rogerthat
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Post by rogerthat on Feb 14, 2018 10:52:19 GMT
New loan @ 11am...no thread that I can see 44%LTV
Seems to me that throwing the kitchen sink at something that hasn't yet got planning permission is like thinking your next 6 numbers wins the lottery
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aj
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Post by aj on Feb 14, 2018 11:30:23 GMT
I'm agreed on this. I'd potentially pick up a chunk on the SM once planning is in place, but we don't have enough concrete detail ATM to trust that valuation.
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rogerthat
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Post by rogerthat on Feb 14, 2018 11:33:09 GMT
How can this be classed as a "valuation"...the bloke sat behind his desk ..so lets think of a number..£3.6m ?..yeah..that'll do..sorry FS..you'll have to do better than that..if you cant arrange even the most basic valuation to be done when you're asking lenders for £1.5m..then count me out.
To say that the 'valuation' presented is somewhat pessimistic is an understatement..a veritable black hole of uncertainty, assumption and guesswork. I might not even be alive when this phoenix rises up out of the rubble. Magnificent building though as many are in those parts..what a shame its been left to decay like that
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rs
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Post by rs on Feb 14, 2018 11:43:02 GMT
How can this be classed as a "valuation"...the bloke sat behind his desk ..so lets think of a number..£3.6m ?..yeah..that'll do..sorry FS..you'll have to do better than that..if you cant arrange even the most basic valuation to be done when you're asking lenders for £1.5m..then count me out. To say that the 'valuation' presented is somewhat pessimistic is an understatement..a veritable black hole of uncertainty, assumption and guesswork. I might not even be alive when this phoenix rises up out of the rubble. Magnificent building though as many are in those parts..what a shame its been left to decay like that I think I might invest a little just so to get some interest on short term funds as FS might end up cancelling this loan. The leasehold aspects is a little scary!
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adrian77
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Post by adrian77 on Feb 14, 2018 11:45:42 GMT
True but I went for a nibble as it sure is or was a substantial building and I would have thought there is a good chance of PP - this developer is sure playing Russian Roulette...
Actually the site timed me out after I placed a bid but before it confirmed it so I now have 3 nibbles - well expect 2 for sale on the SM!
Hopefully if there are any problems then instead of waiting for Godot FS will simply repossess the asset.
Due to the FS failure to provide a functioning web site I have now just read the valuation report
and as per note 3.2
FS have put this loan to market without the valuer not visting the site!
But they have seen some old photographs and reports
I DON'T BELIEVE IT - GORDON BENNETT !!!
Well at least I am not in for a large sum.
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aj
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Post by aj on Feb 14, 2018 11:52:01 GMT
Magnificent building though as many are in those parts..what a shame its been left to decay like that Agreed, googling "P*******d Mill urbex" brings up loads of good photos of the place. 
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rs
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Post by rs on Feb 14, 2018 11:52:27 GMT
True but I went for a nibble as it sure is or was a substantial building and I would have thought there is a good chance of PP - this developer is sure playing Russian Roulette... Actually the site timed me out after I placed a bid but before it confirmed it so I now have 3 nibbles - well expect 2 for sale on the SM! Hopefully if there are any problems then instead of waiting for Godot FS will simply repossess the asset. Due to the FS failure to provide a functioning web site I have now just read the valuation report and as per note 3.2 FS have put this loan to market without the valuer not visting the site! But they have seen some old photographs and reports I DON'T BELIEVE IT - GORDON BENNETT !!! Well at least I am not in for a large sum. I wonder how long it will take the borrower to evict the tenants in the building!
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r00lish67
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Post by r00lish67 on Feb 14, 2018 12:02:19 GMT
I'm agreed on this. I'd potentially pick up a chunk on the SM once planning is in place, but we don't have enough concrete detail ATM to trust that valuation. I think it's safe to say that for our purposes, that valuation should be disregarded. However, FS are only advancing £550k initially with the remainder to be advanced to support planning costs/demolition. If the property was sold for £2.25m in 2007, surely it's worth more than £550k now?
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rogerthat
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Post by rogerthat on Feb 14, 2018 12:02:55 GMT
True but I went for a nibble as it sure is or was a substantial building and I would have thought there is a good chance of PP - this developer is sure playing Russian Roulette... Actually the site timed me out after I placed a bid but before it confirmed it so I now have 3 nibbles - well expect 2 for sale on the SM! Hopefully if there are any problems then instead of waiting for Godot FS will simply repossess the asset. Due to the FS failure to provide a functioning web site I have now just read the valuation report and as per note 3.2 FS have put this loan to market without the valuer not visting the site! But they have seen some old photographs and reports I DON'T BELIEVE IT - GORDON BENNETT !!! Well at least I am not in for a large sum. I'm not in for anything...cant see any end point..let alone a start point..ive been past many old mills in the West Yorkshire area over the years and the ones that have been renovated look nothing short of stupendous..hats off to those who built them and how they've stood the test of time..but there are so many unanswered questions and uncertainties here and this is a monstrous undertaking. Id love to see the buildings heritage preserved but frankly for 12% and my level of investment generally , id rather look elsewhere p.s. Is it me or does the listing photograph look like a stage set out of Trumpton ? 
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Post by brummiefred on Feb 14, 2018 12:04:31 GMT
The S****** motorcycle works in W************ was in a similar unused state before development courtesy of SS/Ly lenders.
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r00lish67
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Post by r00lish67 on Feb 14, 2018 12:18:39 GMT
I'm not in for anything...cant see any end point..let alone a start point..ive been past many old mills in the West Yorkshire area over the years and the ones that have been renovated look nothing short of stupendous..hats off to those who built them and how they've stood the test of time..but there are so many unanswered questions and uncertainties here and this is a monstrous undertaking. Id love to see the buildings heritage preserved but frankly for 12% and my level of investment generally , id rather look elsewhere p.s. Is it me or does the listing photograph look like a stage set out of Trumpton ? Yes, but we're not being asked to fund the whole monstrous undertaking (£75m build cost, so yes indeed, quite large). We're being asked to provide a bridging loan against a speculative planning application. So the exam question is, is if that application were to be entirely unsuccessful after FS had expended the full £1.5m facility, then how much would someone be prepared to pay for it? I'm damn sure it's not £3.4m, though!
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aj
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Post by aj on Feb 14, 2018 12:20:35 GMT
I'm agreed on this. I'd potentially pick up a chunk on the SM once planning is in place, but we don't have enough concrete detail ATM to trust that valuation. I think it's safe to say that for our purposes, that valuation should be disregarded. However, FS are only advancing £550k initially with the remainder to be advanced to support planning costs/demolition. If the property was sold for £2.25m in 2007, surely it's worth more than £550k now? It's certainly worth more than £550K. However, the 44% LTV is based on FS agreeing a facility of £1.5M. It's done nothing but decay further since 2007, if renovation wasn't a commercially viable prospect back then i'm not convinced it will be now. I haven't seen any evidence to show anyone would now consider this a development opportunity!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 14, 2018 12:36:44 GMT
How can this be classed as a "valuation"...the bloke sat behind his desk Desktop valuation then😉
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rogerthat
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Post by rogerthat on Feb 14, 2018 13:13:07 GMT
Put some links up on FS DD..sorry to those who cant view but thems the rules..sounds like The Shadows on one link  A Fender Stratocaster surely  |
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rogerthat
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Post by rogerthat on Feb 14, 2018 13:35:47 GMT
Magnificent building though as many are in those parts..what a shame its been left to decay like that Agreed, googling "P*******d Mill urbex" brings up loads of good photos of the place. You need two more posts to apply for DD (should you wish) googled your suggestion and whacked it up on DD 
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A Fender Stratocaster surely 
