cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Sept 27, 2016 17:57:04 GMT
LIVE LOAN
| Loan Amount | : | £ | 108,000
| | Security Value | : | £ | 180,000
| | SS Indicated LTV | : |
| 60% | | 90 Day Market Valuation | : | £ | Not Indicated | | LTV Based on 90 day Market Valuation | : |
| N/A | | Term | : |
| 183 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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 - O****** Limited
- The above company was established January 2016.
- The sole director of the above company is D**** J*** W*** and has got property and business experience (from what I see via his past directorships). Something that is slightly concerning; he is currently the sole director of a company in administration (not property related)
Loan
- The loan is to repay an existing loan.
Security & Valuation Report
- The property that is shown in the picture (on both SS & the VR) is NOT our security. Our security is attached to the building in the picture (to the left-hand side, and not pictured). It used to be, as SS mention in their overview, part of the same complex pictured but has since been split.
- The property comprises of a purpose designed and constructed public house which dates from the 1970’s and which until recently formed part of the larger former Velocity nightclub complex.
- This property was included in a sales brochure in November 2014 which included the additional larger Velocity night club and a flat; the site had a combined asking price of £250,000. This larger site failed to sell and was later auctioned (February 2015), selling for presumably less than the original asking price (£250,000). I guess that it was our borrower that purchased the site. The larger nightclub and the flat were both separated and sold at auction (Nightclub - c£150,000, Flat - c£20,000)
- The market valuation is based on the lease being signed and the local authority granting a change of use of public house to music/media workshop (Class 1) and religious institution (Class 10).
- SS state on their overview that since the inspection was carried out, works have been completed and a new tenant is in situ, but have not confirmed the above
Exit Strategy
- Refinance through term debt finance.
| Code Number Assigned | : | 27/08/16 | | Loan went live @ | : | 28/09/16 | | Allocation | : | £63.00 | | Amount of Investors @ Live | : | 1685 |
Note : Many thanks to Jaydee for his contributions 
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Post by wickedxuk on Sept 27, 2016 18:13:39 GMT
I never set my prefunding for this one. Just didn't feel comfortable. I didnt like the idea of thw risk been held based on future factors and decisions. Or the property itself. For me I don't feel that comfortable with the security in the event of a default. Thanks @cooling_dude I'll keep a close eye on this one but for now I won't be prefunding.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 27, 2016 19:42:31 GMT
I'm not too fussed about doing DD on this one. The maximum allocation is going to be tiny -- £60? -- and I expect it will be nigh unto impossible to pick up anything significant on the SM -- except, of course, for the lucky winner of the FFF contest for the 'leftovers' as soon as it goes live.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Sept 27, 2016 19:45:42 GMT
Lot of if buts and maybes on this one so will probably avoid it too.
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bababill
Member of DD Central
Posts: 529
Likes: 245
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Post by bababill on Sept 28, 2016 10:26:04 GMT
Live now.
Max allocation £63
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Post by geraldine1210 on Sept 28, 2016 11:08:21 GMT
More popular than I expected.
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adrianc
Member of DD Central
Posts: 10,023
Likes: 5,148
Member is Online
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Post by adrianc on Sept 28, 2016 11:13:09 GMT
The maximum allocation is going to be tiny -- £60? Impressive prediction!
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 28, 2016 12:00:46 GMT
The maximum allocation is going to be tiny -- £60? Impressive prediction! Probably more luck than skill!
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toffeeboy
Member of DD Central
Posts: 538
Likes: 385
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Post by toffeeboy on Sept 28, 2016 12:45:00 GMT
Live now. Max allocation £63 Someone didn't want their 63 quid as it is on SM now
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twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
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Post by twoheads on Apr 10, 2017 8:47:23 GMT
10th April, 08:46 - 40 day extension granted: term changed from -10 to +30 and status from SBL to IOA.
I'm a bit slow after an evening watching the golf (with suitable sustenance).
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Apr 11, 2017 2:29:36 GMT
10th April, 08:46 - 40 day extension granted: term changed from -10 to +30 and status from SBL to IOA. I note that, while the term and status of this loan have changed as reported by twoheads, there has been no update on the loan stating that an extension has been agreed with the borrower -- it could have been a unilateral action by LfSS. When LfSS do this, does it mean that they've definitely received 40 days' worth of interest/fees from the borrower? It's times like these that it would be extremely helpful if someone from LfSS -- Paul64? --could answer a simple question like this. I've asked this same question of LfSS directly and we'll see what sort of response I get. But if the response comes from George, it's quite likely to be useless and require me asking the same question again. (The last reply I had from George took 16 days to be sent, and then answered a question I hadn't asked and didn't respond at all to the question I had asked, so I've had to ask my question again.)
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Post by Paul64 on Apr 11, 2017 10:04:33 GMT
Hi all, the borrower has paid for five weeks of interest whilst they refinance with another lender. The new repayment date is 07/05/17.
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Liz
Member of DD Central
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Post by Liz on Apr 11, 2017 10:06:47 GMT
I think that they should give us an extra 1% & sack George as it seems that his delayed bland non-answers actually rile people more than the questions just being ignored. Meeeeow.
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twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
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Post by twoheads on Dec 4, 2017 9:28:47 GMT
238 days since the last post on PBL137.
This one's just to note that it has just slipped in to default.
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69m
Member of DD Central
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Likes: 215
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Post by 69m on Jun 22, 2020 14:05:54 GMT
A derisory repayment equivalent to 13.6% of the capital outstanding was received today. No details about it have been provided, yet.
Coincidentally, tomorrow marks three years since Lendy posted this fallacious update: "We are expecting full repayment by the end of this month."
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