cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Sept 5, 2016 8:26:18 GMT
REPAID
| Loan Amount | : | £ | 4,800,000
| | Security Value | : | £ | 8,000,000
| | SS Indicated LTV | : |
| 60% | | 90 Day Market Valuation | : | £ | Not Indicated
| | LTV Based on 90 day Market Valuation | : |
| N/A | | Term | : |
| 274 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - M**** QUAY LIMITED
- SS state that our borrower is an extremely experienced developer with a great deal of strategic planning experience.
- The company is newly formed but is presumably an SPV
- There are 5 directors, but the most important person involved with this business is the one SS are referring to; P***** R***** A*****, who is also the 100% shareholder of the business.
- A quick search of the above name brings lots of interesting material about our borrower. I've bullet pointed a couple key points below, but I would encourage you to search both our borrower's company and the above director.
- The recurring theme is our borrower has a history of not following through with developments, or simply abandoning developments with the SPVs going bust.
- There was a court case involving P***** R***** A***** (v a Bank). The background of this case involved a dispute by P***** R***** A***** about a PG he had provided, which the bank was trying to activate (for a debt amounting to £3,840,493.83). He seemed very determined to avoid this.
Loan
- This loan is connected to PBL054.
- The borrower wants to purchase an adjoining land to the land in PBL054, and thus increasing the Loan.
- SS have decided to repay PBL054, and launch a new loan; there will be no rollover.
Security
- Land (Undeveloped and currently overgrown with scrub and shrubbery) comprising of a 40 acre cleared site
- The is no planning permission on this site, but it has been zoned for employment use in Hull City Councils Master Plan
- The Valuation Report for PBL054 (dated July 2015) notes that the land value is based on £130k/acre, whereas this new valuation that includes the land from PBL054 now values the land at £200k/acre.
- In the thread for PBL054 had some users worried about the possible flooding on the site. The VR has the following to say about the flood risk on the site
Exit Strategy
- The exit strategy is to enhance the value of the land from its current employment use value of £8 million to £20 million by amending the planning permissions and obtaining approval for the retail and leisure scheme.
- With the enhanced land value, our borrower will either exit through selling the security or raising development finance to repay our loan and build out the scheme in house.
| Code Number Assigned | : | 05/09/2016 | | Loan went live @ | : | 06/09/2016 | | Allocation | : | 100% | | Amount of Investors @ Live | : | 1862 |
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Post by supernumerary on Sept 5, 2016 8:35:01 GMT
WHEN is this loan going live Dude?
Is it going live today, Monday the 5th Sept. 2016?
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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 5, 2016 8:37:36 GMT
WHEN is this loan going live Dude?
Is it going live today, Monday the 5th Sept. 2016? I have no idea (remember that I don't work for SS  ) The update said "This loan is likely to go live during the week of the 5th of September." My guess is (because it's just got a PBL number) that it's going to go live Tomorrow or Wednesday
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Post by supernumerary on Sept 5, 2016 8:45:32 GMT
WHEN is this loan going live Dude?
Is it going live today, Monday the 5th Sept. 2016? I have no idea (remember that I don't work for SS ) The update said "This loan is likely to go live during the week of the 5th of September." My guess is (because it's just got a PBL number) that it's going to go live Tomorrow or Wednesday Quite correct, I don't work for saving Stream either...  Thanks for the heads up on the loan numbering, which I hadn't seen this morning...  ALL systems go then for tomorrow, or Wednesday!! Will just have to wait for the official email from Saving Stream.
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adrianc
Member of DD Central
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Post by adrianc on Sept 5, 2016 9:07:07 GMT
Going live tomorrow, according to the email just received.
130 tomorrow, too.
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Post by supernumerary on Sept 5, 2016 9:09:11 GMT
Going live tomorrow, according to the email just received. 130 tomorrow, too. Received the OFFICIAL notification too... ALL systems go for tomorrow.
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Post by wickedxuk on Sept 5, 2016 9:13:00 GMT
On CH he was listed as banned from directorships until Sept 2015 (according to another forum). But I can't find sources to confirm that yet. It is discussed specifically on a Hull forum. PM me if you would like reference to this.
I've tried finding more info via CH but I'm not sure it has historic data. The Disqualified Directors Search isnt working and just giving me every name under the sun. Might be worth someone else searching his name to see if there is historic data there.
I think I'll still take a decent chunk of this loan as the security is still good and PP looks likely.
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SteveT
Member of DD Central
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Post by SteveT on Sept 5, 2016 9:15:34 GMT
The decision to allocate this £4.8m loan "bottom up" suggests that the days of the BHs gaming the pre-funding system are firmly behind us!
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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 5, 2016 9:56:35 GMT
On CH he was listed as banned from directorships until Sept 2015 (according to another forum). But I can't find sources to confirm that yet. It is discussed specifically on a Hull forum. PM me if you would like reference to this. I've tried finding more info via CH but I'm not sure it has historic data. The Disqualified Directors Search isnt working and just giving me every name under the sun. Might be worth someone else searching his name to see if there is historic data there. I think I'll still take a decent chunk of this loan as the security is still good and PP looks likely. I (and others) also noted that, but I didn't put it in my overview because it's not on any of the official sources (only a couple of forums and a Wikipedia page). However, I do believe to be true; just need to find the proper source to confirm.
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Post by Deleted on Sept 5, 2016 10:23:50 GMT
Besides the director's past, I am more concerned about the valuation, which is Always the key in bridging loans.
To me increasing the value from 130k/acre a 200k/acre without any explanation is a key point and is something I would need a serious explanation before investing in this loan.
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am
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Post by am on Sept 5, 2016 10:27:45 GMT
I've been asked to rephrase this as it identified the location of the land, and by implication the borrower.
The security consists of two plots of land, only one of which was the security for PBL054. There is an apparent inconsistency in that the land shown on the valuation report, valued at £8,000,000, is only the first plot, while SS's summary states that the marriage value of the two plots is £8,000,000. (I would have interpreted marriage value as additional value due to putting two or more properties together, rather than the complete value, but I assume SS mean the complete value.) But PBL054 gives the area as 25 acres, while PBL131 says 40 acres, so perhaps the valuation report is for the whole lot, and the valuation report merely does not correctly delimit the valued property, failing to show the additional land north of the A63.
It's not obvious what this additional land is, and neither SS nor the valuers have provided us with details. The summary talks about the addition of a road junction, and given the comments in the summary I suspect that includes major bridging works. (PBL054 bridging particulars confirm this.) Reading between the lines I get the impression that the developer is expected to pay for/contribute to the cost of the interchange. This, and the cost of raising the level of the land by 1.5m will reduce the value of the land with planning permission as it increases the development costs, and therefore will also reduce the current value - the valuation report doesn't seem to take account of this. The PBL054 valuation takes note of the presence of a promoted public footpath, which will impinge on the area available for development; this isn't mentioned in the new valuation.
The 50% increase in price per acre, based on different sets of comparables, doesn't fill me with confidence. However I can see that there may be some marriage value in the acquisition of the additional land in that the cost of the new road junction is spread over a greater area of land, resulting in a low discount per acre.
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Post by ragamuffin on Sept 5, 2016 11:01:32 GMT
Do you think we expect repayment of 54 before the this loan goes live? (so include what ever I have in that in the pretending amount?)
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fp
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Post by fp on Sept 5, 2016 11:03:36 GMT
Do you think we expect repayment of 54 before the this loan goes live? (so include what ever I have in that in the pretending amount?) 054 will be repaid, this is a new separate loan.
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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 5, 2016 11:03:42 GMT
Do you think we expect repayment of 54 before the this loan goes live? (so include what ever I have in that in the pretending amount?) Yep. PBL054 will repay just before the new live going live. Pre-fund with that expectation to avoid disappointment
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am
Posts: 1,495
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Post by am on Sept 5, 2016 11:34:20 GMT
On CH he was listed as banned from directorships until Sept 2015 (according to another forum). But I can't find sources to confirm that yet. It is discussed specifically on a Hull forum. PM me if you would like reference to this. Companycheck has him taking up new appointments on 20th July 2015.
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