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Post by dan1 on Jun 7, 2018 15:59:21 GMT
A refinance of the Collateral loan BL00073 ?
BL000073 £210k against £300k valuation 9164429325 £311k against £560k valuation
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huxs
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Post by huxs on Jun 7, 2018 16:27:24 GMT
A refinance of the Collateral loan BL00073 ? BL000073 £210k against £300k valuation 9164429325 £311k against £560k valuation Is this a refinance or a buy out of the property from the Collateral borrower? Is the Borrower the same or different?
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Post by dan1 on Jun 7, 2018 16:53:18 GMT
A refinance of the Collateral loan BL00073 ? BL000073 £210k against £300k valuation 9164429325 £311k against £560k valuation Is this a refinance or a buy out of the property from the Collateral borrower? Is the Borrower the same or different? I don't know. TBH I saw Bromyard, remembered the COL loan, saw the overhead image of the site on FS and thought it looked like that on COL. Overhead image from the COL listing...
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james21
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Post by james21 on Jun 7, 2018 16:53:29 GMT
As the FS loan is a first charge that assumes the COL loan has been discharged
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IFISAcava
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Post by IFISAcava on Jun 7, 2018 16:57:34 GMT
If it is the same, how has the site nearly doubled in value?
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sirius
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Post by sirius on Jun 7, 2018 18:11:44 GMT
If it is the same, how has the site nearly doubled in value? They must have used a professional RICS valuer
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 7, 2018 20:25:11 GMT
If it is the same, how has the site nearly doubled in value? They must have used a professional RICS valuer You're a card sirius!
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adrian77
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Post by adrian77 on Jun 8, 2018 8:11:08 GMT
this one is easy to expain - the lender is going to put a couple of wind turbines on the site...
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sqh
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Post by sqh on Jun 8, 2018 15:09:55 GMT
I'm keen to see this loan fill and drawdown. I think it will answer several questions about how BDO aim to repay Collateral lenders and pay outstanding interest. This refinance is enough to cover any outstanding capital and interest on Collateral BL000073.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 8, 2018 15:51:24 GMT
If it is the same, how has the site nearly doubled in value? They must have used a professional RICS valuer The new Valuation Report appears to take into account the clearance and preparation of the site. The COL loan valuation report was based on the price being paid for the land, and reading between the lines was a fairly conservative valuation. I imagine our borrower got a good deal because PP was about to lapse. I've checked with Herefordshire Building Regs and work has started on the site, thereby ensuring PP didn't lapse.
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james21
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Post by james21 on Jan 2, 2019 12:01:20 GMT
Latest update from FS quite concerning pulling the plug on development funding. My guess is there is a problem with the site as its on a hill
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adrian77
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Post by adrian77 on Apr 12, 2019 15:17:10 GMT
Well at least FS have picked this up now rather than a couple of million quid down the road
Anybody local able to look at the site and see what progress has actually been made - I am not in this one but just interested as I am in several similar ones hopefully not another disaster?
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Post by brummiefred on Apr 15, 2019 15:49:54 GMT
Maybe next week
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iRobot
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Post by iRobot on Apr 15, 2019 18:13:50 GMT
Heavy emphasis on the 'maybe', I'd suggest. Seems to me that these re-fi deals take a lot longer than P2P platforms claim to be able to service a borrower request. Perhaps the weeks and months we typically experience through loan updates is the time it should take when proper due diligence is carried out.
(PS: adding the 2nd tranche's ref# to aid searching: 1854388210 )
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sarahcount
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Post by sarahcount on Apr 15, 2019 19:27:38 GMT
Heavy emphasis on the 'maybe', I'd suggest. Seems to me that these re-fi deals take a lot longer than P2P platforms claim to be able to service a borrower request. Perhaps the weeks and months we typically experience through loan updates is the time it should take when proper due diligence is carried out.
(PS: adding the 2nd tranche's ref# to aid searching: 1854388210 )
I think that brummiefred was suggesting that he might be able to visit the site next week. He's been our eyes and ears on quite a few sites and his photos and observations have been much appreciated.
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