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 15:30:18 GMT
LOAN REPAID (BEFORE DRAWDOWN)
| Loan Amount | : | £ | 679,000
| | Security Value | : | £ | 970,000
| | SS Indicated LTV | : |
| 70% | | 90 Day Market Valuation | : | £ | £850,000
| | LTV Based on 90 day Market Valuation | : |
| 80% | | Term | : |
| 183 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - C******** Real Estates Ltd
- SS state that our borrower is an SPV for the purpose of purchasing this property, and that there is a team of very experienced investors and directors behind the SPV
- The SPV was incorporated on 8 April 2016
- There are 3 borrowers (all of them are also the shareholders, with no additional shareholders).
Loan
- The borrower is looking to purchase the property as an investment.
- The directors/shareholders are injecting cash to assist with the purchase.
Security - The C********, E******* Road, Bramley, Guildford, Surrey, GU5
- Our security is a purpose built two-storey office building arranged in a U-shape around a central courtyard.
- This property is currently on rightmove for £800,000. It has been sold (STC), presumably to our borrower.
- If we take the above figure as an indication of security value, we would have an LTV of 85%
- Despite the above SS claim that, due to excessive demand, the property was actually purchased for £1,065,000. This is also mentioned in the valuation report and would provide an LTV of 64%
There is a pending PP application for the property for the removal of the B1 restriction (decision due 01/09/2016) - The PP was denied (on 01/09/2016) and possibly explains the delay in this loan going live.
Exit Strategy
- SS state that there is a significant pension fund behind one of the directors/shareholders, therefore, the loan will either be repaid by refinance through a high street bank or released from the pension fund, whichever route delivers the repayment quickest.
| Code Number Assigned | : | 31/08/16 | | Loan went live @ | : | 28/09/16 | | Allocation | : | £470.00 | | Amount of Investors @ Live | : | 2023 |
If you require any citation for the above information please feel free to PM me.
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Post by grodecki on Aug 31, 2016 17:54:59 GMT
Of all the new loans this is the one I am most comfortable with. I like the sound of it.
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Post by trilby on Sept 1, 2016 8:34:05 GMT
It makes for the rudest-looking thread title though.
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star dust
Member of DD Central
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Post by star dust on Sept 2, 2016 13:05:26 GMT
Update just gone on site "This loan is slightly delayed and not likely to go live for at least 2 weeks."
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Sept 2, 2016 15:28:42 GMT
I was waiting for it to go live. I will put my money somewhere else then.
Edit: Actually thinking about it I can add a few zeros. From two, I can make them 5. I will just take the first number out.
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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: 11,329
Likes: 11,549
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Post by ilmoro on Sept 2, 2016 18:27:40 GMT
Planning app rejected today so have to wait and see if there is a plan b
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dan83
Posts: 243
Likes: 84
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Post by dan83 on Sept 3, 2016 9:01:27 GMT
This was also a loan I was interested in, due to the loan length. Good job I hadn't sold some to buy this.
I get it in a few weeks if it comes back around.
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sam i am
Member of DD Central
Posts: 697
Likes: 555
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Post by sam i am on Sept 3, 2016 9:08:51 GMT
This was also a loan I was interested in, due to the loan length. Good job I hadn't sold some to buy this. I get it in a few weeks if it comes back around. I hadn't sold any either. But I had plenty repaid and a chunk of interest though 😀
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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 27, 2016 17:58:59 GMT
Just got the go live e-mail... Due to go live tomorrow  |
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Post by mrclondon on Sept 27, 2016 19:19:29 GMT
Can anyone who has researched this one provide a brief summary as to what the planning application was for, and what the grounds for refusal were ?
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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 27, 2016 19:24:34 GMT
Can anyone who has researched this one provide a brief summary as to what the planning application was for, and what the grounds for refusal were ? The borrower (who is purchasing the property) applied to remove the present B1 restriction so that they could repurpose the building from offices to residential. The reason the application was refused was...
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Post by mrclondon on Sept 27, 2016 19:47:48 GMT
Can anyone who has researched this one provide a brief summary as to what the planning application was for, and what the grounds for refusal were ? The borrower (who is purchasing the property) applied to remove the present B1 restriction so that they could repurpose the building from offices to residential. The reason the application was refused was... Thanks. Which suggests the original market price of £800k was probably nearer the mark as this is likely to be a long drawn out process to persuade the powers that be to agree to change of use. Money will have to be spent on a superficial redecorate and cleaning the grounds, as the council will legitamately be able to claim the lack of office tenants is not evidence of no demand for office space only of a grotty uncared for building. It would be interesting to know if the borrower has negotiated a reduction in the £1m plus he offered, following the planning refusal.
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ali
Member of DD Central
Posts: 313
Likes: 311
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Post by ali on Sept 27, 2016 20:05:01 GMT
The borrower (who is purchasing the property) applied to remove the present B1 restriction so that they could repurpose the building from offices to residential. The reason the application was refused was... Thanks. Which suggests the original market price of £800k was probably nearer the mark as this is likely to be a long drawn out process to persuade the powers that be to agree to change of use. Money will have to be spent on a superficial redecorate and cleaning the grounds, as the council will legitamately be able to claim the lack of office tenants is not evidence of no demand for office space only of a grotty uncared for building. It would be interesting to know if the borrower has negotiated a reduction in the £1m plus he offered, following the planning refusal. It's worth noting that the valuation gives a market rent of £56,840. A MV of £800,000 represents a yield of 14% which seems rather high...
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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 27, 2016 20:09:55 GMT
Thanks. Which suggests the original market price of £800k was probably nearer the mark as this is likely to be a long drawn out process to persuade the powers that be to agree to change of use. Money will have to be spent on a superficial redecorate and cleaning the grounds, as the council will legitamately be able to claim the lack of office tenants is not evidence of no demand for office space only of a grotty uncared for building. It would be interesting to know if the borrower has negotiated a reduction in the £1m plus he offered, following the planning refusal. It's worth noting that the valuation gives a market rent of £56,840. A MV of £800,000 represents a yield of 14% which seems rather high... 14%? I work it out at about 7% (or are my sums wrong?)
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ali
Member of DD Central
Posts: 313
Likes: 311
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Post by ali on Sept 27, 2016 20:12:23 GMT
It's worth noting that the valuation gives a market rent of £56,840. A MV of £800,000 represents a yield of 14% which seems rather high... 14%? I work it out at about 7% (or are my sums wrong?) No, you're quite right. Ignore me. Half a brain on the job!
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