adrian77
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Post by adrian77 on Feb 14, 2018 13:39:04 GMT
I feel totally misled by this one - I read the above so I presumed the building would have been cared for and not vandalised and derelict.
Here's hoping this and the other tranches won't fill.
As I have said before - the banks will lend at much cheaper rates against viable building developments.
This has ruined my day - I just hope I don't end up kicking my cat (that is a figure of speech!)
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bod
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Post by bod on Feb 14, 2018 14:09:59 GMT
Interesting article: <link redacted>
Seems the Council may be desperate to give planning permission, anything probably better than the derelict building.
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stub8535
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Post by stub8535 on Feb 14, 2018 14:58:59 GMT
Interesting article: <link redacted> Seems the Council may be desperate to give planning permission, anything probably better than the derelict building. Couldn't agree more bodWhen I read the information in the assets tab and it said the valuers confidence in the valuation was not high I did a double take. The mill, by the look of photographs, will need substantial/ total demolition sadly thanks to the fire damage. The facade would have made a nice addition to the building that takes shape. It is in a fabulous location for flats. The town, hospital, train and rail stations are close. The entry to motorways is not too far off either. The building is by open parkland iirc that was really well maintained. To bring the land back into use the planning department would probably be very keen as they are having to concede more good arable land for building round the town rather than brownfield like this. The £550k loan seems odd when a search shows a value of £770k on the internet. Not certain what year that referred to though and whether pre or post fire. Plenty to put me off investing just now.
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r1200gs
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Post by r1200gs on Feb 14, 2018 15:03:31 GMT
Go to CH and search "Pag****ld" and you get "Pag****ld Developments" incorporated Dec 2017 Oh look... a familiar name I give in, who is he? PM me if you like dude.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 14, 2018 15:05:45 GMT
Go to CH and search "Pag****ld" and you get "Pag****ld Developments" incorporated Dec 2017 Oh look... a familiar name Thanks dude. Even more that warns me off.
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bugs4me
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Post by bugs4me on Feb 14, 2018 15:09:14 GMT
The £550k loan seems odd when a search shows a value of £770k on the internet. Not certain what year that referred to though and whether pre or post fire. Guide price was 700k - removed from listing a year ago. All very odd eh?
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rogerthat
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Post by rogerthat on Feb 14, 2018 15:11:47 GMT
I feel totally misled by this one - I read the above so I presumed the building would have been cared for and not vandalised and derelict.Here's hoping this and the other tranches won't fill. As I have said before - the banks will lend at much cheaper rates against viable building developments. This has ruined my day - I just hope I don't end up kicking my cat (that is a figure of speech!) As ive already 'voiced' my thoughts as to the 'valuation' attached, I think to be fair to FS they did highlight certain, shall we say, difficulties both with regard to the site neither being freehold nor in resplendent condition "Note that the report was prepared on the assumption that the property was freehold (para 5.1). In fact, the property is on a leasehold basis with 119 years left at a peppercorn rent with no onerous conditions. The valuer has advised that the value should be reduced by £200k to reflect this: Valuation report: £3.6m Reduction for long leashold (sic) £0.2m Final: £3.4m We draw investors' attention to para 10.6 of the report where, for circumstances explained, the valuer assesses the confidence level in the valuation to be low. Hence, although the facility GDV is 44%, we are pricing the interest as if this were a 60% LTV loan." Just saying
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aj
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Post by aj on Feb 14, 2018 15:26:25 GMT
The mill, by the look of photographs, will need substantial/ total demolition sadly thanks to the fire damage. The facade would have made a nice addition to the building that takes shape. The plans shown with the loan look to be aiming to renovate the historic (Listed) bits and demolish the more modern sheds. (Urbex photos are post fire). When sold for £2.5M in 2007 it had been previously occupied by the college so i'm assuming average condition. Having seen the state the place is now in, coupled with the track record of the borrower, I wouldn't touch this for a £1.5M total loan now. My desktop valuation reckons the LTV is over 100%, so i'm sticking with Abergele.
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duck
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Post by duck on Feb 14, 2018 15:30:14 GMT
Go to CH and search "Pag****ld" and you get "Pag****ld Developments" incorporated Dec 2017 Oh look... a familiar name I give in, who is he? PM me if you like dude. is an English former professional association football player. During a fourteen-year professional career he played for Fulham, Peterborough United, Barnet, Gillingham and Brighton & Hove Albion, and made over 300 appearances in the Football League. Whoops wrong one ( No interest in Football here, amazing what google brings up!)
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oldgrumpy
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Post by oldgrumpy on Feb 14, 2018 15:42:41 GMT
Some dude told me who it was and I misheard and mistakenly thought he was talking about a Welsh malt whisky! (No. Miss Heard was not there at the time) Edit.... shut up Eccles.
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guff
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Post by guff on Feb 14, 2018 16:20:38 GMT
I give in, who is he? PM me if you like dude. is an English former professional association football player. During a fourteen-year professional career he played for Fulham, Peterborough United, Barnet, Gillingham and Brighton & Hove Albion, and made over 300 appearances in the Football League. Whoops wrong one ( No interest in Football here, amazing what google brings up!) And The Fox And King is not his working burrow.
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rogerthat
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Post by rogerthat on Feb 28, 2018 14:51:33 GMT
Strewth...2nd tranche on the starting blocks for 3pm today £100K @ 13% 44%LTV 1st tranche £520K 2nd " £100K Total Facility £1.5m All tranches will rank equally Form an orderly queue please
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woodland
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Post by woodland on Feb 28, 2018 16:59:04 GMT
Strewth...2nd tranche on the starting blocks for 3pm today £100K @ 13% 44%LTV 1st tranche £520K 2nd " £100K Total Facility £1.5m All tranches will rank equally Form an orderly queue please I take it that is a sarcastic orderly queue, although you have elsewhere suggested that you have invested? What are your thoughts on this one? It would hope that the council would be keen to support any development to prevent the site going into even further dis-repair...or is that wishful thinking!
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rogerthat
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Post by rogerthat on Feb 28, 2018 17:13:11 GMT
Strewth...2nd tranche on the starting blocks for 3pm today £100K @ 13% 44%LTV 1st tranche £520K 2nd " £100K Total Facility £1.5m All tranches will rank equally Form an orderly queue please I take it that is a sarcastic orderly queue, although you have elsewhere suggested that you have invested? What are your thoughts on this one? It would hope that the council would be keen to support any development to prevent the site going into even further dis-repair...or is that wishful thinking! I will pm you a link/s (obviously I cant on here) and you can see the state its in..and what the developers face. I did have a very small nibble on the 1st tranche..and a slightly bigger one on this current (2nd) tranche..but theres £1.5million to find in total..and at this rate its going to take quite some time. Persevere trying to watch the vid..its from the local snoozepaper and as seems to be the norm these days its weighed down with ads...but it does get there..view full screen if you can.
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adrian77
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Post by adrian77 on Feb 28, 2018 19:27:43 GMT
I had 3 nibbles due to problems with FS's system - just sold 2 in seconds on the SM at 1% discount - maybe should have been 0.5%! There are still loans for sale on the SM but the rate is less than the offer rate for this tranche. I think the only way this one will not end in tears is that the site to sold to another developer or refinanced at a much lower rate - it has happened before but just the one nibble is enough of a risk for me. I know some other such loans have returned up to a very tasty 17% but I am not a high risk possible junk-bond trader!
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