cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 19:31:19 GMT
Wasn't aware of this, not having participated in DFL1/2, so thanks for the info, CD. Tut Tut - First Saving Stream getting sued a few weeks ago, now CD...  You haven't got a chance; I got a good lawyer... 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 19:43:23 GMT
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. Yes, your right (you normally are ); the shortfall is more like £5m (+ interest & fees). I've no doubt that funds will be raised during the development (via deposits), but the development has started and the borrower needed that money from somewhere (the original loan only bought the land), so my guess is that the money to start the development has come from that other Bridging Loan lender that has second charge on the security. My guess is the borrower will keep them on board until some of the anticipated deposits come through.
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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 19:48:34 GMT
CD -There is FAQ for a reason you know Valuation says build will be July 16 to August 17. I think maximum loan is wrong, I think 4.3m is the intial sum - 3.1m + 500k + interest/fees (£600k @18%). Further tranches will be drawndown to progress the build, plus money raised from presale deposits. Im sure there was a complication in the funding between B & C, as they original loan PBL25 against B was actually to fund C. |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 19:58:46 GMT
CD -There is FAQ for a reason you know Valuation says build will be July 16 to August 17. I think maximum loan is wrong, I think 4.3m is the intial sum - 3.1m + 500k + interest/fees (£600k @18%). Further tranches will be drawndown to progress the build, plus money raised from presale deposits. Im sure there was a complication in the funding between B & C, as they original loan PBL25 against B was actually to fund C. There's a FAQs post... I never noticed   I swear to god, due to rotating between brandy, football and valuation report i missed the bloody NO in "At the time of our inspection no ground or construction works have commenced".------ So that is the initial sum (which makes sense), which makes sense (off to edit...) So am I correct in assuming that this is the same for DFL 1&2 (the indicated loan amount is the actual amount SS have sent to the borrower)?* If so I have a lot of editing to do on my 2 DFL DD posts... 
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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 20:04:04 GMT
CD -There is FAQ for a reason you know Valuation says build will be July 16 to August 17. I think maximum loan is wrong, I think 4.3m is the intial sum - 3.1m + 500k + interest/fees (£600k @18%). Further tranches will be drawndown to progress the build, plus money raised from presale deposits. Im sure there was a complication in the funding between B & C, as they original loan PBL25 against B was actually to fund C. There's a FAQs... I never noticed I swear to god, due to rotating between brandy, football and valuation report i missed the bloody NO in "At the time of our inspection no ground or construction works have commenced".So that is the initial sum (which makes sense), which makes sense (off to edit...) So am I correct in assuming that this is the same for DFL 1&2 (the indicated loan amount is the actual amount SS have sent to the borrower)?* If so I have a lot of editing to do on my 2 DD posts... Erm, not sure, the value of the original loans is in my update list as confirmed by SS by email, so IM not sure where the current 6m loan showing for DFL1 comes from, as intial loan was 3.2m. Nothing is ever clear ISTM I see there were two charges for £250k against Block B in addition to SS charge & debenture, 1 was settled yesterday, I expect the other will be cleared shortly. Other point is SS response to zoll a while back gave the initial loan as under £3m, so maybe we are jumping to conclusions and some of the cash is coming from Block C sales and the value shown is actually the full loan I asked SS earlier to confirm initial tranche for DFL003 - awaiting response
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jonah
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Post by jonah on Jul 7, 2016 20:18:00 GMT
If pbl25 parts roll over, surely you could buy in that loan now, effectively getting an extra day or two interest? Or am I missing something?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 20:24:52 GMT
There's a FAQs... I never noticed I swear to god, due to rotating between brandy, football and valuation report i missed the bloody NO in "At the time of our inspection no ground or construction works have commenced".So that is the initial sum (which makes sense), which makes sense (off to edit...) So am I correct in assuming that this is the same for DFL 1&2 (the indicated loan amount is the actual amount SS have sent to the borrower)?* If so I have a lot of editing to do on my 2 DD posts... Erm, not sure, the value of the original loans is in my update list as confirmed by SS by email, so IM not sure where the current 6m loan showing for DFL1 comes from, as intial loan was 3.2m. Nothing is ever clear ISTM I see there were two charges for £250k against Block B in addition to SS charge & debenture, 1 was settled yesterday, I expect the other will be cleared shortly. Other point is SS response to zoll a while back gave the initial loan as under £3m, so maybe we are jumping to conclusions and some of the cash is coming from Block C sales and the value shown is actually the full loan You've got to love the consistency from SS... I found a post here on the DFL1 thread, that indicates that original loan for DFL1 was £3.188m, which would suggest the indicated amount (£6,063,750) on the SS website is the total potential loan. Furthermore, the DFL002 indicated loan amount didn't increase when SS released the recent tranche. So for these 2 DFLs, it seems the indicated amounts are indeed the total potential loan. However, for this DFL(3) the numbers do seem to add up to indicate this is the total to be sent to the borrower. Seems SS have moved the goalposts Have dropped them an e-mail to see what they say.
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Liz
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Post by Liz on Jul 7, 2016 20:34:53 GMT
CD -There is FAQ for a reason you know Valuation says build will be July 16 to August 17. I think maximum loan is wrong, I think 4.3m is the intial sum - 3.1m + 500k + interest/fees (£600k @18%). Further tranches will be drawndown to progress the build, plus money raised from presale deposits. Im sure there was a complication in the funding between B & C, as they original loan PBL25 against B was actually to fund C. Maybe they will use funds from sales of the apartments of C, to help from block B. Or maybe a 2nd bridge loan(2nd charge), maybe with SS. Who knows, it's a bit of guess work at the moment 
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SteveT
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Post by SteveT on Jul 7, 2016 20:35:12 GMT
If pbl25 parts roll over, surely you could buy in that loan now, effectively getting an extra day or two interest? Or am I missing something? That's what I've done.
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ped
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Post by ped on Jul 7, 2016 20:37:59 GMT
If pbl25 parts roll over, surely you could buy in that loan now, effectively getting an extra day or two interest? Or am I missing something? I think you are very much correct
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 20:47:45 GMT
If pbl25 parts roll over, surely you could buy in that loan now, effectively getting an extra day or two interest? Or am I missing something? Not only interest, but also a larger slice than pre-funding is likely to provide, if wanted. That's not a bad idea; treat investing in PBL025 as pre-funding for DFL003, and get exactly what you want. Then set pre-funding for DFL003 to 0. £68,476 sitting on the SM to enable those who want to to do this...
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stevio
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Post by stevio on Jul 7, 2016 21:15:20 GMT
When is this going live? Had no email? Speculation?
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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 21:16:13 GMT
SS have said details re rollover & initial tranche size will be detailed in go live email.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 7, 2016 21:16:19 GMT
No e-mail yet, so we're not sure. My guess is Saturday.
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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 21:20:01 GMT
When is this going live? Had no email? Speculation? Yes based on allocation of loan number which usually precedes go live email by a short time. Sat but Mon more likely I suspect
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I swear to god, due to rotating between brandy, football and valuation report i missed the bloody NO in "At the time of our inspection no ground or construction works have commenced".
