jamesc
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Post by jamesc on Mar 24, 2017 15:02:19 GMT
But 2nd charge, so junior in rank, it seems.... Hmmm... So maybe it will be a loan in its own right. SS have never done this before; I wonder if this is some FCA rules filtering through? They did the same with PBL059 & PBL072. Although in this case with so much PBL084 on the SM who will want this new loan ?
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pom
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Post by pom on Mar 24, 2017 15:17:14 GMT
So a second charge loan, higher LTV and same interest rate.....mmmmm where do I sign?  (Edit I spose there might be an argument for buying back some of PBL84 before it suddenly flips to +ve days again....but even so I think I'll pass) |
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0risk
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Post by 0risk on Mar 24, 2017 15:56:25 GMT
PBL 084 will be extended for 6 months.
"The borrower is not yet in a position to repay PBL084 (which matured earlier this month). Rather than let PBL084 continue to run overdue, this loan has been agreed to cover professional costs, fees and loan interest for a further six months to effectively extend the term of PBL084 by six months."
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 24, 2017 16:58:00 GMT
PIPELINE LOANS UPDATE
PBL - K****** Estate
PBL084 is already live. The borrower is not yet able to repay PBL084 (which expired earlier this month). Rather than let PBL084 continue to run overdue, a new loan has just been put into the pipleline loans which will cover loan interest on PBL084 for a further six months to effectively extend the term of PBL084 by six months. This will give the borrower the opportunity to maximise the income generating opportunities from the estate. In turn, this will enable the Borrower to produce sufficient financial information with a view to verifying/confirming that the estate is operating profitably enough to service a long term loan of c £6m with a mainstream bank. This will enable the Borrower to repay both loans in full, PBL084 and the new loan. The new loan will be a second ranking debt behind PBL084 and will fall due on the same date (6 months from completion).
PBL - B******** Farm, P******** Cottages
We have lent monies on "Phase 1" of this property, and we are repaying Phase 1 with a new loan against Phases 1 & 2, which incorporates further units into the security. Legal due diligence is underway and is expected to be completed towards the middle of next week. We hope to go live once we have confirmation from our solicitors that the legal due diligence process has been finalised.
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Post by dan1 on Mar 24, 2017 18:39:53 GMT
The pipeline PBL set to extend PBL084 by six months should surely result in the PBL084 shifting faster on the SM. It seems to have been stuck at around £128k since the new PBL hit the pipeline. I'd of thought being in PBL084 extended for 6 months at 1st legal charge has got to be better than the new 2nd legal charge PBL??? Is it simply the risk that the new PBL won't go live and those in PBL084 will be stuck with an overdue loan?
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ferdy
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Post by ferdy on Mar 24, 2017 18:45:41 GMT
The pipeline PBL set to extend PBL084 by six months should surely result in the PBL084 shifting faster on the SM. It seems to have been stuck at around £128k since the new PBL hit the pipeline. I'd of thought being in PBL084 extended for 6 months at 1st legal charge has got to be better than the new 2nd legal charge PBL??? Is it simply the risk that the new PBL won't go live and those in PBL084 will be stuck with an overdue loan? Exactly what I was thinking.
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Post by Deleted on Mar 24, 2017 19:36:26 GMT
Where does it say it's second charge? I see it mentioned here a lot but haven't come across it in the description!
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 24, 2017 19:39:46 GMT
Where does it say it's second charge? I see it mentioned here a lot but haven't come across it in the description! On the first paragraph found on the loan overview (the pipeline loan) "Please read these loan particulars together with those relating to PBL084 - Scottish Estate. The Estate property is security for both PBL084 and this new loan, which is a second charge loan."
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Liz
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Post by Liz on Mar 24, 2017 23:14:54 GMT
Don't you just love a 2nd charge  I'm getting depressed at the crash in rates and/or quality. |
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ben
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Post by ben on Mar 25, 2017 1:07:24 GMT
The pipeline PBL set to extend PBL084 by six months should surely result in the PBL084 shifting faster on the SM. It seems to have been stuck at around £128k since the new PBL hit the pipeline. I'd of thought being in PBL084 extended for 6 months at 1st legal charge has got to be better than the new 2nd legal charge PBL??? Is it simply the risk that the new PBL won't go live and those in PBL084 will be stuck with an overdue loan? I would guess that most people already have what they want in this loan anyway, so SS must be hoping enough people forget about the prefunding. Also remember previously that SS may have forwarded them some money seperately looking at the thread on the loan from December it looked like they might have done but there was no definate respones, I only ever had a little bit in this loan so never bothered checking. Nice of SS to give us the once in a life time oppotunity to pay there fees and our own interst for 6 months.
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oldgrumpy
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Post by oldgrumpy on Mar 25, 2017 15:07:41 GMT
I'm checking that my prebids are all £0 every day now, seeing as SS have opted to ignore complaints about errors in prefund settings. Not even any bullspin. To my mind, office arrogance starts at the top. Nuff said!
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upland
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Post by upland on Mar 26, 2017 6:11:51 GMT
I'm checking that my prebids are all £0 every day now, seeing as SS have opted to ignore complaints about errors in prefund settings. Not even any bullspin. To my mind, office arrogance starts at the top. Nuff said! I can echo that , I have made it my homepage.
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ben
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Post by ben on Mar 26, 2017 10:17:47 GMT
I'm checking that my prebids are all £0 every day now, seeing as SS have opted to ignore complaints about errors in prefund settings. Not even any bullspin. To my mind, office arrogance starts at the top. Nuff said! My prefunding has always been set at 0 so if they decide to give me something they will not be getting a payment for it. SS is heading fast towards becoming my smallest p2p investment site, at this rate even unbolted will catch it up.
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jayjay
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Post by jayjay on Mar 26, 2017 15:32:55 GMT
Where does it say it's second charge? I see it mentioned here a lot but haven't come across it in the description! On the first paragraph found on the loan overview (the pipeline loan) "Please read these loan particulars together with those relating to PBL084 - Scottish Estate. The Estate property is security for both PBL084 and this new loan, which is a second charge loan."But it goes on to say: There is a further legal charge registered against the estate property, by a third party, which will rank behind both PBL084 and this loan, in terms of priority in a recovery scenarioMy reading is that this is First Charge but a third party holds a second charge. ie after PBL084 is repaid.
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ben
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Post by ben on Mar 26, 2017 15:38:09 GMT
Im quite suprised this third party that has the current second charge has allowed them to issue another loan with priorty over them, although it good news for any investors in the new loan that they won't be bottom of the pile fighting for the scraps.
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