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 13, 2017 13:45:28 GMT
Sorry Collateral Rep. Im struggling to get my head round this. The developer of these flats is well documented in the press and there are plenty of charges registered against them on the property to suggest that the company in the press was the developer. The borrower is identified as the same as for loans 36-40 which isnt the named developer and couldnt have been as that company didnt exist when this build was completed. The director/SH of that company didnt work for a developer during the period of construction. You say the borrower is buying all the flats back which begs the question where are they getting the rest of the cash from? |
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Post by Badly Drawn Stickman on Oct 13, 2017 14:00:24 GMT
Hi Badly Drawn Stickman , The borrower previously sold all the units after developing the site, but is exercising their right to buy the units back and is in the process of completing this, they have a fund that is contracted to buy them at an uplift in price. So the fund/sale has already been agreed, which is the exit. Our borrower is looking to release some capital from their investments prior to the fund completing on the whole development. Many thanks, Gordon Hi Gordon Thanks the extra sentence which clarifies what could have been read two ways previously. Ilmoro seems to be picking up on my other queries so I will defer to his expertise.
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elliotn
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Post by elliotn on Oct 13, 2017 14:11:27 GMT
...In that case why not offer all 12 as a single bridging package with one guarantee and one set of receivers, if it came to that?... The split helps the aftermarket (for a still quite small pllatform), the separate titles have individual 1Cs (as well as Coll having the shared deb) and any recovery could be dealt with as a job lot by a single receiver.
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Post by Collateral Rep on Oct 13, 2017 14:54:27 GMT
Afternoon,
Just to be clear, the developer and the borrower are not the same. The borrower owns 12 of the units and is releasing funds which are the 12 loans on the platform.
The borrower has been given notice by the developer that they are exercising their right to buy the units back with an uplift to the borrower.
I hope this makes it clearer.
Many thanks,
Gordon
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Post by Badly Drawn Stickman on Oct 13, 2017 15:17:10 GMT
Afternoon, Just to be clear, the developer and the borrower are not the same. The borrower owns 12 of the units and is releasing funds which are the 12 loans on the platform. The borrower has been given notice by the developer that they are exercising their right to buy the units back with an uplift to the borrower. I hope this makes it clearer. Many thanks, Gordon Hi Gordon Logically then the £59,950 valuation is what the developer is paying our borrower per unit.
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fp
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Post by fp on Oct 13, 2017 15:32:36 GMT
Hi jonah , Yes the borrower is buying all flats back.Many thanks, Gordon I think this is whats confused most....
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Post by Collateral Rep on Oct 13, 2017 16:50:24 GMT
Hi fp, Yes, I wasn't clear there. Apologies, Gordon |
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oik
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Post by oik on Oct 13, 2017 17:35:09 GMT
I notice that on an investment property sales site they were offering the units from £55k but that included an assured net rental of 9% for 5 yrs and presumably they won't be worth that much without the assured income. Looks as if they were previously offered at the same price but with an assured income of 11.59%. Zoopla shows a unit that had been listed for sale on 3rd Mar 2017 for £48k. Rightmove had one for rent at £81 pw and currently one on Gumtree at £350.00 pm (possibly the same one) - which even gross is a fair bit less than 9% of £60k.
So would be useful to know where the £60k valuation came from as there doesn't seem to be a VR. What have I missed?
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elliotn
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Post by elliotn on Oct 14, 2017 3:38:25 GMT
I notice that on an investment property sales site they were offering the units from £55k but that included an assured net rental of 9% for 5 yrs and presumably they won't be worth that much without the assured income. Looks as if they were previously offered at the same price but with an assured income of 11.59%. Zoopla shows a unit that had been listed for sale on 3rd Mar 2017 for £48k. Rightmove had one for rent at £81 pw and currently one on Gumtree at £350.00 pm (possibly the same one) - which even gross is a fair bit less than 9% of £60k. So would be useful to know where the £60k valuation came from as there doesn't seem to be a VR. What have I missed? Presumably the agreed uplift in the buy back agreement that the developer must pay to current owners, would be nice for Coll to clarify the given value.
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oik
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Post by oik on Oct 14, 2017 9:43:23 GMT
Presumably the agreed uplift in the buy back agreement that the developer must pay to current owners, would be nice for Coll to clarify the given value. So all ultimately dependent on that famous super-borrower behind nigh half the loans on Collateral etc?
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elliotn
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Post by elliotn on Oct 14, 2017 12:34:15 GMT
Presumably the agreed uplift in the buy back agreement that the developer must pay to current owners, would be nice for Coll to clarify the given value. So all ultimately dependent on that famous super-borrower behind nigh half the loans on Collateral etc? Yep, although the contracted sales agreement with the fund helps him on this occasion.
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Post by df on Oct 14, 2017 19:36:31 GMT
Hmmm I wonder how quickly the 3-month extension of DFL006 @ LY will occur after this drawsdown Contributions are currently half way through. If there is no significant move by Monday night it would probably mean that DFL006 extension is not coming very soon, if ever 
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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 Oct 14, 2017 23:05:07 GMT
Hmmm I wonder how quickly the 3-month extension of DFL006 @ LY will occur after this drawsdown Contributions are currently half way through. If there is no significant move by Monday night it would probably mean that DFL006 extension is not coming very soon, if ever Erm, the two events are totally unrelated. These loans arent going to be funding the DFL006 extension which is being paid for by the guy buying the flats from the bloke borrowing the money.
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seeingred
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Post by seeingred on Oct 15, 2017 10:42:58 GMT
which is being paid for by the guy buying the flats from the bloke borrowing the money.  |
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Post by Badly Drawn Stickman on Oct 15, 2017 13:27:58 GMT
So, is there a chap that the guy is getting the money from to pay the bloke?
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