beechside
Member of DD Central
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Post by beechside on Sept 6, 2016 19:19:13 GMT
This is turning into a very poplar thread. About time I logged off...
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fp
Posts: 1,008 
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Post by fp on Sept 6, 2016 19:51:34 GMT
I thought this topic was about a loan, seems I may be barking up the wrong tree....
I'll get my coat.
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jonah
Member of DD Central
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Post by jonah on Sept 6, 2016 19:53:33 GMT
100% LTV... Feels like a shaky proposal to me. To be fair, Savingstream have called it out, but I will let someone less tired than me confirm the logic behind the 1m equity helping reduce the 'real' LTV before I invest.
Sorry about the lack of tree puns, I know you were pining for one.
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am
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Post by am on Sept 6, 2016 20:56:13 GMT
100% LTV... Feels like a shaky proposal to me. To be fair, Savingstream have called it out, but I will let someone less tired than me confirm the logic behind the 1m equity helping reduce the 'real' LTV before I invest. It depends on the terms of the deal the vendor has done with the borrower. If the vendor retains a 25% (and a bit) equity in the property, then what we have looks very like a second charge at 100% LTV. If the vendor has sold the property for a few million AND a 25% (and a bit) share of an SPV they we have the equivalent of a first charge at a reasonable LTV. (All subject to confirmation via further analysis of the numbers.)
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mikes1531
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Post by mikes1531 on Sept 6, 2016 22:01:56 GMT
Just to make sure I haven't missed something...
Has anyone received a go-live notice for this loan?
If not, then presuming PBL058 does pay off tomorrow I should have more than enough from that to cover my expected allocations of PBL130 and DFL005 so the excess will reduce my negative balance from today's PBL131 allocation and I don't have to deposit as much -- or sell as much -- as I thought I would.
Am I missing something?
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Post by geraldine1210 on Sept 6, 2016 22:06:25 GMT
Just to make sure I haven't missed something... Has anyone received a go-live notice for this loan? If not, then presuming PBL058 does pay off tomorrow I should have more than enough from that to cover my expected allocations of PBL130 and DFL005 so the excess will reduce my negative balance from today's PBL131 allocation and I don't have to deposit as much -- or sell as much -- as I thought I would. Am I missing something? No go live notice on this one as yet.
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jonbvn
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Post by jonbvn on Sept 8, 2016 15:27:11 GMT
I do not see how the deferred £1m equity acts as a buffer. Anyone care to explain please... Or am I going out on a limb here.  PS: just had a look on google maps. £2.5M for a property that overlooks a sewage treatment works??? |
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adrianc
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Post by adrianc on Sept 8, 2016 16:24:20 GMT
Trafford Centre in Manchester is next to the sewage works! Windsor Castle and Eton College are only about a mile and a half from Chalvey sewage works - that 'orrible smell on the M4 (No, not just "Slough", I'm being more specific...)
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Post by GSV3MIaC on Sept 8, 2016 17:58:44 GMT
I do not see how the deferred £1m equity acts as a buffer. Anyone care to explain please... Or am I going out on a limb here. PS: just had a look on google maps. £2.5M for a property that overlooks a sewage treatment works??? The theory is that the property is worth £1m more than the guy sold it to our borrower for (and thus it could be resold at that extra £1m, if we had to), the vendor having taken a slice of the (potential) profits from development instead of £1m cash. Whether you believe the theory is up to you .. some folks believe the earth is flat, some don't even believe in evolution. 8>.
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am
Posts: 1,495
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Post by am on Sept 9, 2016 9:42:09 GMT
I do not see how the deferred £1m equity acts as a buffer. Anyone care to explain please... Or am I going out on a limb here. PS: just had a look on google maps. £2.5M for a property that overlooks a sewage treatment works??? As I wrote earlier, it depends on the terms of the deal the borrower did with the vendor. There might be issues of commercial confidentiality, but I'd like savingstream to explain this in more detail.
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jonah
Member of DD Central
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Post by jonah on Sept 9, 2016 13:56:21 GMT
I do not see how the deferred £1m equity acts as a buffer. Anyone care to explain please... Or am I going out on a limb here. PS: just had a look on google maps. £2.5M for a property that overlooks a sewage treatment works??? As I wrote earlier, it depends on the terms of the deal the borrower did with the vendor. There might be issues of commercial confidentiality, but I'd like savingstream to explain this in more detail. This is still on my 'not for me' list until that clarity is provided.
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jonbvn
Member of DD Central
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Post by jonbvn on Sept 10, 2016 15:36:28 GMT
Trafford Centre in Manchester is next to the sewage works! Windsor Castle and Eton College are only about a mile and a half from Chalvey sewage works - that 'orrible smell on the M4 (No, not just "Slough", I'm being more specific...) The sewage works is within 500m of the house (according to google maps). The edge of the property is within 250m. Sorry but if I was spending that sort of money, this is a show-stopper.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Sept 14, 2016 10:53:53 GMT
Just go the go live e-mail
This is going live Tomorrow (15/09)
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Post by dodgeydave on Sept 14, 2016 10:57:48 GMT
Still keeping us informed about PBL130 |
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Jeepers
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Post by Jeepers on Sept 14, 2016 11:03:03 GMT
I don't do 100% of the purchase price. Learnt my lesson with the garden centre.
I'm out.
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