jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Nov 17, 2015 17:40:44 GMT
I am on the electoral roll, but not the one available for commercial purposes. Does that affect anything ?
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Post by emoney on Nov 17, 2015 17:45:33 GMT
Sorry jimbob, are you talking about becoming a lender and needing to be on the voters roll?
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Nov 17, 2015 17:48:18 GMT
Sorry jimbob, are you talking about becoming a lender and needing to be on the voters roll? Your lender check
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Post by emoney on Nov 17, 2015 17:48:11 GMT
£20K from a new lender just bid, many thanks.
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Post by emoney on Nov 17, 2015 18:03:31 GMT
Sorry jimbob, are you talking about becoming a lender and needing to be on the voters roll? Your lender check We carry out equifax AML and KYC checks on all lenders, if you do not appear on the voters roll, we accept proof of residency via utility bill and passports etc. As an additional support we may also ask for you to verify your bank details with Equifax and MiiCard.
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huxs
Member of DD Central
Posts: 300
Likes: 218
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Post by huxs on Nov 17, 2015 23:21:11 GMT
Sorry for the delay in replying, I have been in London yesterday and today and I'm keen to have this loan funded under a 36H debt crowdfunded loan agreement and not for us to broker it with an institution as a whole loan. I will answer your questions one by one if I may, and many thanks for the thread you have created, it's great to have such open feedback. The £420,000 valuation is an open market value today, with no retentions. The property is in an area of high demand, with the property needing cosmetic refurbishment and this window for completion is only 28 days, the chartered surveyors valuation was in it's current condition for sale in the open market. The estate agents have stated that this will be snapped up if it does go to auction. We are aware of developers who will purchase immediately, so this is unlikely. I saw a great term today from a bridging loan company "tart and turn" which probably describes this loan opportunity down to the ground. You only have to research 4 bed detached properties on rightmove in Wilmslow Cheshire and they don't hang around for long. The borrowers are putting down £100,000 cash to purchase the property, evidenced by way of current bank statements, it is not either borrowers main residence, it's a commercial transaction albeit via a partnership as opposed to a company. The borrowers have completed other developments of a similiar nature, but again in a personal capacity as opposed to business. Private development is probably more of a correct description. The borrowers combined PAYE salaries are substantial, and they can service the loan interest payments out of personal incomes. I hope this answers your questions? Thanks for your reply, not that it will put much of a dent in the total, but I will be upping my investment in this loan tomorrow as I think I have been convinced enough that this sort of loan is a sensible investment and one that I would like to see more of in the future.
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Post by emoney on Nov 18, 2015 12:07:37 GMT
That's great news, thank you every £ is important and welcomed.
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Post by emoney on Nov 19, 2015 8:51:37 GMT
BIG Thank you to a new lender who has just Bid £20K on this loan, this bridging closes later today or earlier if bid to 100%. Welcome aboard.
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Post by emoney on Nov 19, 2015 11:49:06 GMT
We have just received another £20K commitment, not processed as a BID yet as we are going through enhanced compliance KYC and AML checks as the new lender account is being opened as a Limited Company. We carry out AML and KYC checks on all directors and or beneficial owners with shareholdings in companies over 10%.
A questions has just been raised on the phone from an interested new lender. "The loans is for a period of up to 12 Months, how long have the borrowers said the money is likely to be only needed for?" The lenders have said 4 - 6 months as the works are only cosmetic that are to be carried out, they quite rightly said that it's in their interest to get turned around ASAP as each month is costing them £3K in interest. Wilmslow in Cheshire is very popular and the estate agents have said this type of 4 bed family property is in high demand.
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Nov 19, 2015 12:43:01 GMT
Looks good, added my tuppence ha'penny (£100) to the loan ^_~
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Post by emoney on Nov 19, 2015 15:19:03 GMT
Thanks so much JimBob, we're now at 85% with more confirmed on it's way..
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Post by emoney on Nov 19, 2015 15:54:01 GMT
We have just accepted a £30K bid and a £5K bid to take us to 97% funded and a commitment to close if needed. We would love some more new lenders within the next hour if possible.
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Post by emoney on Nov 19, 2015 17:10:29 GMT
100% Funded. From £10 BID's to Many £1,000's - every £ important to us. eMoney crowd, we salute you.
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ben
Posts: 2,020
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Post by ben on Nov 20, 2015 22:27:06 GMT
Not too sure I like the fact that you get no information on the loan other then a risk grade but that being said I still dipped a few pennies in to the pot and another loan so will look and see how it goes
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Monetus
Member of DD Central
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Post by Monetus on Nov 23, 2015 21:22:11 GMT
Glad to see that this got over the line!
Any ideas on when this will be drawing down?
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