cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 8, 2016 16:21:14 GMT
This Loan Is LIVE
| Loan Amount | : | £1,590,000
| | Security Value | : | £2,650,000
| | SS Indicated LTV | : | 60%
| | 90 Day Market Valuation | : | £2,000,000 | | LTV Based on 90 day Market Valuation | : | 79.5% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
> Time Lapse Video of development - regularly updated by Please turn me over
Borrower
- This borrower is connected to the borrower in PBL092 (connected by a common director)
- SS say that our borrower is an experienced developer, having successfully operated in the residential apartment/student accommodation and care home sector. The company also has an internal benchmark sales division which sells the developed projects off to national and overseas buyers managing the 147 sales agents successfully with a 100% sales record.
- The company that holds this security is "S** BUILDING LTD" and is only 1 year old (incorporated on 10 Feb 2015) but is obviously an SPV. The ultimate parent company is "L***** INTERESTS LTD" who are 4 years old (Incorporated on 26 Sep 2011).
Loan
- This application is for a bridging land loan to repay back existing charge holders who lent funds to acquire the site. Also, the borrowers need to raise the advanced deposit payment for a curtain wall from China for the development which will save £1.5m on the overall construction costs.
- Buyers for the further units will pay a 50% deposit on reservation, which will be used to build the project to completion.
- SS will control the flow of exchange funds and will only release them to the borrower on receipt of a satisfactory QS report which will be made visible to SS investors whenever possible.
- £4m available of own applicant/borrower monies to be injected into deal towards the end
- Our borrower has currently exchanged on 56 units (as of 5th April 2016) i.e c£1.5m.
Security
- S** Building is a brand new student development. The scheme consists of 244 student apartments, a communal area and car parking. It will comprise of a mixture of Ensuite rooms, studios and large studios as well as a cinema room, IT rooms and communal laundry room.
- The previous site has been demolished and now has planning permission for the above.
Exit Strategy
- SS investors will be repaid from completion funds within 12 months.
- After all costs, completion funds will amount to £4.9m to cover the £1.85m loan.
- SS investors will receive the completion funds before the borrower receives any profits.
| Code Number Assigned | : | 11/07/2016 | | Loan went live @ | : | 12/06/2016 | | Allocation | : | 68% | | Amount of Investors @ Live | : | 1165
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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 8, 2016 16:44:34 GMT
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locutus
Member of DD Central
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Post by locutus on Jul 8, 2016 16:46:26 GMT
It is the same borrower. They have both projects on their website.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 8, 2016 17:27:13 GMT
The cost of a curtain wall from China will have increased since Brexit, but I'm mainly concerned that if the development fails to complete, the value of an uninstalled curtain wall is zero. We seem to be taking a lot of risk at 70% LTV. For the same reason I've never understood why PBL092 is so popular. Perhaps SS know something we don't.
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fp
Posts: 1,008
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Post by fp on Jul 8, 2016 19:01:18 GMT
The cost of a curtain wall from China will have increased since Brexit, but I'm mainly concerned that if the development fails to complete, the value of an uninstalled curtain wall is zero. We seem to be taking a lot of risk at 70% LTV. For the same reason I've never understood why PBL092 is so popular. Perhaps SS know something we don't. By around 10% if the 4 container loads of goods I've ordered this week are anything to go by
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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 8, 2016 21:51:02 GMT
It is the same borrower. They have both projects on their website. After a little bit of digging, I have no doubt that these loans are connected. There are 2 different companies behind the loans (evidently they are SPVs) which are both connected by a common director. They both have different Parent Companies, but both these parent companies also share the same common director.
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dan83
Posts: 243
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Post by dan83 on Jul 9, 2016 17:12:59 GMT
These student apartments are currently advertised on a property website, I'm not sure if I can name the site so I'll leave it upto you to find it on a search engine.
The apartments start at just under £50k and compleation date is Sep 17. They are also offering 5% interest on your deposit.
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goopy
Member of DD Central
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Post by goopy on Jul 11, 2016 8:45:04 GMT
Is this going live today? Still no PBL number and I haven't had an email. Does anyone have any more info about this?
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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 11, 2016 8:52:07 GMT
Is this going live today? Still no PBL number and I haven't had an email. Does anyone have any more info about this? I've dropped them an e-mail, but my guess is that it's unlikely that this loan will go live today.
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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 11, 2016 9:43:12 GMT
This loan is not going live today...
Edit : The update has been changed to "Going live Tuesday, completion end of the week"
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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: 11,330
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Post by ilmoro on Jul 11, 2016 10:35:37 GMT
This loan is not going live today... Now says Tue, which also seems optimistic, though less optimistic than Scotland which lacks a valuation still
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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 11, 2016 12:14:53 GMT
Just got a pebble number
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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 11, 2016 12:21:04 GMT
Lots happing with this PBL
The loan just got reduced from £1,855,000 to £1,590,000. Subsequently, the LTV changed from 70% to 60%
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locutus
Member of DD Central
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Post by locutus on Jul 11, 2016 12:21:08 GMT
From the valuation: I'd really like to see this £250k taken into account when calculating LTV. savingstream is there any reason why it hasn't? |
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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 11, 2016 12:35:19 GMT
From the valuation: I'd really like to see this £250k taken into account when calculating LTV. savingstream is there any reason why it hasn't? You've tagged savingstream and expect a reply... your optimism applaudable  Just got the GO-LIVE e-mail; confirms this loan is going live tomorrow
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