cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Sept 26, 2016 14:35:19 GMT
REPAID LOAN
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| 27/09/16 | 04/01/17 | | Loan Amount | : | £ | 5,640,000
| 5,076,001
| | Security Value | : | £ | 9,400,000
| 9,400,000
| | SS Indicated LTV | : |
| 60% | 54%
| | 90 Day Market Valuation | : | £ | N/A
| N/A
| | LTV Based on 90 day Market Valuation | : |
| N/A | N/A
| | Term | : |
| 90 days
| 50 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - W*** S********* F*** C****** Ltd
- The above company is an SPV that was established on 29 January 2016. Its parent company is R*********** (UK) LIMITED who are 100% shareholder and were established on 12 January 2011
- The sole director of both the SPV & parent company is J**** H***** B****.
- The parent companies MO could be hinted in a news article published on 15 July 2011 (to find; google the above director - should be noted that the article is 5 years old, and 2 of the 3 discussed directors have since resigned - one of those directors left to join a team for "Minister for Cities and the Constitution" but has since left and returned to the above parent company as chief executive)
Loan
- This loan is connected to PBL077, 078, 079 & 080. It is the same borrower & security.
- The above are being restructured into this new loan with Loan with a cash injection from Company (circa £1.3m) which will also cover interest costs.
- The purpose of the loan is to extend the term of the previous four due to delays with planning.
Security
- A large commercial (prominently agricultural) holding that has been strategically assembled over the last 70 years, with excellent transport links and long-term planning potential (there is no PP in place).
- There was mention during the previous 4 loans, that the land had been rezoned - this has turned out to be incorrect
- The land has not been revalued for this new loan (it is the same VR that was carried out in February)
Exit Strategy
- As soon as (or if?) planning has been obtained the value of the land will significantly increase and will then be sold, probably to a national house builder.
- Another lender has offered to refinance this loan and now needs 2 months to conduct its due diligence and legal work before making funds available to repay our loan.
| Code Number Assigned | : | 26/09/16 | | Loan went live @ | : | TBD (27/09/16) | | Allocation | : | 100% | | Amount of Investors @ Live | : | 1642 |
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
Posts: 1,495
Likes: 601
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Post by am on Sept 26, 2016 16:39:55 GMT
It seems to be the same valuation report as before (dated February), so, as no re-zoning has occurred, the DD would seem to be the same as less time, except that the LTV is comfortably lower.
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ben
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Post by ben on Sept 26, 2016 16:54:04 GMT
LTV is lower and the borrorower now has more to lose in case the planning permission fails, so he must be fairly confident. £1.3 million is a fair bit of confidence.
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markdirac
Member of DD Central
Posts: 128
Likes: 51
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Post by markdirac on Sept 26, 2016 17:26:26 GMT
I am concerned that, two months ago, SS reported in their "recent updates" tab regarding loans PBLs 077-080, "Land has been re-zoned. Potential valuation of over £75,000,000. Waiting on new valuation, will update when received." One of our number discovered that this was incorrect, and that the land had in fact not been rezoned. There was much discussion in this forum, but I do not believe that SS ever reported back with an explanation of how they had made such a huge mistake. All they commented on was that the security was sound. And the misinformation on the "recent updates" tab was never corrected. Am I correct?
p2pindependentforum.com/post/133690/thread
p2pindependentforum.com/post/134955/thread
If I am correct, then I am unsettled as to how/why SS would make such a mistake. Until I have an understanding as to how/why, then for me there is an unsettling unknown about this loan.
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puffin
Member of DD Central
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Post by puffin on Sept 26, 2016 17:51:00 GMT
Date loan ends: 90 days from 27/09 is 26/12/2016 Boxing day
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Post by savingstream on Sept 26, 2016 18:13:20 GMT
I am concerned that, two months ago, SS reported in their "recent updates" tab regarding loans PBLs 077-080, "Land has been re-zoned. Potential valuation of over £75,000,000. Waiting on new valuation, will update when received." One of our number discovered that this was incorrect, and that the land had in fact not been rezoned. There was much discussion in this forum, but I do not believe that SS ever reported back with an explanation of how they had made such a huge mistake. All they commented on was that the security was sound. And the misinformation on the "recent updates" tab was never corrected. Am I correct? p2pindependentforum.com/post/133690/thread p2pindependentforum.com/post/134955/thread If I am correct, then I am unsettled as to how/why SS would make such a mistake. Until I have an understanding as to how/why, then for me there is an unsettling unknown about this loan. Hence why we are relaunching it now and not forcing participation. We have learnt a lesson from this episode and that is why updates will not now pass on the ' word on the street' to investors which makes them much more accurate (very difficult, time consuming and still subject to delay, change and prevarication) but dull and very often without anything of substantive benefit. The only real update we can pass to investors that has any degree of certainty is ' funds have been received and are in our bank account, repayment will be made this afternoon'. Anything other than this degree of certainty is not acceptable to investors so the updates cannot have supposition or guesstimates any longer.
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jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Sept 26, 2016 18:48:09 GMT
The last sentence is interesting... another lender in 2 months. Personally I really hope that happens as that would be a result for SS but I am thinking this one has too many questions for me. That said, kudos to savingstream for allowing investors a clean exit if they want it, or another prefunding opportunity for those looking for it. |
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Post by Deleted on Sept 26, 2016 19:52:46 GMT
I am concerned that, two months ago, SS reported in their "recent updates" tab regarding loans PBLs 077-080, "Land has been re-zoned. Potential valuation of over £75,000,000. Waiting on new valuation, will update when received." One of our number discovered that this was incorrect, and that the land had in fact not been rezoned. There was much discussion in this forum, but I do not believe that SS ever reported back with an explanation of how they had made such a huge mistake. All they commented on was that the security was sound. And the misinformation on the "recent updates" tab was never corrected. Am I correct? p2pindependentforum.com/post/133690/thread p2pindependentforum.com/post/134955/thread If I am correct, then I am unsettled as to how/why SS would make such a mistake. Until I have an understanding as to how/why, then for me there is an unsettling unknown about this loan. Hence why we are relaunching it now and not forcing participation. We have learnt a lesson from this episode and that is why updates will not now pass on the ' word on the street' to investors which makes them much more accurate (very difficult, time consuming and still subject to delay, change and prevarication) but dull and very often without anything of substantive benefit. The only real update we can pass to investors that has any degree of certainty is ' funds have been received and are in our bank account, repayment will be made this afternoon'. Anything other than this degree of certainty is not acceptable to investors so the updates cannot have supposition or guesstimates any longer. Information is always useful and savingstream please continue to provide it. Just contextualise where it come from or how it is obtained. So instead of saying: 'this land has been rezoned' you can say: 'our borrower/broker suggests this land has been rezoned'. So you pass the information but don't give your 'approval' stamp, but simply report what others told you. The criticism from some poeple on the forum was NOT for the fact you passed the information, but for the fact that it seemed as you had verified it (in the sense you passed it as if you had discovered it or checked it).
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sam i am
Member of DD Central
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Post by sam i am on Sept 26, 2016 22:03:22 GMT
It will be very interesting to see how this one flies. It's a big loan with only 90 days to run and a slightly chequered history. At times in the past there have been large chunks on the SM. Will lots of people see this as an opportunity to cash in? Or is there enough demand out there to absorb it? Will the reduction in LTV tempt investors?
I'm not currently in any of these loans and don't intend to invest in the new one. I'll be watching from the sidelines.
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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 26, 2016 22:12:31 GMT
It will be very interesting to see how this one flies. It's a big loan with only 90 days to run and a slightly chequered history. At times in the past there have been large chunks on the SM. Will lots of people see this as an opportunity to cash in? Or is there enough demand out there to absorb it? Will the reduction in LTV tempt investors? I'm not currently in any of these loans and don't intend to invest in the new one. I'll be watching from the sidelines. 90days It is over the dump and run mark; not the criteria I recommend or follow, but it does make it a loan that will be hard to get rid off quickly (a prominent reason I won't be investing). My guess is that there will be a lump sum placed on the SM, but not a large amount and not for long.
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 26, 2016 22:22:04 GMT
... two months ago, SS reported in their "recent updates" tab ... "... Waiting on new valuation, will update when received." We have learnt a lesson from this episode and that is why updates will not now pass on the ' word on the street' ... Anything other than this degree of certainty is not acceptable to investors so the updates cannot have supposition or guesstimates any longer. : I look forward to the implementation of the new Update policy. In the meantime, was I wrong to presume that the statement "Waiting on new valuation..." meant that a new valuation actually had been requested by SS/Lendy? If one was, what was the result?
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jonah
Member of DD Central
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Post by jonah on Sept 27, 2016 7:14:36 GMT
One other point which I hope is irrelevant. If this loan goes in default, at least this way there will only be one red box, not four!
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ben
Posts: 2,020
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Post by ben on Sept 27, 2016 9:48:04 GMT
The last sentence is interesting... another lender in 2 months. Personally I really hope that happens as that would be a result for SS but I am thinking this one has too many questions for me. That said, kudos to savingstream for allowing investors a clean exit if they want it, or another prefunding opportunity for those looking for it. I got to disagree with giving kudos to SS this. In the event that they are unable to fulfil the loan what happens? Do they then cancel people exiting the loan or call the loan in? Granted this is unlikely but who really believed that we vote to leave the EU. To leave them selfs potentially open to this is pretty short sighted, and in the event the loan gets called it in could probably be more of a nightmare then normal, as the borrorower can quite rightly claim they were expecting the loan to carry on and have been unable to find refiance elsewhere due to the short notice of time. I would aslo be suprised if this would pass the FCA as they are potentially leaving themselfs open to a large funding gap through there own actions.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Sept 27, 2016 9:58:54 GMT
The last sentence is interesting... another lender in 2 months. Personally I really hope that happens as that would be a result for SS but I am thinking this one has too many questions for me. That said, kudos to savingstream for allowing investors a clean exit if they want it, or another prefunding opportunity for those looking for it. I got to disagree with giving kudos to SS this. In the event that they are unable to fulfil the loan what happens? Do they then cancel people exiting the loan or call the loan in? Granted this is unlikely but who really believed that we vote to leave the EU. To leave them selfs potentially open to this is pretty short sighted, and in the event the loan gets called it in could probably be more of a nightmare then normal, as the borrorower can quite rightly claim they were expecting the loan to carry on and have been unable to find refiance elsewhere due to the short notice of time. I would aslo be suprised if this would pass the FCA as they are potentially leaving themselfs open to a large funding gap through there own actions. They would most likely do what has always been done when there aren't initally enough lenders to fill the loan - that is it would become an available loan on the market. In times gone by some new loans took weeks to fill. Occasionally, if SS needed the money more quickly than it was coming in, they offered cashback to get a loan filled. There really wouldn't be a problem - it would be business as 'has often been usual'.
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ben
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Post by ben on Sept 27, 2016 10:04:01 GMT
I agree it unlikely and I do not expect it to but if enough people do not want it, I doubt SS has a million or two sat around waiting to cover shortfalls, which is why they raise the funds before they launch the loans, so in this cashback would have to be offered pretty quick as the borrower already has the money. FS for example have quite rightly said when a loan renews if you want out you remain in until the loan is fully funded again.
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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.
