SteveT
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Post by SteveT on Feb 26, 2016 15:17:11 GMT
... Now has a pebble number
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ped
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Post by ped on Feb 26, 2016 15:28:42 GMT
This one is a big one....4.65Mil
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Monetus
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Post by Monetus on Feb 26, 2016 15:28:45 GMT
... Now has a pebble number Email says set to go live tomorrow (Saturday)
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SteveT
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Post by SteveT on Feb 26, 2016 15:29:38 GMT
Expect to see the SM come alive then
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registerme
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Post by registerme on Feb 26, 2016 15:29:52 GMT
Do we know what the funds are for yet?
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SteveT
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Post by SteveT on Feb 26, 2016 15:35:14 GMT
Do we know what the funds are for yet? Purchase, followed by refinance
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Post by zzr600 on Feb 26, 2016 15:39:12 GMT
Page 20 of valuation
"The market for this type of property remains difficult and it must be appreciated that with a limited number of potential purchasers, properties such as thus can take a significant time to sell and that, in the event of a sale, a marketing period in excess of 12 months may be necessary to achieve the figures now given"
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Post by highlandtiger on Feb 27, 2016 9:10:20 GMT
Page 20 of valuation "The market for this type of property remains difficult and it must be appreciated that with a limited number of potential purchasers, properties such as thus can take a significant time to sell and that, in the event of a sale, a marketing period in excess of 12 months may be necessary to achieve the figures now given"I very much doubt that 12 months would be needed to sell this property. I personally know of this estate having lived nearby for over 20 of the last 30 years, and still pass it 4 or 5 times a year when visiting relatives nearby. I have even been on the estate a few times over these years. In fact I will be passing it next Monday. The local area is on the up, with serious money being pumped into the local economy from the US, Germany and Japan, thanks to the building of a world class golf course Machrihanish Dunes. Two local hotels have been renovated to a 5 star standard, (unheard of in this area of Scotland), and are fully booked for months in advance. In fact even the other hotels and B&b's in this very remote area, rarely have rooms available as they are often booked up well in advance as well. The holiday cottages on this estate are very classy and are a serious money maker. The local authorities are very much Wind Turbine friendly, with a wind turbine factory situated a few miles away at Machrihanish Airfield. There are already around 100 turbines up and running in the peninsula. So land in Kintyre is at a premium. Machrihanish Airport has the second longest runway in Europe, and is on the very short list as a base for a new spaceport when space tourism actually kicks off in a few years time. (The base has been used in the past for testing of US and Uk spy planes and drones, and the stories I can tell you of spy planes that were once denied by governments, which we saw on a regular basis years before they were admitted to exist, are for another time.) If they get chosen as the base, expect house prices and land prices to rocket (excuse the pun). I will probably be retiring myself to the area in about 10 years time, ( I currently own a small property in the nearby town a few miles away)
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locutus
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Post by locutus on Feb 27, 2016 9:39:31 GMT
Thanks highlandtiger. Local knowledge like that is always very useful when making a decision to invest. |
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Post by chielamangus on Feb 27, 2016 11:37:50 GMT
Do we know what the funds are for yet? Purchase, followed by refinance Perhaps someone could enlighten me why someone would want to buy a £6million estate with an expensive bridging loan? Buyers for such properties are not normally queuing up as soon they come on the market, and the valuer points out it could take at least 12 months to sell. Why not get the long term finance immediately?
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SteveT
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Post by SteveT on Feb 27, 2016 11:41:26 GMT
Purchase, followed by refinance Perhaps someone could enlighten me why someone would want to buy a £6million estate with an expensive bridging loan? Buyers for such properties are not normally queuing up as soon they come on the market, and the valuer points out it could take at least 12 months to sell. Why not get the long term finance immediately? Possible reasons: a) The buyer is looking to sell something else first (the traditional reason for raising a bridging loan) b) Long-term finance can take a long time to arrange, especially on non-standard assets, and maybe the price hinges on completion by an agreed date, or else he wants to avoid losing the deal.
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Post by goldservice on Feb 27, 2016 16:10:01 GMT
Thanks, highlander. Of course all those germane facts were in the VR ...  |
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Post by chielamangus on Feb 28, 2016 12:28:16 GMT
Perhaps someone could enlighten me why someone would want to buy a £6million estate with an expensive bridging loan? Buyers for such properties are not normally queuing up as soon they come on the market, and the valuer points out it could take at least 12 months to sell. Why not get the long term finance immediately? Possible reasons: a) The buyer is looking to sell something else first (the traditional reason for raising a bridging loan) b) Long-term finance can take a long time to arrange, especially on non-standard assets, and maybe the price hinges on completion by an agreed date, or else he wants to avoid losing the deal. None of your reasons sound very plausible to me, except possibly the second part of (b). The only good reason I can think of is that the buyer is getting the property at a substantial discount on the valuation and wants to grab it while the opportunity is there. This, of course, means that the real value of the property (the value as tested by the market) is lower than the given valuation, and the LTV is much higher than 70 per cent. But we don't know, and SS will not tell us. Why will SS not tell us? Simply because they have no need to. They have investors falling over themselves to lend money. Only when that pipeline changes from a flood to a flow to a drip will SS be forced to provide a more reasonable level of information. An interesting comparison is between this SS loan for £4.65m and the AC Scottish loan for £5.97m - the similarities are very close in terms of the type of security offered, the value of the estate and the interest rate. The SS loan fills immediately, while the AC loan still has over £0.5m available AND there must be a sizeable amount of underwriting funds which are still to drip onto the market. SS tells us virtually nothing about the borrower or how the loan is to be repaid, while AC is upfront on both matters. I know which approach I prefer, yet the market, the crowd, has voted for the SS approach. I am out of step, I know it, but "Love many, trust few; Always paddle your own canoe"
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Post by dodgeydave on Feb 29, 2016 4:57:45 GMT
Over 100k up for sale.
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