scooter
Member of DD Central
Posts: 363
Likes: 349
|
Post by scooter on Mar 9, 2024 17:08:06 GMT
Before I throw my notes away I thought I would share what I know about this one.
I actually thought that "Extending Planning" was a positive thing to do when I read it in Kuflink Loan comments so I backed off on this one.....
However, I realised that the valuation of 10/02/22 was based on the land having planning permission. The valuation was set at £850k OMV.
The planning permission was granted a year before that on 12/02/21 with a condition that the work was to start within 3 years...... Kuflink spent a whole year messing about and being messed about and let the Planning permission expire!
The loan was for £526,828, the Property is up for auction guide price £500k with planning permission expired. So they never got it extended and payback will be tight I would think.
If there is not a loss on this one, it will be luck not judgement. What were they thinking....
|
|
|
Post by Ace on Mar 9, 2024 22:49:31 GMT
Weirdly, when selecting this loan from the Live tab on the Select/IFISA page it shows an associated loan of the same name for £421.05, which showed as only 5% funded when I first looked, but then showed as fully funded for £400 10 minds later!!! No idea what's going on there.
|
|
jnm21
Posts: 441
Likes: 166
|
Post by jnm21 on Mar 10, 2024 5:12:25 GMT
scooter proposed answer to your question... "not our money"?
|
|