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Post by mrclondon on Jan 9, 2018 1:57:14 GMT
As far as I'm aware info posted on FS DD Central is available to anyone who has an interest and there are reasons why certain info cant be posted on the open forum as explained via the link below. Whether having 50 posts on the open forum is unduly onerous to gain access to that information is not for me to decide..Thems the rules p2pindependentforum.com/thread/10667/dd-central-launchedAnd yet your link states: "The intent is NOT to create a two tier forum, and just as with the AC Private board, the presumption is posts should be made on the public forum in the first instance. DD Central should primarily be a repository of background due diligence material, and it is the responsibility of all members of DD Central to ensure a suitably redacted summary of all key information they post on DD Central is posted onto the public forum in a timely manner. Failure to do so may result in access to DD Central being withdrawn." The purpose of DD Central is to provide a repository of background material for readers to form their own opinion as to how such material might affect the risk profile of the loan, and is mostly links to Companies House, Planning Portals, Estate Agencies etc. These can not be posted on the public forum. IF (and only IF) these links produce anything that is unexpected is there any discussion which would then be worth repeating on the public board. The majority of property backed loans on COL/L/FS/MT now have a post on DD Central listing the links to the background material, mainly created by me for the benefit of the forum community. For those that meet the eligibility criteria for access to DD Central, and that have an interest in doing detailed due dilligence on loans, the links to CH and planning applications etc are on DD Central to make life easier to find the relevant background info.
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sandbrain
Member of DD Central
Posts: 62 
Likes: 20
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Post by sandbrain on Jan 10, 2018 16:20:45 GMT
The purpose of DD Central is to provide a repository of background material for readers to form their own opinion as to how such material might affect the risk profile of the loan, and is mostly links to Companies House, Planning Portals, Estate Agencies etc. These can not be posted on the public forum... Thanks for clarification. I guess I should make the effort to pen a couple more posts...
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rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
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Post by rogerthat on Jan 10, 2018 16:46:11 GMT
The purpose of DD Central is to provide a repository of background material for readers to form their own opinion as to how such material might affect the risk profile of the loan, and is mostly links to Companies House, Planning Portals, Estate Agencies etc. These can not be posted on the public forum... Thanks for clarification. I guess I should make the effort to pen a couple more posts... There you go then..a home run 
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pier2pier
Member of DD Central
Posts: 73
Likes: 49
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Post by pier2pier on Jan 11, 2018 10:44:10 GMT
Thanks for clarification. I guess I should make the effort to pen a couple more posts... There you go then..a home run Likewise
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jan 11, 2018 12:17:17 GMT
Just to keep banging my drum, despite the idiotic (misjudged anyway) efforts of the FCA some platforms have managed to contrive means of investing in their own offerings, thus aligning their interests with ours. Kuflink, Octopuschoice for a start
This must be the very best mechanism of ensuring that platforms look after us in the way they should.
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Post by mrclondon on Nov 12, 2019 16:18:22 GMT
Loan has been defaulted on the website.
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crazi
Posts: 41
Likes: 62
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Post by crazi on Jan 28, 2020 20:07:46 GMT
Update: 28/1/20
Receivers were appointed on 30 August 2019 and instructed an independent third party to undertake a valuation of the land, and a sum of between £15,000 to £60,000 was provided. This is understood to be in line with local comparables. The Receivers have commenced pre-auction marketing with a view to the property being entered into the next available auction on 20 February 2020. An initial guide price of £40,000, has been given, with a reserve to be confirmed nearer the time dependent upon the level of any pre-auction interest. A further update will be provided following the auction.
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So the land with full planning for a 66 bedroom care home - valued at £650k (loan £450k) gets an initial guide price of £40,000 on auction???
Surely the above auction value is just for the land and misses the fact it has full planning permission?
Must be a claim against the Valuer here also as that is a massive deficit of £650k down to £40k!?
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Post by emcg on Jan 28, 2020 20:44:13 GMT
I hope I am wrong, but I fear the planning may have lapsed. There is certainly no mention of it in the marketing material available online. Are any of the good people on here with a head for DD able to indicate whether or not the planning is still extant?
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iRobot
Member of DD Central
Posts: 1,656
Likes: 2,449
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Post by iRobot on Jan 28, 2020 21:32:51 GMT
I hope I am wrong, but I fear the planning may have lapsed. There is certainly no mention of it in the marketing material available online. Are any of the good people on here with a head for DD able to indicate whether or not the planning is still extant? From the official response to a 'Compliance with conditions' request dated Aug 2016 to confirm Condition 1 of the PP had been observed Condition 1 on the PP (approved 16/09/13, as above) was: So unless they were dumb enough not to dig a trench in the right place, it would appear PP is extant. And would have been confirmed by FS before first launching the loan in July 2018? Perhaps?? Maybe???
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adrian77
Member of DD Central
Posts: 3,895
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Post by adrian77 on Mar 26, 2020 17:40:24 GMT
Just to say this property is due to be re-offered in a forthcoming online auction on 21st April.
Considering the auction guide is over £40K I think the chance that it will go for over the £450K capital loan plus over 18 months interest which equals say £600K is a tad slim...
Should be interesting - another note for the electronic diary
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morris
Member of DD Central
Posts: 261
Likes: 149
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Post by morris on Aug 27, 2020 17:38:51 GMT
This loan paid back today. Original loan was £450,000. Sale proceeds were £45,000 leaving £3,919.28 distribution to investors or 0.9% of capital.
Luckily I only had £25 in this. Now how shall I spend my 22p?
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iRobot
Member of DD Central
Posts: 1,656
Likes: 2,449
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Post by iRobot on Aug 27, 2020 20:01:03 GMT
This loan paid back today. Original loan was £450,000. Sale proceeds were £45,000 leaving £3,919.28 distribution to investors or 0.9% of capital. Luckily I only had £25 in this. Now how shall I spend my 22p? And I see on this occasion FS have taken their 5% from the full loan amount (as they are entitled to) rather than the redemption amount as has often been done to date. Well, I say FS. I mean CG&Co. (Who still take their additional 2.5%, of course.) To quote the mighty Bart: "I didn't think it was physically possible, but this both sucks and blows"
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kielbasa
Member of DD Central
Posts: 246
Likes: 411
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Post by kielbasa on Aug 27, 2020 20:58:16 GMT
This loan paid back today. Original loan was £450,000. Sale proceeds were £45,000 leaving £3,919.28 distribution to investors or 0.9% of capital. Luckily I only had £25 in this. Now how shall I spend my 22p? Absolute disgrace. FS takes a fee of £22,500 (5% of the loan amount). Lenders are left with less than four bags. From FundingSecure's Terms and Conditions: "8.3 FundingSecure does not charge Investors any fees or commissions." Go figure.
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kielbasa
Member of DD Central
Posts: 246
Likes: 411
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Post by kielbasa on Aug 27, 2020 21:01:36 GMT
This loan paid back today. Original loan was £450,000. Sale proceeds were £45,000 leaving £3,919.28 distribution to investors or 0.9% of capital. Luckily I only had £25 in this. Now how shall I spend my 22p? And I see on this occasion FS have taken their 5% from the full loan amount (as they are entitled to) rather than the redemption amount as has often been done to date. Well, I say FS. I mean CG&Co. (Who still take their additional 2.5%, of course.) To quote the mighty Bart: "I didn't think it was physically possible, but this both sucks and blows" I don't understand why you are saying "as they are entitled to". FundingSecure's Terms and Conditions state: "8.3 FundingSecure does not charge Investors any fees or commissions." That's pretty clear to me.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Aug 27, 2020 21:30:44 GMT
Luxmore and Our Nige must be wondering why no-one has popped round and had a cup of tea and a friendly chat with them yet?
I certainly am.
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