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Post by fundingsecure on May 18, 2016 15:31:15 GMT
The Newcastle Development Loan is now offering 1% CASHBACK to all investors.
Base rate: 13%pa
BONUSES
Bonuses on offer:
For £25,000 or more +1%pa = 14% pa
For £50,000 or more +2%pa = 15% pa
For £100,000 or more +4%pa = 17% pa
More information is available on the loan details
FundingSecure
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SteveT
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Post by SteveT on May 18, 2016 15:39:29 GMT
And, equally importantly, interest is now accruing from today (18th May)
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Post by fundingsecure on Jun 6, 2016 10:12:58 GMT
Monico Bar:
As all legals are now complete - the loan will pay interest from today, 6th June.
As an added incentive the loan will also pay 1% CASHBACK when activated - which will be as soon as it is fully funded.
LOAN DETAILS:
Secured by a first legal charge against property in Londonderry
Loan Amount: £350,000
Base Interest: 14% pa
Bonus of 1%pa for bids of £10,000 and above
LTV: 53%
More details available on the website
FundingSecure
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jimbob
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Post by jimbob on Jun 6, 2016 10:25:02 GMT
Go on then I'll have a very small bite at ~16.8% IRR  |
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Post by fundingsecure on Sept 22, 2016 21:25:54 GMT
The Loan secured against a development in the Wirral is now offering 1% CASHBACK to all investors. Base rate: 13%pa Bonuses also on offer for larger investments More information FundingSecure |
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SteveT
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Post by SteveT on Sept 23, 2016 7:24:10 GMT
The Loan secured against a development in the Wirral is now offering 1% CASHBACK to all investors. Base rate: 13%pa Bonuses also on offer for larger investments More information FundingSecure , your thumbnail description says "The property has a favourable Pre-Planning Application" which sounds as though formal consent has yet to be granted. However the RICS Valuation includes the sentence "The site has outline Planning Permission for redevelopment to provide ..... 200 flats" but no planning application reference is shown. I've attempted to find the outline planning consent using the postcode but without success. Can you confirm whether the site does already have the benefit of outline Planning Permission (and if so, ideally add the planning reference number to the loan page) or whether it's still at the pre-planning discussions stage? Many thanks
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Post by Deleted on Sept 23, 2016 14:41:50 GMT
The Loan secured against a development in the Wirral is now offering 1% CASHBACK to all investors. Base rate: 13%pa Bonuses also on offer for larger investments More information FundingSecure , your thumbnail description says "The property has a favourable Pre-Planning Application" which sounds as though formal consent has yet to be granted. However the RICS Valuation includes the sentence "The site has outline Planning Permission for redevelopment to provide ..... 200 flats" but no planning application reference is shown. I've attempted to find the outline planning consent using the postcode but without success. Can you confirm whether the site does already have the benefit of outline Planning Permission (and if so, ideally add the planning reference number to the loan page) or whether it's still at the pre-planning discussions stage? Many thanks The RICS evaluation states without any doubt the existence of this OPP. I would be extremly surprised if this was not confirmed. If it did not exist, the entire evaluation would be a gross misrepresentation of facts and also would constitute a prime cause for indemnity requests towards the RICS if this fundamental information (on which his entire valuation is based) turned out to be false.
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SteveT
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Post by SteveT on Sept 23, 2016 14:57:34 GMT
The RICS evaluation states without any doubt the existence of this OPP. I would be extremly surprised if this was not confirmed. If it did not exist, the entire evaluation would be a gross misrepresentation of facts and also would constitute a prime cause for indemnity requests towards the RICS if this fundamental information (on which his entire valuation is based) turned out to be false. I don't disagree with you, but I could find no evidence of it via the Wirral Council planning portal (searching by street name and/or postcode). I guess OPP could have been granted under a larger application for the waterfront regeneration scheme but it's curious that the valuer doesn't quote a planning reference number (as most such valuations do) and also that FS have used rather different wording in their loan summary. A couple of recent distressed loans on FS have made me more careful to establish exactly what I'm lending against.
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SteveT
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Post by SteveT on Sept 23, 2016 15:31:51 GMT
On further reading, the VR contradicts itself. Section 4 states that "The site has outline Planning Permission for redevelopment to provide [...] 200 flats" but then Section 10 - General Comments says "Our valuation is based on the assumption that planning will be granted for the proposed development of 120 {sic} units" and makes clear that the Valuer has not seen any evidence of planning consents.
In the absence of confirmation to the contrary, I have to assume that the valuation figure is based on the hope / expectation of obtaining PP, not on existing OPP already obtained. I asked the same questions via Live Chat just now and the only planning reference they had to hand related to consent for a replacement warehouse on the site (which I'd already found), not a residential scheme. My question has therefore been forwarded to the "person in charge of that loan".
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Post by Deleted on Sept 23, 2016 15:41:27 GMT
On further reading, the VR contradicts itself. Section 4 states that "The site has outline Planning Permission for redevelopment to provide [...] 200 flats" but then Section 10 - General Comments says "Our valuation is based on the assumption that planning will be granted for the proposed development of 120 {sic} units" and makes clear that the Valuer has not seen any evidence of planning consents. ". To be honest the two sentences you quoted do not contradict themselves. In fact the first sentence says (without any doubt) that "the outline planning permission has been granted". The second sates that his calculations are based on the assumption that the (full) planning permission is granted. Note that the outline planning permission is an initial permission that may be subject to conditions, so the valuer is smply saying that he is assuming there will be no problems in passing from the outline to the full planning permission (which is generally true). So we go back to the original question: has the outline planning permission been granted and why does it not appear on the appropriate web site?
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SteveT
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Post by SteveT on Sept 23, 2016 18:01:29 GMT
NH himself has now come back to me to confirm that the valuation is based on the assumption that planning permission will be granted. Formal plans have yet to be submitted (although they have received positive pre-planning discussions feedback) which explains the lack of any application documentation on the local planning portal. NH is now contacting the valuer concerned to query the erroneous statement in Section 4.
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mikes1531
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Post by mikes1531 on Sept 23, 2016 20:59:11 GMT
NH is now contacting the valuer concerned to query the erroneous statement in Section 4. I sure hope he doesn't respond with "That's what the borrower told me." Because that might give his insurers the chance to deny liability because the VR was based on facts the valuer has 'to the best of his knowledge'. It's never been clear to me how much DD a valuer is expected to do, as opposed to assuming all the info he's been given is correct. For instance, VR's might say a property is believed to be freehold, and is valued on that basis, but I don't know whether the valuer is supposed to confirm that through the Land Registry (or wherever).
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Monetus
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Post by Monetus on Sept 26, 2016 10:02:54 GMT
Any update on this fundingsecure? I am considering investing further into this but really need some clarification on this point relating to planning permission in the valuation. |
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Monetus
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Post by Monetus on Sept 27, 2016 17:48:47 GMT
Didn't hear back from fundingsecure on this one.... Could we please get an update on this valuation situation? |
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