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Post by stevec2x on Jan 30, 2017 18:50:32 GMT
Still a newby - but it seems obvious to me that new guy wanted to make sure that the loan went live as advertised, but it didn't happen
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Post by stevec2x on Jan 30, 2017 18:53:28 GMT
Hang about, this comment using the wrong loan! Still getting used to android! Bugger
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am
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Post by am on Jan 30, 2017 23:56:23 GMT
I spoke too soon.
It's back in the pipeline (14:40). Still not distinguishing between the LDO area, the LDO area less the houses at its northeast end, and the security.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 13, 2017 17:42:50 GMT
SS have just upped the value of pipeline PBL153 from £518.7k to £682.5k [LTV from 38% to 50%].
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 14, 2017 8:57:12 GMT
And now they've upped the term from six months to one year.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Feb 14, 2017 10:57:22 GMT
Typical SS slovenliness. Can't get things right consistently before putting it on show.
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elliotn
Member of DD Central
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Post by elliotn on Feb 14, 2017 11:29:45 GMT
And now they've upped the term from six months to one year. Have upped my pf accordingly. Edit - 
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am
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Post by am on Feb 14, 2017 13:36:52 GMT
Typical SS slovenliness. Can't get things right consistently before putting it on show. SS have got things wrong about this loan, but I'm quite willing to accept that the recent changes to advertised LTV and term are due to the borrower changing their plans.
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am
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Post by am on Feb 14, 2017 14:32:48 GMT
Going live tomorrow (February 15th).
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averageguy
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Post by averageguy on Feb 14, 2017 15:01:03 GMT
9% hmmmm!
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lobster
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Post by lobster on Feb 14, 2017 16:25:56 GMT
SS have just upped the value of pipeline PBL153 from £518.7k to £682.5k [LTV from 38% to 50%]. Regarding this, on the loan overview is says : "We were originally going to lend £518,700 but subsequently some existing debt on one of the plots has come to light which we will clear, so that we have the first charge, meaning an increase in the loan to £682,500."
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am
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Post by am on Feb 15, 2017 10:56:26 GMT
SS have just upped the value of pipeline PBL153 from £518.7k to £682.5k [LTV from 38% to 50%]. Regarding this, on the loan overview is says : "We were originally going to lend £518,700 but subsequently some existing debt on one of the plots has come to light which we will clear, so that we have the first charge, meaning an increase in the loan to £682,500."
I didn't get that far on DD (I gave up when I couldn't work out what the security was), but according to Companies House there are no charges against W* I* D*. I don't understand how that can be the case, but perhaps SS can be excused for initially overlooking the debt (charge?) - though why didn't the borrower tell them? There is another related company (T* (G*) M*) whose name suggests an association with this project, but could equally well be associated with the property owned by the company referred to in the next paragraph. Anyway, there are no charges registered at Companies House against that company either. I've been though the companies with the same director (CDW), and a property elsewhere in the town was in the hands of receivers between 2012 and 2014. Since that charge is still outstanding I suspect that the associated company paid off the arrears on a mortgage.
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Post by portlandbill on Feb 15, 2017 11:39:06 GMT
"The borrower is an individual whose company has been established for 15 years..."
Excuse my ignorance, but what does that mean? Is the borrower an individual, or a company?
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am
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Post by am on Feb 15, 2017 12:32:18 GMT
"The borrower is an individual whose company has been established for 15 years..." Excuse my ignorance, but what does that mean? Is the borrower an individual, or a company? are sloppy about distinguishing between a corporate borrower and its principal. The VR has a line "Applicant: <director> (<company>)", which is weak evidence that the borrower is a company (which is owned by another individual - I suspect that it is the principal's wife). The lack of any registered charges on the company, even though SS have recently found an outstanding debt related to the property, casts doubt on the assumption that the borrower is a company. I still expect that the borrower is the company, but to get a definite answer try SS's Q&A tab - I could easily be wrong. After the event, if a charge to our security trustee turns up on the company's records at Companies House then we can be fairly certain (3rd party guarantees do exist) that the borrower is the company. But it really is desirable to know up front. The loan particulars don't mention any secondary security (such as a personal guarantee or debenture). This could be because the loan is to an individual (in which case they're not relevant), or because we have no recourse to the borrower if the company fails to repay the loan, or because SS neglected to document secondary security. I gave up on this loan because of the inconsistencies in describing the security, so I haven't bothered to try to resolve other issues.
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grahamg
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Post by grahamg on Feb 15, 2017 12:34:57 GMT
"The borrower is an individual whose company has been established for 15 years..." Excuse my ignorance, but what does that mean? Is the borrower an individual, or a company? Its another of their sloppy and meaningless bulls**t phrases that someone at SS thinks will impress lenders. Whereas what we need is a meaningful synopsis of the borrowers status and experience. I'm going to go through the loanbook and compile a list of all this nonsense
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