puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Jun 20, 2019 21:41:51 GMT
I see AutoInvest put some money on Eastbourne today. Having been there when visiting friends in Brighton its not the sort of place to invest in - does anyone know how to retract an autoinvest pledge? Yes. Go to the project in question and scroll down to the green banner, where you'll find a "cancel pledge" button. I believe it has to be done within 24 hours. thanks, much appreciated. Cancelled. Will remember to use Skip projectb in future.
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Post by alexp2p on Jun 21, 2019 0:32:23 GMT
Puddleduck has written:
> not the sort of place to invest in. Why have you not invested? Do you like not the place or the project?
The project generates at least some income (rental bookings). I don't know if it covering the whole interest payments.
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Jun 21, 2019 6:34:15 GMT
Puddleduck has written: > not the sort of place to invest in. Why have you not invested? Do you like not the place or the project? The project generates at least some income (rental bookings). I don't know if it covering the whole interest payments. The LTV is 75% which is too high for my 100% autoinvest allocation and my risk appetite.
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Post by CrowdProperty Representative on Jun 21, 2019 11:17:19 GMT
Hi alexp2p and puddleduck,
Thank you for your comments regarding the Eastbourne project.
This project is a serviced bridging loan where interest is paid monthly to the lender. It is a serviced bridge of an already operating asset and there is no development risk. Interest rates on commercial mortgages for an asset like this would be charged at a considerably lower rate, at this LTV. However commercial mortgage products are still working to understand serviced accommodation and currently require more operating evidence than say HMOs (Houses of Multiple Occupation).
The amount we are lending is gross and we are retaining 6 months-worth of interest from this amount and will be invoicing the borrower monthly to recover the other 50%. The Loan to Value of 75% includes the retained interest, which means the capital element of the loan actually released represents 69.16% LTV.
If you do have any questions regarding this project please don’t hesitate to get in touch.
Kind regards,
The CrowdProperty Team
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Post by Ace on Jun 21, 2019 12:36:57 GMT
Still some availability on this, and £1600 available on the Barlborough project right now.
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