This loan was initially offered in the Pipeline as a Development Finance Loan (DFL030), however there are still a number of planning/ construction aspects that need to be resolved before the Development Funding can be provided and as such we are now offering this facility as a Bridging Loan for the purchase of the property in its current state at 70% Loan-to-Value.
DFL030 was therefore withdrawn from the pipeline yesterday (05/09/2017) and any pre-funding was therefore cancelled for this loan.
We then launched PBL191 as a new loan with standard pre-funding applied. We sent an advance go-live notice yesterday notifying investors that PBL191 was due to go live today (06/09/2017).
Please note that we could not roll the pre-funding from one loan to another, as was the case here, as there are material differences between DFL30 and the new PBL191 loan. This is in the spirit of ensuring investors know exactly what they’re investing in.
However, where we are launching a loan where we have stated our intention to convert the loan, then no further consent will be requested and investors in the original loan will automatically switch to the new loan. PBL191 is a good example of this, as it will convert to a DFL and all investors from this loan will be automatically switched into the DFL. This was stated in the loan particulars, and in the go-live notice of yesterday’s date.