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 14:14:15 GMT
This Loan Is LIVE
| Loan Amount | : | £ | 552,473
| | Security Value | : | £ | 985,000
| | SS Indicated LTV | : |
| 56% | | 90 Day Market Valuation | : | £ | 875,000 | | LTV Based on 90 day Market Valuation | : |
| 63% | | Term | : |
| 90 Days |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - K******* Development Limited
- The above company was established June 2016.
- There is a single director behind the above company who is a 34yo lawyer and seems to have limited history within the property sector (the only snippet I can find was where she was director of P**** Properties Limited for 2 years up until it was dissolved in Mar 2016). She is one of 3 equal shareholders.
- Nothing about our borrower shouts "experienced property developers" which is what SS say our borrower is in their overview.
- Oddly, the VR states that the applicant is K******* C****** C***** Ltd, but this seems to be the current occupier and owner of the security, and not our borrower.
Loan
- Our borrower requires the loan to purchase some property and land with planning (our security).
- The broker here is J**** Finance Limited, a Dubai-based broker that also acted as broker on the PBL081 (and possibly the Gloucestershire Loans). Their website has some interesting sales points...
- No Credit Checks
- 100% of the Purchase Price
- No Bank statements
- No Proof of Income
[/ul][/font][/div] Security & Valuation Report
- Please note, when completing your own DD the postcode of the security is ML11 *** not LN11 *** as indicated on the VR (Let's hope they went to the right location
 ) - A substantial residential farmhouse with accommodation extending to 2,049 sq ft which would benefit from internal updating with a 290-acre diversified farm with planning permission in principle for residential, tourist, leisure, and commercial development.
- The property is subject to 2 conditional planning consents (Erection of 25 chalets, a commercial facility, tourist/leisure use, eco-village and associated landscaping (Planning Permission in Principle)) and (Erection of 67m high turbine and formation of access track) which are not reflected in the reported market valuations as they are not yet implemented. The first of these two expires on 21-11-2016.
- The valuation report estimates a sale would be achieved within 6 to 12 months to a developer or owner occupier farmer
Exit Strategy
- Sale of plots with planning to developers (already have interested parties).
- As this is a short term loan (90days) it is hard to see how the borrower plans to achieve the sale of the plots in this duration.
| Code Number Assigned | : | 31/08/16 | | Loan went live @ | : | 01/09/16 | | Allocation | : | £530.00 | | Amount of Investors @ Live | : | 1545 |
Credit to Jaydee for his input  .
If you require any citation for the above information please feel free to PM me. [/font]
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Post by grodecki on Aug 31, 2016 17:52:43 GMT
Not comfortable with this one at all, think I'm out.
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jamesc
Member of DD Central
Posts: 447
Likes: 253
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Post by jamesc on Aug 31, 2016 18:19:45 GMT
Not comfortable with this one at all, think I'm out. Personally I am the opposite, ok might not like the borrower or the broker or that the loan is only 90 days, personally I think all SS loans should have a minimum term of 180 days. However I like the security and low LTV and the loan is not huge the most important factors in my book, if it defaults will I get my money back and here I have to say yes.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Sept 1, 2016 8:53:22 GMT
Not comfortable with this one at all, think I'm out. Personally I am the opposite, ok might not like the borrower or the broker or that the loan is only 90 days, personally I think all SS loans should have a minimum term of 180 days. However I like the security and low LTV and the loan is not huge the most important factors in my book, if it defaults will I get my money back and here I have to say yes.
I prefer not to be in a defaulting loan even if the asset can be seized and sold for a sufficient sum. I find the process too stressful and cannot avoid sympathising with the poor borrower. In cases where the borrower does not deserve any sympathy because (s)he has been reckless or worse then inevitably the asset cannot be sold for enough.
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Post by Deleted on Sept 1, 2016 9:51:55 GMT
Personally I am the opposite, ok might not like the borrower or the broker or that the loan is only 90 days, personally I think all SS loans should have a minimum term of 180 days. However I like the security and low LTV and the loan is not huge the most important factors in my book, if it defaults will I get my money back and here I have to say yes.
I prefer not to be in a defaulting loan even if the asset can be seized and sold for a sufficient sum. I find the process too stressful and cannot avoid sympathising with the poor borrower. In cases where the borrower does not deserve any sympathy because (s)he has been reckless or worse then inevitably the asset cannot be sold for enough. Wow, this must be a record. The loan has not yet launched and someone already worries about its default. In the bridging loan field you have to look at the security as if you were buying it with the view of reselling yourself at the end of the term. If you see value in the numbers then invest. If you don't see value, let it out of your list. Personally I am not too worried about this loan. Seems to be not too off from the market value, so I will be investing here.
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ped
Member of DD Central
Posts: 255
Likes: 84
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Post by ped on Sept 1, 2016 17:18:02 GMT
Bottom up say £300 if we are lucky?
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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 17:20:00 GMT
Bottom up say £300 if we are lucky? Sounds about right Getting a bit late in the day for this one to go live today.
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Post by geraldine1210 on Sept 1, 2016 18:14:57 GMT
Bottom up say £300 if we are lucky? Sounds about right Getting a bit late in the day for this one to go live today. I'm surprised a delay has not been announced.
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Post by geraldine1210 on Sept 1, 2016 18:26:14 GMT
Anybody remember the latest a loan has gone live?
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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 18:30:03 GMT
Anybody remember the latest a loan has gone live? From memory, I think 06:30pm. Been plenty that have been delayed without prior warning though
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Post by geraldine1210 on Sept 1, 2016 18:42:51 GMT
Anybody remember the latest a loan has gone live? From memory, I think 06:30pm. Been plenty that have been delayed without prior warning though Thanks
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jcb208
Member of DD Central
Posts: 838
Likes: 638
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Post by jcb208 on Sept 1, 2016 18:43:58 GMT
Seems to happen often with Savingstream not like MT always 4.00pm on the dot |
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Sept 1, 2016 18:53:31 GMT
Ah, well. It does help clear the SM a bit when SS teases us like this. Punters get impatient.
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Post by bhafcseagull on Sept 1, 2016 19:10:19 GMT
Perhaps ss read this thread and pulled it 😉
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treeman
Member of DD Central
Posts: 1,026
Likes: 557
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Post by treeman on Sept 1, 2016 19:15:27 GMT
Anybody remember the latest a loan has gone live? From memory, I think 06:30pm. Been plenty that have been delayed without prior warning though All go-live notices come with a built-in pre-warning : "N.B. We reserve the right to cancel or extend this go live date if required."
A reason/explanation would be nice though ........ see what tomorrow brings .........
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