derbyfella
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Post by derbyfella on Feb 12, 2016 22:33:39 GMT
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SteveT
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Post by SteveT on Feb 12, 2016 22:42:59 GMT
What sort of news do you mean? This is an existing live loan.
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Post by pepperpot on Feb 12, 2016 23:02:03 GMT
No news is good news.  Who was it that said... "If you want to sell, then I don't want to buy" - Marx? |
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david42
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Post by david42 on Feb 12, 2016 23:40:38 GMT
Are you worrying because I have offered some for sale? It is my way of diversifying. I bought a lot of this loan during the January drought and earlier this evening some other kind sole sold some other loans, giving me the opportunity to spread my money more uniformly.
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derbyfella
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Post by derbyfella on Feb 13, 2016 10:09:37 GMT
I pasted this into the original post
"An agreement has been reached to lease the Annex to a restaurant, with the lease due to be signed at the end of January"
which was what the question was about originally
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Post by bengilbert on Feb 13, 2016 18:12:42 GMT
I pasted this into the original post
"An agreement has been reached to lease the Annex to a restaurant, with the lease due to be signed at the end of January"
which was what the question was about originally Thanks for the question. The tenant due to sign the lease made some further requests on the fit-out, which the borrower is undertaking. They now expect the lease to be signed at the end of this month or first week in March. To be clear, the valuation on which we lent did not include the benefit of the lease. Once the lease is signed, the value will increase, but we lent on the basis of vacant possession, and the current valuation reflects only this.
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derbyfella
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Post by derbyfella on Feb 13, 2016 19:31:44 GMT
Thanks Ben :-)
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spiral
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Post by spiral on Feb 14, 2016 8:37:46 GMT
Once the lease is signed, the value will increase Ben Would it be your plan to advise of such changes through the course of he loan (not necessarily via this forum)? I know it doesn't affect the loan/borrower/yourselves directly but could make the loan more desirable to hold or even buy (some hope!) on the SM if the LTV changes.
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Post by bengilbert on Feb 14, 2016 20:16:34 GMT
Ben Would it be your plan to advise of such changes through the course of he loan (not necessarily via this forum)? I know it doesn't affect the loan/borrower/yourselves directly but could make the loan more desirable to hold or even buy (some hope!) on the SM if the LTV changes. We're working out at the moment how we're going to keep people informed of changes and progress on existing loans. This information is relevant to people who are thinking of buying or selling on the SM, and also I know as a lender how important it is to be kept abreast of what is going on. I have always found it frustrating to be left in the dark on what is happening, and very much appreciated short updates, even if there are no practical consequences. We just need to make sure that we do this in a consistent and manageable way. We're likely to have more development loans, with staged drawdowns over several months, a little later this year, and up-to-date information will be especially important in these deals. We're working on a format which will allow us to keep this information coming even as the number of live deals goes up. Until then, yes, if there are material changes on loans they will be communicated to investors.
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SteveT
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Post by SteveT on Feb 14, 2016 20:31:26 GMT
Although other aspects of Funding Secure's website are a bit clunky, they now do have a pretty good means of adding updates to loans. Each loan page has a log section listing any updates and the date each was added. There's then a "Last Updated" date column in the loans list so lenders don't have to click on every loan to look for updates. MoneyThing Ed, the other element it would be good to add is (perhaps optional) notification emails to the relevant lenders when an update is added to one of their loans. |
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derbyfella
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Post by derbyfella on Apr 1, 2016 21:34:04 GMT
any movement on this lease signing?or rather what's the latest?
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Post by bengilbert on Apr 3, 2016 8:35:27 GMT
The lease has been signed. Our solicitors were checking it on Friday and we're waiting for the all clear from them that it is in order before releasing the extra funds (£52,300) to the borrower.
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jonah
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Post by jonah on Apr 3, 2016 8:51:40 GMT
Around 3k on the SM currently. On your marks....
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