am
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Post by am on Feb 17, 2017 15:18:37 GMT
"Total loan funding of £11,454,043 is to be provided, being a maximum of 70% of the Gross Development Value of the property (£20,403,000) upon completion of the proposed development." (Someone buy SavingStream a calculator.) I don't know whether this should be interpreted as a £11.5m facility (LTGDV ~55%) or as a £14m facility of which the current plans foresee using £11.5m. They break it down as c7M prop purchase from related co & 4.5M build (using round no's). Yes, but that doesn't resolve the issue. (Does the contract allow or not allow another £2.5m to be advanced if needed?) Maybe savingstream just forgot to replace the 70% from their template with the real figure.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 17, 2017 15:28:10 GMT
Huge £7.5m 12% 1 year pipeline loan just added!!
EDIT: that was at 13:20. At 13:23 they changed it to 11% Pushing their luck. A drop of just 1% has seen a dramatic fall in investor numbers What with the SM in the state it is.... I think it may struggle to fill
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am
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Post by am on Feb 17, 2017 15:34:48 GMT
Impossible to tell whether it's coincidental, but the LTV is 70% when considering loan amount .v. "current market value" as per the VR. Perhaps that explains the inconsistent figures (they say 70% but give the GDV - perhaps they meant to give the current market value).
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ablender
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Post by ablender on Feb 17, 2017 16:39:25 GMT
Huge £7.5m 12% 1 year pipeline loan just added!!
EDIT: that was at 13:20. At 13:23 they changed it to 11% Pushing their luck. A drop of just 1% has seen a dramatic fall in investor numbers What with the SM in the state it is.... I think it may struggle to fill Will SS be thinking that there will be a migration of money out of negative day loans and therefore an 11% will look attractive?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 17, 2017 16:59:48 GMT
Pushing their luck. A drop of just 1% has seen a dramatic fall in investor numbers What with the SM in the state it is.... I think it may struggle to fill Will SS be thinking that there will be a migration of money out of negative day loans and therefore an 11% will look attractive? Maybe. I still think this struggles to be a 11% loan - it is a 70% LTV loan @ live, then the further Tranche will be used (presumably) to know the building down and thus the LTV rockets. How that equates to a less than 12% I will never know. Maybe they are relying on the low indicated LTGV (I still think this is very misleading...) PBL155 was the largest 11% loan up to now (£3,430,000) and received 100% allocation. I simply can't see this shifting easily (unless SS are using the bonds to fill the gap...)
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ablender
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Post by ablender on Feb 17, 2017 17:16:21 GMT
Will SS be thinking that there will be a migration of money out of negative day loans and therefore an 11% will look attractive? Maybe. I still think this struggles to be a 11% loan - it is a 70% LTV loan @ live, then the further Tranche will be used (presumably) to know the building down and thus the LTV rockets. How that equates to a less than 12% I will never know. Maybe they are relying on the low indicated LTGV (I still think this is very misleading...) PBL155 was the largest 11% loan up to now (£3,430,000) and received 100% allocation. I simply can't see this shifting easily (unless SS are using the bonds to fill the gap...) Your last phrase might be the explanation.
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GeorgeT
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Post by GeorgeT on Feb 17, 2017 17:29:59 GMT
With the changes afoot WEF 1 March, and the likelihood of several more loans being officially put into red box default status in the next 2 weeks, plus the possible losses (if any) from PBL020 which should be known next week , confidence in the platform could very soon take a bashing and the SM could get flooded and dry up in an instant. Liquidity is the name of the game and I don't fancy being locked into a massive, rather dubious 11%er.
If the SM goes slow, long dated, smaller sized 12%ers will be what are sellable. 8/9/10%ers will stick like glue. And a massive 11%er could prove very illiquid.
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am
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Post by am on Feb 17, 2017 17:31:14 GMT
Maybe. I still think this struggles to be a 11% loan - it is a 70% LTV loan @ live, then the further Tranche will be used (presumably) to know the building down and thus the LTV rockets. How that equates to a less than 12% I will never know. Maybe they are relying on the low indicated LTGV (I still think this is very misleading...) PBL155 was the largest 11% loan up to now (£3,430,000) and received 100% allocation. I simply can't see this shifting easily (unless SS are using the bonds to fill the gap...) Your last phrase might be the explanation. Do we know whether any money has been raised from the bonds as yet?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 17, 2017 17:39:25 GMT
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Post by supernumerary on Feb 17, 2017 18:22:58 GMT
Sadly, this new DFL loan would appear to signal, what many have predicted would eventually happen, a reduction in the lending rates for lenders.  There is no doubt about it now...
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Feb 17, 2017 20:40:27 GMT
My concern is the question as to who is selling this property to the BVI (family trust) investment company.
I would like an assurance that this is not simply an inter related closed company transfer designed to release a very large amount of otherwise locked in cash.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 24, 2017 13:13:20 GMT
New DFL for you @new2p2p  GDV £2,500,000 LOAN VALUE £297,253 LTGV 12% CURRENT VALUE £425,000 LTV 70% TERM 480 days ANNUAL RATE 10% |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 24, 2017 13:32:47 GMT
And a PBL...
SECURITY VALUE
£1,550,000
LOAN VALUE
£1,085,000
LOAN TO VALUE
70%
TERM
183 days
ANNUAL RATE
10%
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 24, 2017 13:46:17 GMT
And another PBL - which is connected to the one above this post
SECURITY VALUE
£2,800,000
LOAN VALUE
£1,400,000
LOAN TO VALUE
50%
TERM
183 days
ANNUAL RATE
10%
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Bagman
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Post by Bagman on Feb 24, 2017 14:15:31 GMT
And a PBL... SECURITY VALUE £1,550,000 LOAN VALUE £1,085,000 LOAN TO VALUE 70% TERM 183 days ANNUAL RATE 10% This one looks just like an old AC loan #33 to CC L******e in Cornwall during 2013
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