rogerthat
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Post by rogerthat on Apr 30, 2018 15:33:11 GMT
I shall be passing by this site after golf on Wednesday and will post a progress report/photo Tough life for some brummiefred but it would be appreciated..enjoy the round and the 19th hole 
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Post by brummiefred on May 3, 2018 0:06:23 GMT
Having escaped the worst of the heavy morning rain my game at Oswestry was most enjoyable, and then proceeded to Weston Rhyn to check on progress.
Since my last visit the roofing has been completed and external insulation commenced on one of three plots but progress not as much as I would have expected although not able to view internally.
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rogerthat
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Post by rogerthat on May 3, 2018 10:15:20 GMT
Having escaped the worst of the heavy morning rain my game at Oswestry was most enjoyable, and then proceeded to Weston Rhyn to check on progress. Since my last visit the roofing has been completed and external insulation commenced on one of three plots but progress not as much as I would have expected although not able to view internally. The brummiefred report...FS's very own Alan Whicker  ...many thanks
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Post by brummiefred on May 3, 2018 11:22:29 GMT
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rogerthat
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Post by rogerthat on May 3, 2018 11:46:43 GMT
Good photo brummifred...hopefully justifies the amount of sovereigns bright ive got in this. Three substantial houses which look like progressing through to a successful completion..fingers crossed  |
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steve11523
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Post by steve11523 on May 31, 2018 9:23:49 GMT
Tranche 3 being renewed on time and progress being made on the building. This looks like one of FS better loans.
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r00lish67
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Post by r00lish67 on May 31, 2018 9:43:12 GMT
Tranche 3 being renewed on time and progress being made on the building. This looks like one of FS better loans. I agree, it looks like reasonable progress is being made. However, it's a bit disappointing to not have an updated VR as of yet. 15/03: "A new valuation has been instructed as the house size has increased and will now have separate garages. We will post this report with the new GDV once completed." 06/04: "a new valuation is in preparation and will be added shortly - which will reduce the overall LTV" 27/04: "We are expecting an updated valuation report to confirm the uplift in GDV to £2,000,000 w/c 30th April 2018" 31/05: "The new valuation has been delayed will be added to the loan details shortly." So, this updated VR is now 2.5 months in the works. fundingsecure , can you explain why that's the case?
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mjc
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Post by mjc on May 31, 2018 11:15:30 GMT
I popped by this site soon after brummiefred, and whilst I was on the road/site entrance a foreman drove in, I chatted and mentioned what I was doing and had a small part in funding it. He was most helpful offered to show me round the first house where the plaster was drying, and the build was very impressive. Work ongoing on what appeared a very well run site. Just what p2p funding is all about I thought. Took a few internal photos (with his permission, but not found how to post here as yet!) and he thought the selling price would be around £650k, but that was not his remit of course. 5 double bedrooms, pleasant outlook, nice village, I would be very happy living there. So after that I increased my investment! - Unlike another I saw the same day in Liverpool where I reduced my stake on lack of action and an apparent abandoned “steel frame”.
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rogerthat
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Post by rogerthat on May 31, 2018 11:24:10 GMT
Tranche 3 being renewed on time and progress being made on the building. This looks like one of FS better loans. I agree, it looks like reasonable progress is being made. However, it's a bit disappointing to not have an updated VR as of yet. 15/03: "A new valuation has been instructed as the house size has increased and will now have separate garages. We will post this report with the new GDV once completed." 06/04: "a new valuation is in preparation and will be added shortly - which will reduce the overall LTV" 27/04: "We are expecting an updated valuation report to confirm the uplift in GDV to £2,000,000 w/c 30th April 2018" 31/05: "The new valuation has been delayed will be added to the loan details shortly." So, this updated VR is now 2.5 months in the works. fundingsecure , can you explain why that's the case? "Thank you, the valuer has not yet sent us the final version of the valuation, we are chasing for this and as soon as we have it we will post it on the loan pages"
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rogerthat
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Post by rogerthat on Jun 23, 2018 20:21:25 GMT
New (and lower ranking) facility
2279526681
£40K being 1st tranche of a supplemental facility of up to £400K
12% ..LTV of 59.7%
10pm 23/06/18
Must be a night shift on at Stokenchurch but as this facility ranks behind all other previous loans, it begs the question why is it at 12% despite the increased valuation ?
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baldpate
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Post by baldpate on Jun 23, 2018 21:50:08 GMT
... why is it at 12% despite the increased valuation ? Because FS think they can get away with it, since the increased valuation seems to give an attractive LTV of under 60%.
Of course, you now invited to believe these properties will fetch £700K each when there are 5-bed properties in Weston Rhyn going for two-thirds that price. OK these are new and maybe higher spec, but a 50% premium is a stretch IMO.
Still, the 1st priority loans look an increasingly sound investment, particularly now there is a substantial lower-priority facility to fund the end-game.
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steve11523
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Post by steve11523 on Jul 3, 2018 8:06:30 GMT
A second tranche of the supplemental facility has been listed - £87,500. Houses do seem to be coming on well and this may not be a bad bet
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r00lish67
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Post by r00lish67 on Jul 3, 2018 8:43:16 GMT
A second tranche of the supplemental facility has been listed - £87,500. Houses do seem to be coming on well and this may not be a bad bet If you take the supplemental facility loan, you'll be behind £945k of existing FS debt if it all goes wrong. Plenty of senior debt available on the SM at par or just under, even at the same interest rate.
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steve11523
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Post by steve11523 on Jul 3, 2018 8:46:18 GMT
Fair point. I might help myself to some of the senior facility on the SM
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Post by mrclondon on Aug 30, 2018 20:26:11 GMT
Photos taken 15:40 today (30th Aug). The three properties are in varying stages of external completeness left to right. The first looks more or less finished externally, with the garage roof under construction. The second needs rendering on the lower half, and a porch and garage building, whilst the third is someway off external completion. There were two vans parked outside the middle one and a few workmen around and about. The digger in front of the first was burying something to do with the drains - a septic tank perhaps ? Its a quiet location on the edge of a desirable village of "good' properties. Same borrower as the West Bromwich loan, so I'm not too concerned by the recent slow progress there, if the focus has been on these. Lefthand   Lefthand and middle  Righthand
Once again though, the FS updates are misleading "27/04/2018 Work is continuing on the properties with the cladding now gone up". I assume that update referred to just the left hand property, given the cladding on the righthand one is currently being installed.
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...many thanks
