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Post by badboyyardy on Mar 28, 2018 11:33:25 GMT
Is this the loan that is being listed at 13:00 or a diff development in West Brom.....
If it is then its now 3 floors/ one extra floor is shown in the photo - some progress I guess.....but still not watertight
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oldgrumpy
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Post by oldgrumpy on Mar 28, 2018 12:55:38 GMT
The development is continuing well, up to the roof level. (IS THAT ALL?) The attached updated valuation confirms progress and an updated GDV of £1,700,000 Based on this the site now has an estimated value of £1,300,000 which gives an LTV of 62.3%
... and this is the final tranche of the facility. Mmmm. Overspend imminent?
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rogerthat
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Post by rogerthat on Mar 28, 2018 17:46:16 GMT
Just been looking through all 10 tranches..unless I'm mistaken isn't it normal practice to stipulate how (if necessary) the tranches rank ?..for e.g...all tranches rank equally or the 1st is senior etc etc. As no mention is made on any of the 10 tranches, am I to assume that they all rank equally ?
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steve11523
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Post by steve11523 on Mar 28, 2018 18:17:53 GMT
My reading is that the ten tranches make up the facility for £809k and all rank equally.
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rogerthat
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Post by rogerthat on Mar 28, 2018 21:39:10 GMT
My reading is that the ten tranches make up the facility for £809k and all rank equally. Yes..but my point was...where does it actually state that ?..ive gone through many of my loans (not all) and where there are multiple tranches, it states on the 2nd or subsequent tranches what their rank is, if different from the original. Otherwise it states all tranches rank equally. Perceived assumption is not the same as legal status.
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Liz
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Post by Liz on Mar 28, 2018 22:15:44 GMT
My reading is that the ten tranches make up the facility for £809k and all rank equally. Yes..but my point was...where does it actually state that ?..ive gone through many of my loans (not all) and where there are multiple tranches, it states on the 2nd or subsequent tranches what their rank is, if different from the original. Otherwise it states all tranches rank equally. Perceived assumption is not the same as legal status. The clicked on Tranche 5 randomly: "This was the fifth tranche for £50,000 of a facility loan of £809,250. A 6-month loan secured by a first legal charge against a development property in West Bromwich." It all seems self explanatory to me. I don't get what you don't understand.
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rogerthat
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Post by rogerthat on Mar 29, 2018 5:29:03 GMT
Yes..but my point was...where does it actually state that ?..ive gone through many of my loans (not all) and where there are multiple tranches, it states on the 2nd or subsequent tranches what their rank is, if different from the original. Otherwise it states all tranches rank equally. Perceived assumption is not the same as legal status. The clicked on Tranche 5 randomly: "This was the fifth tranche for £50,000 of a facility loan of £809,250. A 6-month loan secured by a first legal charge against a development property in West Bromwich." It all seems self explanatory to me. I don't get what you don't understand. Clearly not..
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SteveT
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Post by SteveT on Mar 29, 2018 6:53:01 GMT
My reading is that the ten tranches make up the facility for £809k and all rank equally. Yes..but my point was...where does it actually state that ?..ive gone through many of my loans (not all) and where there are multiple tranches, it states on the 2nd or subsequent tranches what their rank is, if different from the original. Otherwise it states all tranches rank equally. Perceived assumption is not the same as legal status. A "facility loan" is simply a single loan where it's been agreed that the borrower can (or may only, depending upon circumstances) draw down the funds in stages (tranches). By definition, all tranches of the facility therefore rank equally, regardless of when they draw down, since they are all part of the same loan. This differs from cases where additional lending (which may also be a facility loan) has been agreed, after the initial loan (or facility loan) has fully been drawn down. The second loan then ranks behind the first loan and therefore usually carries a higher rate to reflect the higher risk. Taking the famous Italian Books loans as a good example, there is the original 1st ranking loan of £525k (a single tranche), followed by a 2nd ranking facility loan of £600k across multiple tranches (now partly paid down to £435k), followed by another 3rd ranking facility loan of £375k across multiple tranches (now partly paid down to £325k).
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adrian77
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Post by adrian77 on Mar 29, 2018 8:42:38 GMT
Looking at the latest photos there is a massive amount of work to do - if this was one of my developments with so much borrowed money at this point of time I would not sleep at night so I am going to pass on this one...
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 29, 2018 15:01:59 GMT
Looking at the latest photos there is a massive amount of work to do - if this was one of my developments with so much borrowed money at this point of time I would not sleep at night so I am going to pass on this one... These aren't the latest photos, they are over 4 months old. See 2528441411 - the main tranche which renewed Nov 15th and has the same photos. Edit: Just checked with FS, they don't have anything newer, so they are the "latest" photo's.
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james21
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Post by james21 on Mar 29, 2018 15:20:14 GMT
would it have been so difficult for them to have emailed the borrow, to take a couple?
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Post by spareapennyor2 on Mar 29, 2018 15:36:28 GMT
thought that was now standard practice after whitehaven
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adrian77
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Post by adrian77 on Mar 29, 2018 16:40:23 GMT
those are the photos looked at - given the weather etc there is still a massive amount to do and that is including all the internal tradesmen are available to immediately rock and roll. To finish these flats, get them signed off and sold is not going to happen within 6 months as I see it unless a skilled project manager threw a huge number of chap and chappesses at the work and that would be really expensive.
Personally I like to photograph my developments at least one a week as does my project manager- why because it settles disputes and arguments about what has been done and to what quality. For FS to advance a huge sum of money to this developer and not insist on regular updates including photographs with surveyor reports really makes me wonder if FS have a clue what they are doing in the developing world. Does Sarah Been*y has such a laid back attitude - answers on a digital postcard... Still itching to see how Whitehaven, Knaresborough, Wimbledon etc etc finish up. Just my opinion but I am being prudent after recent disiasters.
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bernard
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Post by bernard on May 24, 2018 9:53:55 GMT
Can someone explain to me the uplift in GDV from 1.3mm (Nov 16) to 1.7mm (March 18)? I see the original valuation report based up 9 X 2 beds and 3 X 1 beds. The March 18 valuation report seems to have 7 X 2 beds and 5 X 1 beds (same number of flats in total, but more smaller units on the face of it). So, certainly not a GDV uplift based upon increased GFA. Have flat valuations really moved that much in the 18 months inbetween?
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steve11523
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Post by steve11523 on Jul 9, 2018 19:24:49 GMT
The renewal of Tranche 5 is already over 80% subscribed. The loan looks ok and this renewal was on on time. However would have liked to seen an update on progress. The last update was end May and the photographs look to predate this.
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