cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Aug 31, 2016 14:00:20 GMT
Repaid Loan
| Loan Amount | : | £ | 1,920,000
| | Security Value | : | £ | 3,200,000
| | SS Indicated LTV | : |
| 60% | | 90 Day Market Valuation | : | £ | 2,880,000
| | LTV Based on 90 day Market Valuation | : |
| 67% | | Term | : |
| 91 days
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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Loan Information & Observations
Borrower - Not indicated; possibly Mr F***** G**** D***** (The applicant in the VR)
- SS claim that our borrower is a wealthy property investor/ broker who buys and sells assets in both the UK and overseas for both himself and his network of wealthy clients.
Loan
- The purpose of this loan is to purchase a property (our security)
- Our borrower is injecting a sizeable amount of cash towards the purchase and will fund the light refurbishment from own cash resources.
Security - Flat 5, 3 V******* G***, Kensington, London, W8
- Mid terraced building, set over six floors and converted into five separate flats. Our security is Flat 5.
- The lease ends in 2106 leaving 90 years remaining.
- The valuation report states that the flat is to be found in a condition that would be considered a little dated and requires works of overhaul and modernisation in order to bring it up to the standard required (in a high-value area). The valuation report notes that the above is likely to be a very expensive process
Exit Strategy
- SS state that the borrower already has a number of clients within his existing network lined up to purchase this property.
| Code Number Assigned | : | 31/08/16 | | Loan went live @ | : | 01/09/16 | | Allocation | : | £5600.00 | | Amount of Investors @ Live | : | 1699 |
If you require any citation for the above information please feel free to PM me.
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treeman
Member of DD Central
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Post by treeman on Aug 31, 2016 14:16:56 GMT
Might serve as an 'interest-absorber' .......... Be interesting to see the take-up on this; as the term would appear to be below what many would consider to be the 'dump-it' threshold - if you believe what you read  |
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jonbvn
Member of DD Central
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Post by jonbvn on Aug 31, 2016 17:25:56 GMT
Some issues that concern me a little: - Unknown term of lease - assumed by surveyor - would be nice to have confirmation of actual remaining term.
- "In addition, we wish to bring to your attention that values for this type of
property, in this area, have been declining for approximately 12 months." - The subject flat requires refurbishment, in order to bring it up to the standard
required, in this high value area. Those works are likely to be very expensive.
From the perspective of the subject surveyor, it is an unusual and risky
exercise, to take on such a redevelopment, given the falling market."
- Borrower estimated value was £3.8M whereas surveyor is adamant that it is not worth more than £3.2M.
- Service charges and ground rent are both unknown.
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mikes1531
Member of DD Central
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Post by mikes1531 on Aug 31, 2016 19:37:26 GMT
Any predictions for PBL128's allocation? The 'go-live notice' email I received said "These loans will be funded using the 'bottom-up' funding model." ...unless savingstream have made a cut & paste mistake, of course.
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TitoPuente
Member of DD Central
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Post by TitoPuente on Aug 31, 2016 21:14:23 GMT
Any predictions for PBL128's allocation? The 'go-live notice' email I received said "These loans will be funded using the 'bottom-up' funding model." ...unless savingstream have made a cut & paste mistake, of course. Unless they are now changing the rules as they see fit, this should be a cut and paste mistake.
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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 Aug 31, 2016 21:23:23 GMT
The 'go-live notice' email I received said "These loans will be funded using the 'bottom-up' funding model." ...unless savingstream have made a cut & paste mistake, of course. Unless they are now changing the rules as they see fit, this should be a cut and paste mistake. Maybe not SS have suggested in the past (via comms with users) that they were considering employing bottoms up to all loans.
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adrianc
Member of DD Central
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Post by adrianc on Aug 31, 2016 22:15:03 GMT
Unless they are now changing the rules as they see fit, this should be a cut and paste mistake. Maybe not SS have suggested in the past (via comms with users) that they were considering employing bottoms up to all loans. TBH, I think it's going to be academic. My prediction's 100%.
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ali
Member of DD Central
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Post by ali on Aug 31, 2016 22:24:47 GMT
TBH, I think it's going to be academic. My prediction's 100%. I'd be astounded. There's a lot of cash sloshing around at present and PBL127 is much smaller. The LTV is good which, at the end of the day, is what counts. I'm sure some people will hold back preferring something further down in the pipeline, but I think a significant number of people will not.
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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 Aug 31, 2016 22:25:38 GMT
Maybe not SS have suggested in the past (via comms with users) that they were considering employing bottoms up to all loans. TBH, I think it's going to be academic. My prediction's 100%. PBL124 was repaid today, and interest is paid out tomorrow, so that's a ( possible) £4m looking for a new home. If it is allocation I'm guessing 80%; if it's bottoms up, then my guess is between £1500 - £2000... I'm probably wrong... I mean; why break that habit of a lifetime 
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bababill
Member of DD Central
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Post by bababill on Aug 31, 2016 23:38:20 GMT
Another valuation from an online valuer (MxxxxxPxxxx.Cxx) using a statistical model gave it a:
Valuation estimate: £2,138,900
Value range: £1,497,000 to £2,781,000
Interestingly their rental estimate was broadly equal with SS valuers.
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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 Sept 1, 2016 14:06:12 GMT
Just gone live
I think the allocation is £5,600.00
1699 investors @ live
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ali
Member of DD Central
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Post by ali on Sept 1, 2016 14:08:57 GMT
Just gone live I think the allocation is £1000... I got £1500 (what I asked for). Looks like adrianc was right.
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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 Sept 1, 2016 14:10:20 GMT
Just gone live I think the allocation is £1000... I got £1500 (what I asked for). Looks like adrianc was right. I edited my OP when I looked at my business account. Asked for 6k got 5.6k. So, it was bottoms up, with a max of £5,600.00
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bernard
Member of DD Central
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Post by bernard on Sept 1, 2016 15:30:51 GMT
It would be nice if savingstream could confirm the lease is more than 80 years as per valuer assumption on this and all similar London leasehold properties at the outset. |
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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 Sept 1, 2016 18:36:38 GMT
It would be nice if savingstream could confirm the lease is more than 80 years as per valuer assumption on this and all similar London leasehold properties at the outset. From the Overview: "The lease ends in 2106 leaving 90 years remaining." Unless my selective reading was kicking in, I don't think that was in the overview this morning . 90 Years it is 
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