cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Sept 16, 2016 13:21:32 GMT
PBL135 LIVE (Due To Repay)
DFL022 to go live (20/04/17)
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| ------------------
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| ------------------ |
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| PBL135 |
| Tranche 1
(DFL022) | | Loan Amount | : | £ | 1,911,357
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| 2,414,994
| | Security Value | : | £ | 3,935,000
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| 3,450,000
| | SS Indicated LTV | : |
| 49% |
| 70% | | 90 Day Market Valuation | : | £ | 3,190,000
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| 2,950,000
| | LTV Based on 90 day Market Valuation | : |
| 60% |
| 82% |
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| GDV
| 11,495,000
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| LTGDV
| 21%
| | Term | : |
| 183 days
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| 390 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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****** Block A Ltd
- The above company was established December 2015 and has no parent company
- S****** P*** D** is the sole director and 100% shareholder. He has a large portfolio of businesses he is attached to, with 62+ appointments on CH, the vast majority being in the property sector. He also owns a League One Football Club
- He is also connected to several student accommodation projects currently on MT
Loan
- The purpose of this loan is to repay an existing bridging loan and provide working capital to prepare the site for the commencement of development works within next 6 months
- Funding against land only valuation of £3.935m (with PP).
- This loan is connected to DFL003 & PBL085 (same director & parent company)
- This loan is also connected to another pipeline loan (Student Accommodation, M*******, Cardiff)
Security
- Development site with planning permission for student accommodation. No ground or construction works have commenced.
- The proposed scheme comprises of a detached 9 storey building providing 168 self-contained studio rooms with en suite bathroom and kitchen facilities.
- This development site is part of a larger development that includes DFL003 & PBL085 (Block B & C)
- Planning Permission has provisional approval; formal decision notice has yet to be issued
- The developments projected GDV is £14,625,000
Exit Strategy
- Within 6 months facility will be incorporated into a new development facility once Block C (PBL085) has been fully completed and repaid.
- Exit will be made through development funding in order to build out the site (it's not made clear if SS are to offer this development funding)
| Code Number Assigned | : | 16/09/16 | | Loan went live @ | : | 17/09/16 | | Allocation | : | £1,900 | | Amount of Investors @ Live | : | 1963 |
Many Thanks to ali & ilmoro for their contributions 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.
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am
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Post by am on Sept 16, 2016 13:45:59 GMT
There isn't much difference between the valuations with and without planning permission. This leads me to a suspicion that the valuation without planning permission contains a substantial "hope value" element, based on an expected high probability of planning permission being granted. Is this suspicion warranted? If it is, what would be the valuation if planning permission was declined?
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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 16, 2016 13:49:07 GMT
There isn't much difference between the valuations with and without planning permission. This leads me to a suspicion that the valuation without planning permission contains a substantial "hope value" element, based on an expected high probability of planning permission being granted. Is this suspicion warranted? If it is, what would be the valuation if planning permission was declined? I amended my OP (which did initially state that PP was pending), as a member has pointed me to a news article to suggest that PP has been accepted (Although the online PP has yet to be updated or I have the wrong record). So the value is land with PP.
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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: 11,330
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Post by ilmoro on Sept 16, 2016 13:55:15 GMT
There's also a loan to the football club in the MT pipeline to add to the borrower's many P2P commitments
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am
Posts: 1,495
Likes: 601
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Post by am on Sept 16, 2016 14:11:26 GMT
There isn't much difference between the valuations with and without planning permission. This leads me to a suspicion that the valuation without planning permission contains a substantial "hope value" element, based on an expected high probability of planning permission being granted. Is this suspicion warranted? If it is, what would be the valuation if planning permission was declined? I amended my OP (which did initially state that PP was pending), as a member has pointed me to a news article to suggest that PP has been accepted (Although the online PP has yet to be updated or I have the wrong record). So the value is land with PP. If I've found the same news article (seems to be the same project, but it disagrees on the developer's name) the land previously had outline planning permission for residential apartments, which would explain the similarity of the before and after valuations. (I'm not finding the planning application on the Kirklees web site - the application that is visible seems to be block B and/or block C.)
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mickj
Member of DD Central
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Likes: 191
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Post by mickj on Sept 16, 2016 14:24:38 GMT
hazzo Your link isn't working, and you might want to be careful as its contents may identify the borrower (don't want you getting into trouble with the MODs  ) Google will find the article from the hazzo post. All a bit complicated for me this afternoon.
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Post by hazzo on Sept 16, 2016 14:26:19 GMT
Good point Mr Dude
so if I was to say...... there is an interesting Guardian article out there about a certain football club that "<search term redacted - leads unambiguously to borrower name>"
that might be ok?!?!
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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: 11,330
Likes: 11,549
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Post by ilmoro on Sept 16, 2016 14:27:05 GMT
I think every one should refrain from naming/linking to the club as a) it will identify the borrower and b) a lot of gen pop are likely to Google that term leading them to discussions about the borrower here
CD as for planning, latest update at beginning of August says full permission granted conditionally subject to agreement of relevant proportion of S106 contribution (third of 700k), imposition of all the conditions and the issue of the decision notice if no material changes in circumstances. Look at the committee report in docs
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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 16, 2016 14:28:26 GMT
Good point Mr Dude that might be ok?!?! I'm sure that will be fine
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hazellend
Member of DD Central
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Post by hazellend on Sept 16, 2016 14:38:58 GMT
There's also a loan to the football club in the MT pipeline to add to the borrower's many P2P commitments Yea, the guy does seem to have a lot of stuff on the go but I don't see why that should affect your decision to invest. Each property is a seperate limited company. I like the deals and my gut tells me I like the guy behind them so I'm all in up to my eyeballs in anything he offers..,,,,
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adrianc
Member of DD Central
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Member is Online
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Post by adrianc on Sept 16, 2016 14:51:32 GMT
Corporate payday loans. Hands up who's surprised?
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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 17, 2016 14:34:46 GMT
Just Gone Live
£1,900 Allocation
1963 Investors @ Live
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caesium
Member of DD Central
Posts: 86
Likes: 35
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Post by caesium on Sept 17, 2016 14:44:43 GMT
Hm. No email for it. Nor for a loanpart I sold last night now I come to think of it. Are SS emails stuck? Anyone else getting them?
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Post by ravado on Sept 17, 2016 14:47:24 GMT
No I've not had the email but my allocation has been dished out.
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lobster
Member of DD Central
Posts: 636
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Post by lobster on Sept 17, 2016 14:57:50 GMT
Just Gone Live £1,900 Allocation 1963 Investors @ Live ............ and today's star prize goes to R*****0 (or at least their bot) for picking up £34,157 in the immediate aftermarket on the SM 
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. Any observations you have please be sure to post it in this thread and I will try to add it to this overview.
)
