DFL005 - Arboretum, Land with PP - SUSPENDED
Sept 6, 2016 16:32:56 GMT
SteveT, locutus, and 3 more like this
Post by cooling_dude on Sept 6, 2016 16:32:56 GMT
This Loan Is LIVE
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - Arboretum D**** (RLH) Ltd
| @ 1st Tranche 06/09/16 | @ 2nd Tranche 02/11/16 | @ 3rd Tranche 07/12/16 | @ 4th Tranche 08/12/16 | @ 5th Tranche 16/12/16 | @ 6th Tranche 28/12/16 | @ 7th Tranche 01/02/17 | @ 8th Tranche 14/02/17 | @ 9th Tranche 09/03/17 | @ 10th Tranche 24/03/17 | @ 11th Tranche 20/04/17 | @ 12th Tranche 10/05/17 | @ 13th Tranche 01/06/17 | @ 14th Tranche TBD | |||
| Loan Amount | : | £ | 616,873 | 1,095,226 | 619,762 | 80,000 | 75,464 | 195,664 | 730,703 | 590,369 | 330,000 | 491,790 | 580,511 | 296,916 | 298,612 | |
| Gross Dev. Value | : | £ | 13,300,000 | |||||||||||||
| SS Indicated LTGV | : | 45% | ||||||||||||||
| Current Value | : | £ | Unknown | |||||||||||||
| Current LTV | : | Unknown | ||||||||||||||
| 90 Day Market Valuation | : | £ | Unknown | |||||||||||||
| LTV Based on 90 day MV | : | Unknown | ||||||||||||||
| Term | : | 94 days | ||||||||||||||
| % PA | : | 12% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - Arboretum D**** (RLH) Ltd
- This is the exact same borrower as PBL058 (same Ltd company).
- The above company was Incorporated on 12 June 2015 but is a SPV. The parent company is R****** Leisure Holdings Limited, which was incorporated on 28 May 2013
- There is only a single director behind both the SPV & Parent Company, a J**** L** B*****. He is also 100% shareholder of the parent company
Loan
- This loan is a follow on from PBL058 (same land & borrower); the loan is significantly less and has become a DFL. PBL058 will be repaid first (there is no roll over here)
- It is also connected to PBL035 (same parent company)
- Tranche 1 (The initial loan) facility of £617k is being used to fund the extension of PBL035 for 6 months.
- Build costs are £7.3m to complete the entire scheme with a build programme over 10 months.
- Total funding will be under 70% of the Gross Development Value for the Scheme of £13.3m.
Security
Exit Strategy
If you require any citation for the above information please PM me
. Any observations you have please be sure to post it in this thread and I will try to add it to this overview.
- Property & site is currently unencumbered with a value of £1.5m. As such the current LTV is 41%.
- The property comprises a former house (not part of the security) which has been converted to nine high-quality apartments and two-bed owners accommodation, together with additional land with consent for the construction of additional holiday units and a leisure building.
- The manor house has been completed and sold and the scheme has been amended by reducing and relocating the leisure complex, replacing Units 36-41 with an 18-bed hotel and some minor amendments to some of the units
- The planning permission for the original scheme was accepted 09 Jul 2015. The planning permission for the amended scheme is pending; it was submitted on 19 Apr 2016
Exit Strategy
- Sale or refinance.
- SS state that demand for units is expected to be high with sales agreed during the build programme. However, the funder who has recently refinanced the Mansion House has already expressed an interest in refinancing the whole site once completed.
| Code Number Assigned | : | 06/09/2016 |
| Loan went live @ | : | 07/09/2016 |
| Allocation | : | £440.00 |
| Amount of Investors @ Live | : | 1770 |
If you require any citation for the above information please PM me
. Any observations you have please be sure to post it in this thread and I will try to add it to this overview.
