company (who holds a majority share in the business - 41.26%), so I'm guessing some funds are coming from them. Cheers C_D guess we will have to wait and see in a day or three? To see if the charge is removed? I don't think it will; as Liz said, there is a hefty 3m short full in the expected build cost & our loan, and (according to the valuation report) the build started circa May, so that money is going to be required.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Jul 7, 2016 19:15:46 GMT
Cheers C_D guess we will have to wait and see in a day or three? To see if the charge is removed? I don't think it will; as Liz said, there is a hefty 3m short full in the expected build cost & our loan, and (according to the valuation report) the build started circa May, so that money is going to be required. It's a lot more than £3m shortfall! Over £3m of the of the money raised is going on paying off PBL25, then there is upfront interest, fees and other costs to pay too. "Exit Strategy Exit will be made from the sale of units with demand expected to be high and reservations taken during the course of the development." Ie raising funds DURING development from sales. We have seen this strategy before.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Jul 7, 2016 19:18:31 GMT
Quick question? If the 3,110,000 gets rolled into the dfl does that mean the dfl will only need another 1,271,000 ? and sort ofI'm not 100% certain how this will be completed by SS, but if it is the same method as the previous DFLs (where they also had previous loans rolled into them) then current investors in PBL025 will have the option to pull out by setting pre-funding to 0. If so, SS will require more than £1,271,000, as there will be some who want to withdraw their investments from PBL025 If its like DFL01/02 all holders of PBL25 will be rolled regardless of what they set their pre fund to (even zero) and then if they want addition to their PBL25 holding then they need to set their pre fund accordingly. DFL03 almost certainally will be more liquid than PBL25 after all it wont have negative days any more. And remember the bungalows the least liquid of any loan I can remember became DFL01 and is now fairly liquid. Also I would bet if you really did not want your PBL25 rolled into DFL3 then you could e mail SS and they will take it off your ha
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jul 7, 2016 19:19:23 GMT
Maybe and sort ofI'm not 100% certain how this will be completed by SS, but if it is the same method as the previous DFLs (where they also had previous loans rolled into them) then current investors in PBL025 will have the option to pull out by setting pre-funding to 0. If so, SS will require more than £1,271,000, as there will be some who want to withdraw their investments from PBL025 No, they wont. On previous rolled DFL, if they set PF to 0 they will just roll existing holding, they wont get any extra. Last time they would have had to email SS if they didnt want to roll Like I said, I wasn;t 100% certain ; So much went on with those initial DFLs that I must have missed that part Still the same with this DFL I wonder (e-mail to pull out of PBL025)?
|
|
)
