jonbvn
Member of DD Central
Posts: 326 
Likes: 95
|
Post by jonbvn on Nov 11, 2015 22:48:53 GMT
There has been a deed of variation on the planning application for this project. In summary, the developer will not pay the council any money for local neighbourhood improvements (bus stops, CCTV etc.) until practical completion of the 1st block of accommodation.
Not sure what to read into this. Is the developer prevaricating???
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Nov 12, 2015 7:27:55 GMT
There has been a deed of variation on the planning application for this project. In summary, the developer will not pay the council any money for local neighbourhood improvements (bus stops, CCTV etc.) until practical completion of the 1st block of accommodation. Not sure what to read into this. Is the developer prevaricating??? Read: "you have already invested your money, don't worry about things you can do nothing about!" lol
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Nov 12, 2015 8:11:27 GMT
My take-out would be that the developer's Planning Consultant seems to be on the ball and protecting his interests.
|
|
jonbvn
Member of DD Central
Posts: 326
Likes: 95
|
Post by jonbvn on Nov 12, 2015 10:09:13 GMT
There has been a deed of variation on the planning application for this project. In summary, the developer will not pay the council any money for local neighbourhood improvements (bus stops, CCTV etc.) until practical completion of the 1st block of accommodation. Not sure what to read into this. Is the developer prevaricating??? Read: "you have already invested your money, don't worry about things you can do nothing about!" lol I can do something about it once the SM becomes available 
|
|
johnfleet
Member of DD Central
Posts: 170
Likes: 85
|
Post by johnfleet on Nov 12, 2015 10:56:52 GMT
I would see this as potentially beneficial from our (investors) pov in that it reduces pressure on the developer's cash flow - potentially delaying cash outflows until after some income from the development is generated?
John
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Nov 12, 2015 16:43:11 GMT
Read: "you have already invested your money, don't worry about things you can do nothing about!" lol I can do something about it once the SM becomes available My point being, chill! Minor updates happen all the time, unless its conclusively major, sit back and relax! Otherwise you'll look like 60 by the time your 45 (if your not 45 already)
|
|
|
|
Post by MoneyThing on Jan 24, 2016 12:37:26 GMT
Afternoon,
Thought I would give a little advance notice prior to sending out the loan notification early next week (which in itself will give 48hrs notice before launch).
We will be advancing a further £500,000 against the Cardiff project (MT277), under a 3rd charge. The loan term will tie in with the existing 2nd charge loan end date of October 2017.
This new loan will bring the LTV to 60.3%. In recognition of participating investors in this new loan coming in at a higher LTV and coming behind the 2nd charge investors in terms of priority, this loan will be offered at 13% to all investors.
Whilst there is debate around reducing the 1% initial bid limit due to recent loans lasting significantly less than the 24hrs, I think because of the size and characteristics of this loan, retaining the 1% will still allow for >24hr availability.
More details to follow once it has been formally announced and presented on the platform, however just wanted to give a little more advanced notice here.
Kind regards,
Ed
|
|
registerme
Member of DD Central
Posts: 6,203
Likes: 6,011
|
Post by registerme on Jan 25, 2016 15:20:22 GMT
Afternoon, Thought I would give a little advance notice prior to sending out the loan notification early next week (which in itself will give 48hrs notice before launch). We will be advancing a further £500,000 against the Cardiff project (MT277), under a 3rd charge. The loan term will tie in with the existing 2nd charge loan end date of October 2017. This new loan will bring the LTV to 60.3%. In recognition of participating investors in this new loan coming in at a higher LTV and coming behind the 2nd charge investors in terms of priority, this loan will be offered at 13% to all investors. Whilst there is debate around reducing the 1% initial bid limit due to recent loans lasting significantly less than the 24hrs, I think because of the size and characteristics of this loan, retaining the 1% will still allow for >24hr availability. More details to follow once it has been formally announced and presented on the platform, however just wanted to give a little more advanced notice here. Kind regards, Ed Hi Ed, Can you walk through for us what happens to the LTV on the existing loan? Thanks, RM
|
|
|
|
Post by MoneyThing on Jan 25, 2016 15:41:39 GMT
Afternoon, Thought I would give a little advance notice prior to sending out the loan notification early next week (which in itself will give 48hrs notice before launch). We will be advancing a further £500,000 against the Cardiff project (MT277), under a 3rd charge. The loan term will tie in with the existing 2nd charge loan end date of October 2017. This new loan will bring the LTV to 60.3%. In recognition of participating investors in this new loan coming in at a higher LTV and coming behind the 2nd charge investors in terms of priority, this loan will be offered at 13% to all investors. Whilst there is debate around reducing the 1% initial bid limit due to recent loans lasting significantly less than the 24hrs, I think because of the size and characteristics of this loan, retaining the 1% will still allow for >24hr availability. More details to follow once it has been formally announced and presented on the platform, however just wanted to give a little more advanced notice here. Kind regards, Ed Hi Ed, Can you walk through for us what happens to the LTV on the existing loan? Thanks, RM Certainly. For those already invested in MT277 (£521,813), under a 2nd charge at 48.29% LTV, they will remain unaffected by the new proposed 3rd charge loan, i.e. their LTV remains the same. For those who invest in the new loan this week, the additional 3rd charge facility of £500,000 will bring the current LTV for those investors only at 60.3% LTV. In summary:Current Land Value (with planning) = £4,150,000 1st Charge Holder (OTHER) = £1,482,000 2nd Charge Holder (MT277 - MoneyThing) = £521,813 (£1,482,000 + £521,813) / £4,150,000 = 48.29% LTV) 3rd Charge Holder (MTXXX - MoneyThing) = £500,000 (£1,482,000 + £521,813 + £500,000) / £4,150,000 = 60.33% LTV) Kind regards, Ed
|
|
registerme
Member of DD Central
Posts: 6,203
Likes: 6,011
|
Post by registerme on Jan 25, 2016 15:43:30 GMT
Thanks Ed.
|
|
gt94sss2
Member of DD Central
Posts: 281
Likes: 137
|
Post by gt94sss2 on Jan 26, 2016 11:44:19 GMT
We will be advancing a further £500,000 against the Cardiff project (MT277), under a 3rd charge. The loan term will tie in with the existing 2nd charge loan end date of October 2017. Ed, do you know if this is still happening? I thought I saw it listed under Pending Loans the other day but its not there now. Of course, I could easily have been imagining things  cheers
|
|
|
|
Post by MoneyThing on Jan 26, 2016 11:56:11 GMT
We will be advancing a further £500,000 against the Cardiff project (MT277), under a 3rd charge. The loan term will tie in with the existing 2nd charge loan end date of October 2017. Ed, do you know if this is still happening? I thought I saw it listed under Pending Loans the other day but its not there now. Of course, I could easily have been imagining things cheers Morning, Whilst this loan has been drafted ready to upload to pending, I am fairly sure that it has not been shown yet to lenders. The loan is still happening this week, just waiting on the last couple of items from the solicitors and hopefully conclude today. As such, to give plenty of notice to investors this will be going live now on Thursday at the earliest. Will keep everyone posted. Kind regards, Ed
|
|
gt94sss2
Member of DD Central
Posts: 281
Likes: 137
|
Post by gt94sss2 on Jan 26, 2016 12:00:18 GMT
Thanks - obviously I need to visit the opticians |
|
jonbvn
Member of DD Central
Posts: 326
Likes: 95
|
Post by jonbvn on Jan 27, 2016 11:38:20 GMT
Just for clarification. This project has outline planning permission.
Detailed planning permission was submitted in Dec 2015 and is subject to approval of "reserved matters" by the city planning committee.
|
|
nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Jan 27, 2016 12:29:00 GMT
Hi MoneyThing / Ed
This will be my first investment on your platform and I had a couple of questions on this particular loan and on more general stuff I would be grateful if you answer:
1. When do you expect the loan will drawn down once the loan has been filled, ie roughly how long before interest will start accruing;
2. Can I make multiple bids that total up to the 1% bid limit that is in place for the first 24 hours, or are we limited to a single bid?
3. Can loan parts that have been purchased, be subsequently sub-divided for sale in the secondary market (like SS), or do the loan parts remain whole and separately identifiable. I had intended to accelerate my deployment of funds on the platform by initially over buying PM loans, and subsequently diversifying by selling down and investing in new loans as they come to market. Obviously SM liquidity is critical to such a plan and I envisage size of loan part will impact liquidity if you are stuck will the original loan size bid, hence questions 2 & 3.
I apologise for partially high-jacking this thread and raising questions that have probably been asked and answered elsewhere, but I'm very time poor at the moment!
Thanks
Nick
|
|
