iRobot
Member of DD Central
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Post by iRobot on Apr 16, 2019 11:53:46 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. Ah, yes, that makes sense. (And I guess brummiefred has confirmed as much via the 'like' button?) My mistake was to conflate the timing of the post with that of the platform update by FS. Definitely '+1' on the site reports wherever they are posted and whoever they are posted by. (If a loan can be crowd-funded, then it (and the platform which serves it up) can equally be crowd-monitored.)
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Post by brummiefred on Apr 16, 2019 16:07:08 GMT
Time available earlier than expected but disappointingly can only report that my tablet images only reflect those from the August '18 surveyors report. There does not appear to have been any more site activity since then.
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adrian77
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Post by adrian77 on Apr 16, 2019 17:36:12 GMT
thanks to brummiefred for visiting - can I just ask - what is the state of this site - is there a socking big hole in it and/or what seems a huge drop at one side. This is the sort of site where you need a fully qualified and experienced civil engineer and I see no evidence of one being used. This could be a former rubbish tip or quarry or mine workings or goodness know what else and believe me removing over 200m3 of spoil is not cheap! Yet again I see no evidence of a land survey so how on earth this one can be costed defeats me - it may be OK but...
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Post by brummiefred on Apr 16, 2019 18:15:17 GMT
A substantial earthwork project has been started, all virgin soil....not a tip or a quarry....to create a vertical face at the rear of the site in readiness for a retaining wall but apart from the wall foundation excavation mentioned by the IMS (Aug 18) there is no progress. I presume that the plan will be to remove more soil to suit the road levels at the front of the site. Could the work so far be part of the £122k mentioned in the report in connection with Project X C.........y
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adrian77
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Post by adrian77 on Apr 16, 2019 18:21:34 GMT
Thanks ever so much - sounds like that is going to be one hell of a retaining wall which won't be cheap - however an interesting one to follow.
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Post by brummiefred on Apr 16, 2019 19:08:34 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
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Post by ilmoro on Apr 16, 2019 23:07:45 GMT
Suggests they have made use of some heavy plant. Hope theyve paid for it
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adrian77
Member of DD Central
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Post by adrian77 on Apr 17, 2019 9:00:16 GMT
Thanks for the photo - well there's a simple engineering challenge ! I did not realise it was such a problem and I hate to think just how much it will cost to prepare and stabilise the site before building even starts. I just can't see this site being worth £431K so I just hope this refinancing actually happens...
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james21
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Post by james21 on Jul 4, 2019 16:35:17 GMT
Last surveyors report was Aug 2018, so nothing done since. Last tranche lent a year ago. Cant refinance, no surprise given the terrain. Loss coming anyone's guess. My starter for 10, 50% recovery about start of 2020
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p2ploser
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Post by p2ploser on Jul 4, 2019 17:50:52 GMT
That’s another rubbish update from funding not so secure. Don’t know whey they bother. Not like this 6 month loan is nearly 7 months overdue.
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Post by spareapennyor2 on Aug 21, 2019 15:29:02 GMT
Looks like this on CP for mid September
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Aug 21, 2019 16:30:40 GMT
Looks like this on CP for mid September Not the first FS reject they have on their books.
I found out some of the borrowers on CP are shockingly bad after I did my own DD.
I am sure people investing on CP think they have a better class of borrower when they don't.
I do continue to invest in CP but probably just about half of their loans.
Do your own DD! CP are very good at providing information to do that.
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sarahcount
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Post by sarahcount on Aug 21, 2019 19:10:34 GMT
Looks like this on CP for mid September Not the first FS reject they have on their books
Originally a Collateral 'reject'. I wonder what site wins the prize for being re-financed across the most P2P sites
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Post by multiaccountmanager on Sept 18, 2019 11:10:32 GMT
CP has just circulated an email cancelling the launch of this project, previously scheduled for 19 September. It appears the project does not meet CP's standards for safety of investors' funds.
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Post by mrclondon on Sept 18, 2019 11:11:06 GMT
Bad news - CrowdProperty have pulled this one. More details on DDC for those with access.
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