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Post by Deleted on Oct 14, 2017 12:44:45 GMT
Hi all,
Valuation report for the security property in relation to Loan 3 was received yesterday and we are finalising our assessment. We expect that the loan could be made available for investment next Tuesday, provided that there are no unexpected issues. An email will be sent to all platform investors once the loan goes live.
Have a great weekend.
Regards,
Filip
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Post by Deleted on Oct 17, 2017 10:13:40 GMT
Hi all, Valuation report for the security property in relation to Loan 3 was received yesterday and we are finalising our assessment. We expect that the loan could be made available for investment next Tuesday, provided that there are no unexpected issues. An email will be sent to all platform investors once the loan goes live. Have a great weekend. Regards, Filip Hi all, Just a quick update that we will not launch Loan 3 today due to an issue which we need to clarify prior to being able to launch (if at all). Regards, Filip
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Oct 17, 2017 14:11:42 GMT
Hi all, Valuation report for the security property in relation to Loan 3 was received yesterday and we are finalising our assessment. We expect that the loan could be made available for investment next Tuesday, provided that there are no unexpected issues. An email will be sent to all platform investors once the loan goes live. Have a great weekend. Regards, Filip Hi all, Just a quick update that we will not launch Loan 3 today due to an issue which we need to clarify prior to being able to launch (if at all). Regards, Filip Very wise. Make sure everything is as buttoned up as possible. A glance at the forums for other platforms will reveal multiple and increasing numbers of cases where DD by lenders has thrown up problems either not discovered (when they should have been) or worse covered up by the platform. If things don't improve in this area we will see the demise of some platforms if not the whole p2p industry. There are quite sufficient risks in future unknowns, we don't need any risks which can be identified now.
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Post by Deleted on Oct 17, 2017 15:00:52 GMT
Fully agree - there are already significant risks involved with any type of property lending.
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Post by Deleted on Oct 18, 2017 8:22:22 GMT
Hi all, Valuation report for the security property in relation to Loan 3 was received yesterday and we are finalising our assessment. We expect that the loan could be made available for investment next Tuesday, provided that there are no unexpected issues. An email will be sent to all platform investors once the loan goes live. Have a great weekend. Regards, Filip Hi all, Just a quick update that we will not launch Loan 3 today due to an issue which we need to clarify prior to being able to launch (if at all). Regards, Filip Hi all, The surveyor and the solicitors acting on behalf of lenders confirmed that the issue mentioned yesterday (relating to the security property's planning) is resolved and the loan is likely to be launched on the platform tomorrow. Regards, Filip
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Post by Deleted on Nov 1, 2017 10:55:17 GMT
Hi all,
Please find the following short update on the current loans pipeline:
Loan 1
Due to potential issues with planning raised by the surveyor that inspected one of the security properties, we are awaiting the borrower to obtain all relevant permissions prior to proceeding with the loan (if at all).
Loan 2
Valuation reports for all security properties have been received and legals have been instructed. We are making final enquiries with the borrower prior to making the loan available for investment (pending outcome of enquiries and other). We expect that the loan could be made for investment within a week.
Loan 4
No change – we’re still awaiting the borrower to accept our updated terms prior to proceeding.
Loan 5 – new loan
• Second charge bridging loan (first charge to be provided by the same first charge lender as Swan Court and Kings Road loans)
• Security property: Commercial property, Buckinghamshire
• Loan amount: £81k
• Gross LTV: up to 75%
• Annual rate: 16.0%
• Term: 6 months
• Interest retained throughout term
• Purpose of loan: purchase and refurbish the security property
• Status: Valuation report received (instructed by the first charge lender) and legals have been instructed
In addition to the loans above, we have a number of other loans in the pipeline and details will be made available once there has been further progress.
Regards,
Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Nov 8, 2017 10:08:36 GMT
Hi Filip Any loans going live this week?
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Post by Deleted on Nov 8, 2017 10:41:31 GMT
Hi Filip Any loans going live this week? Hi rs. It is possible that Loan 2 will be made available for investment this week, just need to confirm a few outstanding points (timing of legals as there are three security properties). I will provide a more substantiate response end of day/tomorrow. Regards, Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Nov 8, 2017 11:53:19 GMT
Hi Filip Any loans going live this week? Hi rs. It is possible that Loan 2 will be made available for investment this week, just need to confirm a few outstanding points (timing of legals as there are three security properties). I will provide a more substantiate response end of day/tomorrow. Regards, Filip Thanks Filip.
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Post by Deleted on Nov 8, 2017 17:20:17 GMT
Hi rs. It is possible that Loan 2 will be made available for investment this week, just need to confirm a few outstanding points (timing of legals as there are three security properties). I will provide a more substantiate response end of day/tomorrow. Regards, Filip Thanks Filip. Hi rs. I can confirm that Loan 2 will be launched Friday this week. Further update about other pipeline loans will be made shortly after. Regards, Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Nov 20, 2017 12:55:01 GMT
Hi Filip Any idea when next loan is being launched?
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Post by Deleted on Nov 20, 2017 13:28:33 GMT
Hi rs,
The next loan the could be made available is a relisting of the loan that was delisted last Friday as the borrowers have accepted revised terms (increased loan amount, LTV, risk rating and rate). We're only awaiting completion of legals, expected any day now (consent from the first charge lender outstanding).
Loan 1 (West Hampstead) was scheduled this week but due to delay with planning consent, we now expect that it could be made available for investment in the next week or the week after, subject to planning being obtained (legals are already ongoing and the borrower's requested deadline for completion is 12 December 2017).
In terms of other pipeline loans, they are still very early stage and it is not likely that another loan(s), in addition to the two above, will materialise until earliest beginning/mid December.
Regards,
Filip
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Post by Deleted on Nov 24, 2017 12:06:55 GMT
Hi all,
Just a quick update before the weekend:
Portland Crescent
We’re still awaiting consent from the senior lender prior to being able to complete (and relist) and it looks unlikely that it will be obtained prior to the weekend. We’re chasing the borrower’s solicitor daily.
Loan 1 (West Hampstead)
Draft planning consent has been received and the valuer and solicitors acting on behalf of investors are reviewing the draft consent to verify it is according to plans. Title searches and investigation are since earlier in progress.
In addition to the two loans above, we have scheduled to launch a loan with the following details at the end of the next week or the week after:
• First charge bridging loan • Security property: A former restaurant and bar in Shepperton, London • Loan amount: £367k • Gross LTV: around 65% • Annual rate: 10.0% • Term: 9 months • Interest retained for 6 months, serviced thereafter (minimum interest term 3 months) • Purpose of loan: purchase of security property (and obtain planning permission for redevelopment into residential). Exit is to refinance the loan once planning has been received (development finance). • Status: legals ongoing and final valuation report will shortly be received
The loan will be launched once legals are nearing completion.
We also have 5-6 other loans where our loan offers have been accepted and are currently going through assessment but it is too early to know when any of these loans might become available for investment, if at all.
Have a great weekend all.
Regards,
Filip
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Post by Deleted on Dec 1, 2017 9:06:26 GMT
Hi all,
We expect that the following two loans could go live next week as the title searches and investigations are nearing completion:
Loan 1 – West Hampstead
Completion target 12 December.
Bridging Loan - Shepperton
Completion target 8 December.
There might be another loan(s) that will go live, but it too early to know with any certainty.
We will also be introducing enhanced rates which will be available to any investor whose commitment meets or is greater than the minimum commitment amount(s) set out in the enhanced rate table for the relevant loan.
Regards,
Filip
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Dec 1, 2017 9:57:06 GMT
Hi all, Just a quick update before the weekend: Portland Crescent
We’re still awaiting consent from the senior lender prior to being able to complete (and relist) and it looks unlikely that it will be obtained prior to the weekend. We’re chasing the borrower’s solicitor daily. Loan 1 (West Hampstead)
Draft planning consent has been received and the valuer and solicitors acting on behalf of investors are reviewing the draft consent to verify it is according to plans. Title searches and investigation are since earlier in progress. In addition to the two loans above, we have scheduled to launch a loan with the following details at the end of the next week or the week after: • First charge bridging loan • Security property: A former restaurant and bar in Shepperton, London • Loan amount: £367k • Gross LTV: around 65% • Annual rate: 10.0% • Term: 9 months • Interest retained for 6 months, serviced thereafter (minimum interest term 3 months) • Purpose of loan: purchase of security property (and obtain planning permission for redevelopment into residential). Exit is to refinance the loan once planning has been received (development finance). • Status: legals ongoing and final valuation report will shortly be received The loan will be launched once legals are nearing completion. We also have 5-6 other loans where our loan offers have been accepted and are currently going through assessment but it is too early to know when any of these loans might become available for investment, if at all. Have a great weekend all. Regards, Filip What is "draft planning consent"?
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