cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 24, 2017 13:05:45 GMT
REPAID LOAN
| Loan Amount | : | £ | 1,866,000
| | Security Value | : | £ | 2,845,000
| | SS Indicated LTV | : |
| 66% | | 90 Day Market Valuation | : | £ | 2,425,000
| | LTV Based on 90 day Market Valuation | : |
| 77% | | Term | : |
| 183 days | % PA
| : |
| 11% |
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registerme
Member of DD Central
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Post by registerme on Jan 24, 2017 14:22:42 GMT
savingstream, any chance you could make the appendices available? I'm particularly interested in appendix 8 which apparently details a "past pollution incident (Category 2)". Thanks, RM
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twoheads
Member of DD Central
Programming
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Post by twoheads on Jan 24, 2017 14:32:46 GMT
It's just been devalued by £5k for some reason... now £2,845k, was £2,850k.
EDIT: I see cooling_dude already updated the OP
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am
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Post by am on Jan 24, 2017 14:34:17 GMT
SS tell us that the borrower has a £1m BTL portfolio. However the borrower is a limited company and I rather suspect that the limited company is not the owner of the BTL portfolio. Hence I suspect that the reference to the BTL portfolio is meant to reassure us about the underpinnings about personal guarantee. But we aren't told about the value of the personal guarantee, or the amount of equity in the portfolio. Could Paul64 take note of the desire for greater clarity in loan descriptions and particulars. |
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gurberly
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Post by gurberly on Jan 24, 2017 14:48:04 GMT
savingstream , any chance you could make the appendices available? I'm particularly interested in appendix 8 which apparently details a "past pollution incident (Category 2)". Thanks, RM
Not much in specifics but the environment agency has this on its website
Incident number 806247
Local Authority Suffolk Coastal
Year 2010
Pollution incidents details
This table shows the environmental impact of the incident on air, land and water.
Major impact - This may have persistant and extensive effects on the quality of the environment, there may be major damage to the ecosystem, agriculture and/or commerce, and it may have a serious impact upon man.
Significant impact - Whilst less severe than a major impact, there may still be significant damage to the ecosystem, agriculture and/or commerce, and a reduction in amenity value. It may also have an impact on man.
Date Impact to air Impact to land Impact to water Pollutant
26-Jul-2010 No Impact Significant No Impact Specific Waste Materials
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 24, 2017 14:48:07 GMT
SS tell us that the borrower has a £1m BTL portfolio. However the borrower is a limited company and I rather suspect that the limited company is not the owner of the BTL portfolio. Hence I suspect that the reference to the BTL portfolio is meant to reassure us about the underpinnings about personal guarantee. But we aren't told about the value of the personal guarantee, or the amount of equity in the portfolio. Could Paul64 take note of the desire for greater clarity in loan descriptions and particulars. The company behind the £1m BTL portfolio is possibly E**** PROPERTIES (UK) LIMITED (note the many property charges). So nothing to do with the company we are lending to, and possibly (considering the 100% SH of our company is only 50% SH of the properties company) has no security in relation to the loan. I also note that the above property company has (also) had the Receiver appointed. I sure hope none of our loan is going towards sorting that out...
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am
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Post by am on Jan 24, 2017 15:20:41 GMT
SS tell us that the borrower has a £1m BTL portfolio. However the borrower is a limited company and I rather suspect that the limited company is not the owner of the BTL portfolio. Hence I suspect that the reference to the BTL portfolio is meant to reassure us about the underpinnings about personal guarantee. But we aren't told about the value of the personal guarantee, or the amount of equity in the portfolio. Could Paul64 take note of the desire for greater clarity in loan descriptions and particulars. The company behind the £1m BTL portfolio is possibly E**** PROPERTIES (UK) LIMITED (note the many property charges). So nothing to do with the company we are lending to, and possibly (considering the 100% SH of our company is only 50% SH of the properties company) has no security in relation to the loan. I also note that the above property company has (also) had the Receiver appointed. I sure hope none of our loan is going towards sorting that out... According to the accounts the value of the 50% shareholding in property company is £150,000. Does the borrower also own properties in his own name? What is the legal situation about lending on a property already in receivership? Is there a way to reverse the receivership? (Also, do the receivers get paid if the borrower refinances independently?)
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 24, 2017 15:26:34 GMT
Oh gawd, 'ere we go again. I'm sure I read that this Loan has been negotiated with the Receivers and that some of it IS going to the Receivers to get this Borrower off the hook.
Happy to be corrected if this is wrong.
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am
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Post by am on Jan 24, 2017 15:46:27 GMT
Oh gawd, 'ere we go again. I'm sure I read that this Loan has been negotiated with the Receivers and that some of it IS going to the Receivers to get this Borrower off the hook. Happy to be corrected if this is wrong. I'm in the processing of rereading the loan description to see if it sheds any light. In the process I see that the description has been revised. The security is 24 acres, not 32. The reduction caused by this is offset by the increase in value of the house due to completion of works. Update: you're right - it's stated under Purpose of Borrowing. SS write "An updated valuation letter dated 23 January 2017 confirms the value of the security property at £2,845,000 and this is available along with the original valuation document above." I don't see it.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 24, 2017 15:58:38 GMT
Perhaps recent SS shenanigans and the subsequent increasing Investor Complaints Grumblings have prompted increased transparency?
"The borrower is looking to refinance their existing development finance loan. The build ran on longer than the agreed term and a Receiver was appointed by the existing lender to assist with the refinance/ sale of the property. With the agreement/cooperation of the Receiver our loan will be used, together with some additional cash to be injected by the director, to repay the existing lender and take the company out of Receivership. The borrower will finish the property from their own resources and will have 6 months to sell the developed plot. The property is currently on the market for sale on popular property websites."
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ric
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Post by ric on Jan 24, 2017 16:04:54 GMT
The property is currently on the market for sale on popular property websites.
Popular websites = same estate agent of the VR
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 24, 2017 16:10:22 GMT
Well spotted ric.
Double Gawd.
No doubt there'll be a Treble Gawd before the end of the day ................................and then some.
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am
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Post by am on Jan 24, 2017 16:33:09 GMT
The property is currently on the market for sale on popular property websites.Popular websites = same estate agent of the VR Popular websites = estate agent has listed it on RightMove (I haven't checked Zoopla). However acting for both borrower and lender does seem odd. Perhaps they have a Chinese wall.
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am
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Post by am on Jan 24, 2017 19:52:02 GMT
Perhaps recent SS shenanigans and the subsequent increasing Investor Complaints Grumblings have prompted increased transparency? "The borrower is looking to refinance their existing development finance loan. The build ran on longer than the agreed term and a Receiver was appointed by the existing lender to assist with the refinance/ sale of the property. With the agreement/cooperation of the Receiver our loan will be used, together with some additional cash to be injected by the director, to repay the existing lender and take the company out of Receivership. The borrower will finish the property from their own resources and will have 6 months to sell the developed plot. The property is currently on the market for sale on popular property websites." Having had my memory jogged I think this information was added last month. I took off pre-funding pending further evaluation, and I have a half-memory this was the reason why.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 25, 2017 12:44:05 GMT
Live
2028 Investors @ Live
Allocation anyone?
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