elliotn
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Post by elliotn on Dec 18, 2017 11:56:24 GMT
Thanks for this opportunity. MoneyThing / SophieThing , please upload financials confirming the interest cover and confirm the purchase price, thanks.
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m2btj
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Post by m2btj on Dec 18, 2017 12:23:02 GMT
I'd like to know why Bradford has become such an attractive proposition for developers. I've lost count of the number of P2P offerings in the north of England...is the 'Northern Powerhouse' finally happening? Is HS2 stopping in Bradford?
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seeingred
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Post by seeingred on Dec 18, 2017 12:27:59 GMT
Might be something to do with so many P2P platforms located around the Manchester area.......
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Post by mrclondon on Dec 18, 2017 13:03:20 GMT
Given the VR was apparently done for the current owner of the building I******** Ltd (pg 3 of pdf) and hence by implication the VR is presumably a re-address of an earlier report to MT, disclosure of the purchase price by our borrower is the only fair way to establish current market value.
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shimself
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Post by shimself on Dec 18, 2017 13:17:01 GMT
Might be something to do with so many P2P platforms located around the Manchester area....... So logically the city based outfits are all into Southend?
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oldgrumpy
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Post by oldgrumpy on Dec 18, 2017 13:19:40 GMT
MoneyThing Does the valuation of £1.5M given (in order to facilitate a loan of just under £1M) reflect improvements to the property since actual purchase at a lower price? Lending at around 100% LTAV is a risky game. LTAV=Loan To Actual Value.
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Post by harryvederci on Dec 18, 2017 13:21:34 GMT
Rightmove currently shows 118 flats on market for sale in BD1 postcode, apart from the seeming saturation, the top asking price for a 2 bed being £90,000
Purchase price please MT?
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Post by MoneyThing on Dec 18, 2017 13:43:30 GMT
Afternoon,
Thank you for your questions, keep them coming and we will look to upload an FAQs on this loan this evening.
Regards,
Ed
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elliotn
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Post by elliotn on Dec 18, 2017 14:07:07 GMT
Afternoon, Thank you for your questions, keep them coming and we will look to upload an FAQs on this loan this evening. Regards, Ed Thanks Ed, the F&Qs are excellent.
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Post by Deleted on Dec 18, 2017 14:12:07 GMT
Why Bradford?
The city has been at the tail end of a clean up that was supposed to finish in 2007 which then went horribly wrong (remember 2007), it has taken this long to sort out the mess. In the meantime the city has benefited from two things, the development of a sort of "University Central" area (it probably has a special name) but basically the various colleges, universities and external campi of local colleges are all based in a km square to the west of the city. The second thing is that Leeds has continued to grow at such a pace that some of the out-office work has been stuffed into the "junior city".
So, at last the centre has been tidied up, money is coming in and the place is looking up. However, the usual run of mill-fires have continued so ending the life of far too many lovely old buildings (sometimes stuffed with abestos and flame accelerant).
So cheap opportunity cost for the land, growing demand and cash with more and more people wanting better than some really horrid terrace housing.
I've speed read the MT details, it is only just on the border with Little Germany but hey estate agents... Now I guess it would be nice to know who we are lending to.?? So Ed, who is it?
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msenanna
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Post by msenanna on Dec 18, 2017 15:21:48 GMT
Disclaimer - I can be easily confused!
Am wondering why they are looking for £963k to purchase the building but have enough cash reserves (and the later sales) to spend £2.5m on developing the building?
The cost of MT finance I would have thought to be more and for longer by using it for the purchase than if they sought finance to help with development?
As I said - easily confused!!
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m2btj
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Post by m2btj on Dec 18, 2017 15:50:57 GMT
MoneyThing Does the valuation of £1.5M given (in order to facilitate a loan of just under £1M) reflect improvements to the property since actual purchase at a lower price? Lending at around 100% LTAV is a risky game. LTAV=Loan To Actual Value. I would assume that when a valuation goes down the toilet it's LAV!
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SteveT
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Post by SteveT on Dec 18, 2017 16:27:06 GMT
MoneyThing , the VR (on page 15) states that "We are aware that the Customers pricing of the units are above our own. We understand that the units have recently been brought to the market have during this period have generated very strong interest with over 100 requests for legal packs received. We understand an enquiry has also been received from a block purchaser buyer for all the units." Have there been any pre-sales of any units, and can you please confirm that there are no Unilateral Notices that would rank ahead of MT's first charge in the event of default?
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sirius
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Post by sirius on Dec 18, 2017 16:37:48 GMT
Working the costings backwards from Developers profit, and adding in 15% for contingencies rather than a meagre 5%, (which is just one of the tricks ways to inflate the site's worth), I cannot see that the borrower paid more than £1m for the property.
Also, the sale prices quoted are a lot higher than comparables when compared by size, even allowing for difference in time scale.
Any thoughts?
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oik
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Post by oik on Dec 18, 2017 18:01:30 GMT
Afternoon, Thank you for your questions, keep them coming and we will look to upload an FAQs on this loan this evening. Regards, Ed Thanks Ed. Could you clarify the connections of one or more directors of the borrowing SPV with the developers of the Liverpool flats loan (MTAV714) please?
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