Ha***r St DA12 Bridging Loan
Oct 31, 2017 19:37:25 GMT
littonowl, peerlessperil, and 1 more like this
Post by r00lish67 on Oct 31, 2017 19:37:25 GMT
This one looks a little more complicated than most Kuflink loans I've seen to date, so perhaps worthy of its own thread.
Basics:
Loan purpose: "to assist with the professional and associated fees for the current running and enhanced planning of the security property".
Open market valuation £2,830,000
90 day valuation £2,264,000
Borrowers loan amount
£862,500 (full facility £1,002,500)
Security: 1st legal charge
Kuflink 20% guarantee £172,500 (rising to £200,500 full facility).
LTV 35.42%
Borrower Repayment History
: Two unsatisfied CCJ's.
Olivia kuflink , a few initial questions:
1) The valuation report indicates a Residual Valuation methodology, which I'm by default wary of. I can't see any detail in the VR as to how this value has actually been calculated. Can any further detail be given on that?
2) The property appears to be on the market currently for offers over £2.5m with T***r Estates. If this listing does comprise the full extent of the property (?) would perhaps 80-90% of this not be a more appropriate indicator of true current market value as opposed to using RV?
3) Relating to the purpose of the loan, What is the nature of the enhanced planning that is being sought and requires such a large amount?
4) Is the borrower intending to develop the property, or sell on with the sought enhanced planning?
IMV currently, it feels like6.5% is too light for the risk given the complexity/borrower, although to be fair the security should still cover the loan fairly amply.
Edit: Rate has been uplifted to 7.0%.
Basics:
Loan purpose: "to assist with the professional and associated fees for the current running and enhanced planning of the security property".
Open market valuation £2,830,000
90 day valuation £2,264,000
Borrowers loan amount
£862,500 (full facility £1,002,500)
Security: 1st legal charge
Kuflink 20% guarantee £172,500 (rising to £200,500 full facility).
LTV 35.42%
Borrower Repayment History
: Two unsatisfied CCJ's.
Olivia kuflink , a few initial questions:
1) The valuation report indicates a Residual Valuation methodology, which I'm by default wary of. I can't see any detail in the VR as to how this value has actually been calculated. Can any further detail be given on that?
2) The property appears to be on the market currently for offers over £2.5m with T***r Estates. If this listing does comprise the full extent of the property (?) would perhaps 80-90% of this not be a more appropriate indicator of true current market value as opposed to using RV?
3) Relating to the purpose of the loan, What is the nature of the enhanced planning that is being sought and requires such a large amount?
4) Is the borrower intending to develop the property, or sell on with the sought enhanced planning?
IMV currently, it feels like
Edit: Rate has been uplifted to 7.0%.
).
