Post by cooling_dude on May 19, 2016 13:59:12 GMT
Repaid Loan
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks (currently updating...)
> The borrower is an experienced developer who is looking to acquire a piece of land with planning with the intention of seeking development finance.
> A vacant regular serviced parcel of industrial/ commercial development land with an area of 0.83 acres or thereabouts. The site has planning consent for the erection of two buildings for the hire of plant machinery, storage hire, mechanical and body repairs and associated offices/sales.
>I've tried searching for the applicant on the valuation report (who I think is the seller, not the borrower) on google and companies house. NOTHING 
. It is a strange name, maybe it has been written down wrong by the valuation company? Turns out the surveyors spelt the name wrong 
. Doesn't exactly fill you with confidence in their ability to carry out these valuation reports!
> The site is cleared and ready for development with infrastructure in place. In addition, the valuation report understands that a Land Remediation Strategy has been completed.
> The applicant has obtained planning consent for a bespoke building on the site to service the needs of his business. The valuation report notes that the site previously accommodated a large factory and a commercial coal yard and has remained vacant since 2005.
> The council seem to be really keen to get the area redeveloped. There have been 5 planning applications (including the current PP) since 2007, all accepted. I wonder why, considering PP has been provided on all of these occations, no development ever took place.
> Exit Strategy
Refinance or Development loan
| Loan Amount | : | £301,000 |
| Security Value | : | £430,000 |
| SS Indicated LTV | : | 70% |
| 90 Day Market Valuation | : | £365,000 |
| LTV Based on 90 day Market Valuation | : | 82.5% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks (currently updating...)
> The borrower is an experienced developer who is looking to acquire a piece of land with planning with the intention of seeking development finance.
> A vacant regular serviced parcel of industrial/ commercial development land with an area of 0.83 acres or thereabouts. The site has planning consent for the erection of two buildings for the hire of plant machinery, storage hire, mechanical and body repairs and associated offices/sales.
>
. Doesn't exactly fill you with confidence in their ability to carry out these valuation reports!> The site is cleared and ready for development with infrastructure in place. In addition, the valuation report understands that a Land Remediation Strategy has been completed.
> The applicant has obtained planning consent for a bespoke building on the site to service the needs of his business. The valuation report notes that the site previously accommodated a large factory and a commercial coal yard and has remained vacant since 2005.
> The council seem to be really keen to get the area redeveloped. There have been 5 planning applications (including the current PP) since 2007, all accepted. I wonder why, considering PP has been provided on all of these occations, no development ever took place.
> Exit Strategy
Refinance or Development loan
| Code Number Assigned | : | 19/05/2016 |
| Loan went live @ | : | 23/05/2016 |
| Allocation | : | £230 |
| Amount of Investors @ Live | : | 1421 |
)
