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 Oct 10, 2017 12:10:50 GMT
The Supplementary info ticks a lot of boxes. I applaud MT for provided the company ID. HNW/BridgeCrowd name borrowers - wish they all would do it! "The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams." Think it was mentioned earlier, the director first appears in the SPV created this year. You would think with the experience he would be involved with other companies. Sitting on the fence... He probably is but offshore hence the lack of CH entries. This company has been specifically created to be a UK borrower but is owned by an offshore entity which has a UK 'establishment' registered. Nonetheless the supplementary info has encouraged me to take a modest slice
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elliotn
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Post by elliotn on Oct 10, 2017 12:34:54 GMT
they both have the added draw of several other attractions within close vacinity Wthin a mile or so of Homer Simpson.
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am
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Post by am on Oct 10, 2017 12:44:26 GMT
If this was a proposed retail outlet for almost anything more normal than "arts, crafts and artisan stuffthings" I think I'd feel more confident. But I know absolutely nothing about that industry (?) or the appetite for its products. Does anybody have any insight? Plus point: North Staffordshire seems to have an active collectables market due to the historical involvement in the production of ceramic products. Minus point: North Staffordshire (especially the Potteries) is not a wealthy area. Minus point: A similar business has recently opened in Hanley, in a disused church on the edge of the central commercial area. Newcastle-under-Lyme is a wealthier area, but Hanley (the city centre) has a bigger footfall. Other nearby businesses are Dagfields (which is closer to Nantwich, which is a wealthy area) and Slater's Craft Village. I've glanced at Dagfields's accounts at Companies House but they're not informative.
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am80
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Post by am80 on Oct 10, 2017 13:28:58 GMT
Hi All.. For what it is worth I live close to Dagfields, but was bought up near Newcastle (and currently own a business and residential properties near to this development). Dagfields is successful, but purely based on bringing in bus loads of people of a certain generation. It's a day out, with vast parking in a beautiful part of the world. Meanwhile this development is based on the outskirts of Newcastle town centre. To get there from the town centre its a short walk (10 mins) but there certainly is not much / any natural footfall so people visiting will be driving to the complex and needing one of those parking spaces! I certainly hope it is successful and therefore trying to find positives with its current intended purpose; even as apartments there is a lot of these being built in the area and one must wonder if / when saturation point will be reached. To help you value an apartment in this area you can buy a 2 bed terraced house for £70k within 50 metres.
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Post by MoneyThing on Oct 10, 2017 13:54:59 GMT
Thank you am80 , good local knowledge and very welcome. MoneyThing (Ed) why are you only retaining 1 months lender interest, considering BVI and Monaco why did MT not push for more, please can you explain? Thanks. Afternoon magenta14. Wherever possible and when we are comfortable the borrower has the means, we prefer monthly interest without a retained element so as to retain a lower loan amount (and LTV), so that it is more cost effective for the borrower. It also gives us an additional reason to keep in regular contact with the borrower rather than retaining all the interest. In this instance, we have undertaken a full assessment of the borrowers finances and have been comfortable with their ability to service the loan. Kind regards, Ed
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SteveT
Member of DD Central
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Post by SteveT on Oct 10, 2017 14:07:19 GMT
Thank you am80 , good local knowledge and very welcome. MoneyThing (Ed) why are you only retaining 1 months lender interest, considering BVI and Monaco why did MT not push for more, please can you explain? Thanks. Afternoon magenta14. Wherever possible and when we are comfortable the borrower has the means, we prefer monthly interest without a retained element so as to retain a lower loan amount (and LTV), so that it is more cost effective for the borrower. It also gives us an additional reason to keep in regular contact with the borrower rather than retaining all the interest. In this instance, we have undertaken a full assessment of the borrowers finances and have been comfortable with their ability to service the loan. Kind regards, Ed Hi Ed, does that mean the borrower is backing up the loan with a PG? Thanks.
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Post by MoneyThing on Oct 10, 2017 14:15:43 GMT
Afternoon magenta14. Wherever possible and when we are comfortable the borrower has the means, we prefer monthly interest without a retained element so as to retain a lower loan amount (and LTV), so that it is more cost effective for the borrower. It also gives us an additional reason to keep in regular contact with the borrower rather than retaining all the interest. In this instance, we have undertaken a full assessment of the borrowers finances and have been comfortable with their ability to service the loan. Kind regards, Ed Hi Ed, does that mean the borrower is backing up the loan with a PG? Thanks. He is. To be fair this is standard practice on all our loans. Regards, Ed.
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jfm
Member of DD Central
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Post by jfm on Oct 10, 2017 15:01:03 GMT
Hi Ed MoneyThing - would it be worth putting a line in the loan descriptions to mention the PG when it applies?
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Post by westcountry on Oct 10, 2017 15:16:37 GMT
Hi Ed MoneyThing - would it be worth putting a line in the loan descriptions to mention the PG when it applies? Yes please! It gives me confidence to know that a loan has a PG as well as asset security, as then the borrower can't just wash his hands and walk away, without risking being made bankrupt to recover any outstanding debt.
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Post by MoneyThing on Oct 10, 2017 15:39:40 GMT
Hi Ed MoneyThing - would it be worth putting a line in the loan descriptions to mention the PG when it applies? Hi. Will discuss this tomorrow and see if we can add this into all the loan descriptions. We had not to date only because lenders on here seem to hold such little weight/regard for PGs. Regards, Ed.
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Post by bobthebuilder on Oct 10, 2017 15:50:14 GMT
To be fair, it’s not clear how much weight lenders OUGHT to give a PG in this case when the guarantor resides in Monaco. Does he have assets in the UK that could be seized if the loan goes pear-shaped?
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mary
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Post by mary on Oct 10, 2017 15:50:47 GMT
Hi Ed MoneyThing - would it be worth putting a line in the loan descriptions to mention the PG when it applies? Yes please! It gives me confidence to know that a loan has a PG as well as asset security, as then the borrower can't just wash his hands and walk away, without risking being made bankrupt to recover any outstanding debt. In this case, I'm not sure a PG carries much weight as the borrower is resident overseas.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Oct 10, 2017 15:51:15 GMT
The additional information from MT and also that supplied by the Borrower has secured my investment.
Well done MT for reacting so quickly to many of the issues being raised and supplying the extra info.
Having experience "weaselspeak" from FC concerning numerous loans it is good to read information that I can understand.
Also, many thanks to all the other forum poster on this thread for the lively debate and matters being questioned. Very valuable source of information and assistance.
Best wishes, SXLR
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Post by Badly Drawn Stickman on Oct 10, 2017 15:56:14 GMT
Hi Ed MoneyThing - would it be worth putting a line in the loan descriptions to mention the PG when it applies? Hi. Will discuss this tomorrow and see if we can add this into all the loan descriptions. We had not to date only because lenders on here seem to hold such little weight/regard for PGs. Regards, Ed. All things are relative, personally I have more confidence in a personal guarantee, than somebody assuring me 'Don't worry I'm pretty sure he's good for it'.
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dovap
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Post by dovap on Oct 10, 2017 16:05:54 GMT
All things are relative, personally I have more confidence in a personal guarantee, than somebody assuring me 'Don't worry I'm pretty sure he's good for it'. imho there's not much in the way of difference. Thanks for the additional info MT
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