cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 24, 2017 14:23:27 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 I have been reliably informed that it is connected 
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 24, 2017 14:37:54 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 Yep, #68 would be the better one to look at as thats the extension with the more interesting history. This is the assets left over after AC was repaid from sales.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 24, 2017 15:48:47 GMT
And a PBL... SECURITY VALUE £1,550,000 LOAN VALUE £1,085,000 LOAN TO VALUE 70% TERM 183 days ANNUAL RATE 10% AC loan #33 was £750k for 7 holiday homes each valued at around £200k + VAT. LTV c.52% (Note, units 17-21 were 5 of these) One home was sold and the loan became, AC loan #68 for £581k for 6 holiday homes each valued at around £200k + VAT. LTV c.48% VAT was only payable within 3 years of completion, now expired, so the value to the borrower has effectively risen to c.£250k per home. They weren't selling fast, but I always thought the borrower was waiting for the 3 year VAT expiry. Looks as though just one sold in the last year. I liked this loan on AC @10% (plus 3% default interest, because the borrower was often some months behind with payments). At 10% on SS with an inflated valuation, it doesn't look so attractive.
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star dust
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Post by star dust on Feb 24, 2017 16:39:46 GMT
Emailed update from SS - think it's all noted here already of course 'part from the waffle fascinating updates "PIPELINE LOANS PBL - 1****1 T**** V****, Cornwall This loan has been introduced to the pipeline today! Legal due diligence is well underway and is expected to be finalised during the course of next week. DFL - C**** Y* R***, L*** M*** L***, Preston Legal due diligence has commenced but is not particularly far advanced just yet. Our solicitors are waiting for replies to a number of enquiries and for the signed loan documents to be returned. We are hoping to be in a position to go live on this loan next week. PBL - Phase 2 T**** V*****, Cornwall This loan has been introduced to the pipeline today! Legal due diligence is well underway and is expected to be finalised during the course of next week. DFL - H**** R**, O** M********* R***, London Legal due diligence is continuing on this loan. Our solicitors are waiting for sight of a crucial document, being a share purchase agreement, before they can confirm when completion can be effected. Given the complex structure of the transaction, the due diligence process is taking a little longer than usual, but from our perspective, we need to make sure that there is "no stone left unturned" to ensure we have sufficient and adequate security. " And here's the story (think I might stop posting these bits  ) "It's Friday, it's close to five o'clock, so it must be time for the latest weekly update from Saving Stream. As Storm Doris wreaked havoc across the UK this week, the Saving Stream team battened down the hatches at our Southsea head office and got stuck in to finishing the week on a high, with total loans nearing £266m, our registered users rising to 14,263 and interest earned almost £19m. We've certainly got the year off to a good start. It's a short update this week, after our comprehensive update last week. But we have a number of new loans going into pipeline for your interest, including development loans in London & Preston and two bridging loans in Cornwall. After last week's bulletin I did receive a few questions about the ' no change' comment against some of the loans in our loanbook. That is our preferred update when nothing has happened to a loan, as property finance can be a bit like that. I do get that it maybe does not tell you enough, so I will look at what else we might add in the future. So, until next week’s update, have a great weekend, even if the forecast across much of the country is wet and windy. But at least Doris has packed her bags and moved on east. Paul Head of Marketing and Communications" |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 25, 2017 13:44:57 GMT
OP updated: Added: DFLxyz - C**** Yr R***, Preston PBLxyz - 17-21 T**** V*****, Cornwall PBLxyz - Phase 2 T**** V*****, Cornwall Added pipeline info from 'General Update' email The 2 Cornwall loans now have pebble numbers
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adrianc
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Post by adrianc on Feb 26, 2017 9:15:27 GMT
The Preston pipeline loan - really...? £1.8m build costs, THERE...? £2.5m expected sale? Are they SURE...? A quick look at RightMove shows that only two properties within 5 miles have sold for more than that since the crash - and they're both in a different league entirely to a newbuild exec on less than half an acre. One seems to be a large care home, the other is...  |
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Post by GSV3MIaC on Feb 26, 2017 13:45:05 GMT
/mod hat off ..
£2.5M? .. I assume the place pictured is just the gate lodge then?? That'd barely fetch £2.5M back home in Hertfordshire .. 8>.
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am
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Post by am on Feb 26, 2017 14:15:00 GMT
/mod hat off .. £2.5M? .. I assume the place pictured is just the gate lodge then?? That'd barely fetch £2.5M back home in Hertfordshire .. 8>. What I'm mildly curious about about the Preston loan is why the build costs are as high as they are.
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adrianc
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Post by adrianc on Feb 26, 2017 14:45:59 GMT
/mod hat off .. £2.5M? .. I assume the place pictured is just the gate lodge then?? That'd barely fetch £2.5M back home in Hertfordshire .. 8>. You could buy most of a five mile radius around Preston for the price of that in Herts...
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Post by GSV3MIaC on Feb 26, 2017 20:52:35 GMT
Must be rather more than shows in the photo then!
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am
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Post by am on Feb 27, 2017 17:10:31 GMT
thanks C_D - my prioritisation with these is commensurate with the rates on offer  didn't like this comment on the PBL(s) though: " Please note - These are draft particulars which will be finalised before the loan is drawndown." We've seen comments like these before but " will be" suggests something more definite. Kind of: 'The particulars will change and the finalised particulars will be issued before the loan is drawndown.' But not necessarily before go-live? A change in particulars may alter a lenders investment decision. If that change is communicated between go-live and drawdown, isn't it too late to withdraw - should one wish to do so - one's investment? Maybe I'm misunderstanding it, but I've queried on the Q&A for each loan and tagging savingstream and Paul64 here. Took a couple of attempts to get the point across, but " before the loan is drawndown" has now been amended to " before the loan goes live" for both Cornwall loans. We probably also want savingstream to inform us when the finalised particulars are available. Any cautious investor wouldn't set prefunding until the finalised particulars were available. There's also the problem of working out what changed between the draft and finalised particulars.
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am
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Post by am on Feb 27, 2017 17:37:11 GMT
We probably also want savingstream to inform us when the finalised particulars are available. Any cautious investor wouldn't set prefunding until the finalised particulars were available. There's also the problem of working out what changed between the draft and finalised particulars. I guess by inference that could be taken as when the advance go-live notice is issued. Counterexample - SS were clearly still working on due diligence (and by implication particulars) after the advance go-live notice was issued for the Cornish holiday homes.
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twoheads
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Programming
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Post by twoheads on Mar 1, 2017 23:04:14 GMT
OP updated: Added: DFL008 - Tranche 5 went live DFL009 - Tranche 5 went live Once again, thanks for all your hard work keeping up with the pipeline.
Cheers!
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twoheads
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Programming
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Post by twoheads on Mar 6, 2017 16:44:55 GMT
I see we have a new loan just added to the pipeline at 7%
PBLxxx - 2** L******** L***, P******, Lancashire
Security Value £325,000
Loan Value £151,567
Loan to value 47%
Remaining Time 364 days
Annual Rate 7%
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jamesc
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Post by jamesc on Mar 6, 2017 16:54:57 GMT
I see we have a new loan just added to the pipeline at 7%
PBLxxx - 2** L******** L***, P******, Lancashire
Security Value £325,000
Loan Value £151,567
Loan to value 47%
Remaining Time 364 days
Annual Rate 7%
They are now seriously taking the micheal
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