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Post by spareafewcoppersguv on Nov 30, 2017 12:43:32 GMT
A 98 room hotel and 28 apartments all on a third of an acre? Is that even possible?
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southport
Member of DD Central
Posts: 125
Likes: 88
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Post by southport on Nov 30, 2017 12:46:15 GMT
Think tall and narrow.
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Post by mrclondon on Nov 30, 2017 12:50:16 GMT
The planning applications (references in the VR) have a lot of drawings attached ( Chesterfield Planning Search or direct links on DD Central). The applicant company stated on the planning application forms reveals the current owner of the plot (direct link to CH record is on DD Central). A receiver was appointed in July 17 with respect to the site (CH filing date Sept 17). Its worth noting there have been multiple earlier receiver actions associated with this company, and that another company owned by the borrower's principal is under strike off action again, and has an "interesting" filing history at CH. I really really don't understand why p2p platforms force potential lenders to undergo a "treasure hunt" to understand the loans being offered. LATE EDIT: Thanks are due to Collateral Rep for picking up on the inconvenience of the p2p "treasure hunt", and adding a "Useful Information" section to the loan details, with direct links to the borowing company, the planning applications, architect, and an additional company held by the borrowing company's principal.
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Post by swissbankers on Nov 30, 2017 13:09:48 GMT
Great I thought a new loan in my neck of the woods, then you see that planning applications go back to the 90's and nothing ever seems to come of them. Don't think I would want to have my funds tied up in this tiny plot for potentially years to come. Also don't like it's another loan with cash back which just seems to clog up the SM and reduces liquidity
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7d7
Member of DD Central
Posts: 134
Likes: 205
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Post by 7d7 on Nov 30, 2017 13:23:42 GMT
The planning applications (references in the VR) have a lot of drawings attached ( Chesterfield Planning Search or direct links on DD Central). The applicant company stated on the planning application forms reveals the current owner of the plot (direct link to CH record is on DD Central). A receiver was appointed in July 17 with respect to the site (CH filing date Sept 17). Its worth noting there have been multiple earlier receiver actions associated with this company, and that another company owned by the borrower's principal is under strike off action again, and has an "interesting" filing history at CH. I really really don't understand why p2p platforms force potential lenders to undergo a "treasure hunt" to understand the loans being offered. It's based on the theory that if they flaunt the full story, you won't invest. If they unveil half of it, you might invest.
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tomp
Member of DD Central
Posts: 144
Likes: 75
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Post by tomp on Nov 30, 2017 13:44:35 GMT
Is it just me but I get a bit concerned about platform every time I see another big development loan and then I read all the revelations on the forum ?
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michaelc
Member of DD Central
Posts: 4,892
Likes: 2,767
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Post by michaelc on Nov 30, 2017 13:48:47 GMT
To be fair, the front page blurb does say "....the company is currently in receivership but....". Not sure when that was added though.
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Post by Badly Drawn Stickman on Nov 30, 2017 14:01:31 GMT
Is it just me but I get a bit concerned about platform every time I see another big development loan and then I read all the revelations on the forum ? I believe Tony Pulis is currently available for hire, collateral may well have need of his special talent soon.
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Post by beeje13 on Nov 30, 2017 14:13:15 GMT
I live 10 mins away from here...
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Post by Collateral Rep on Nov 30, 2017 14:18:31 GMT
Afternoon mrclondon, We are more than happy to put all the relevant links you are talking about on the loan listing itself. If you PM or email the links to me, I will add them to the listing for every investor to see. Our attitude is that Collateral, the investors and the borrowers are in it together, we try to be as transparent and open as possible. We have now invited investors to meet with ourselves and a borrower at a site on two occasions and we have already had a productive meeting with investors at our offices. This in itself shows our willingness to work together. As usual, your feedback is appreciated. Many thanks, Gordon
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Post by Collateral Rep on Nov 30, 2017 14:31:13 GMT
To be fair, the front page blurb does say "....the company is currently in receivership but....". Not sure when that was added though. Hi michaelc, That was always on the loan listing. Many thanks, Gordon
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baldpate
Member of DD Central
Posts: 548
Likes: 406
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Post by baldpate on Nov 30, 2017 14:37:44 GMT
Reading the listing details, it isn't stated that 6 months interest is taken up-front. Collateral Rep - could you please just confirm, for the record, that this is indeed a pay-as-you-go loan, and interest is not retained up-front
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Post by Collateral Rep on Nov 30, 2017 14:44:23 GMT
Hi baldpate, I've updated the loan details with - 6 months interest will be deducted at drawdown. Many thanks, Gordon
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Post by mrclondon on Nov 30, 2017 15:19:02 GMT
There is some additional "interesting" background concerning the borrower's principal in a Guardian article dating from November 2012 (a paragraph about half way down the article)
Direct link on DD Central, or Google
{name of principal} offshore site:theguardian.com
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Nov 30, 2017 18:05:43 GMT
Afternoon mrclondon , We are more than happy to put all the relevant links you are talking about on the loan listing itself. If you PM or email the links to me, I will add them to the listing for every investor to see. Our attitude is that Collateral, the investors and the borrowers are in it together, we try to be as transparent and open as possible. We have now invited investors to meet with ourselves and a borrower at a site on two occasions and we have already had a productive meeting with investors at our offices. This in itself shows our willingness to work together. As usual, your feedback is appreciated. Many thanks, Gordon Been out all afternoon so not sure when this happened, but it is indeed listed in the Loan Details under "Useful Information". Very pleased to see you've done this collateral Collateral Rep, a major improvement, thanks . I hope that you can put similar information up on all future loans and perhaps look to do this with regard to your existing ones - most of us are aware of the borrower/s with connected SPV's on the Platform, but some may not be, and as borrower exposure is a factor many investors take into account it would be helpful if it was clear at the outset. In general I am sure that more openness and transparency as well as being appreciated by investors will serve the platform well in the long run.
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