PBL100 - Care Home, Staffordshire - Repaid
May 19, 2016 14:01:18 GMT
locutus and Financial Thing like this
Post by cooling_dude on May 19, 2016 14:01:18 GMT
REPAID (29/11/2016)
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
> The borrower is paying £850k for this property having secured it under option over 1 year ago and having spent a considerable sum in planning and consultancy. His intention is to gain full residential use and convert to apartments and with additional leisure facilities. The council are favourable.
> At the present time, the property does not benefit from any alternative planning permission and the valuation is based on the existing C2 Residential Institutions use. The valuation does not include any element of hope value for any potential planning gain.
> The property comprises of a Grade II Listed, former mansion house which was built during approximately 1910. The interior is generally tired and dated and complete internal refurbishment works are now required in order for the property to be suitable for occupation (which is reflected in the valuation). The exterior and main structure of the premises were generally in a satisfactory condition.
> The valuation report states that it thinks that the property could easily be converted into a single family residence and does not envisage any difficulties obtain planning consent for C3 residential use in view of the existing C2 residential institution use.
> PP submitted on 10 Jun 2016 to change from C2 residential institution to C3 for use as a dwelling PP accepted on 15 Aug 2016 to change from C2 residential institution to C3 for use as a dwelling
> Exit Strategy
Amend planning and sale
Credit to annrosehorse for her input
| Loan Amount | : | £653,780 |
| Security Value | : | £1,000,000 |
| SS Indicated LTV | : | 65% |
| 90 Day Market Valuation | : | £850,000 |
| LTV Based on 90 day Market Valuation | : | 77% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
> The borrower is paying £850k for this property having secured it under option over 1 year ago and having spent a considerable sum in planning and consultancy. His intention is to gain full residential use and convert to apartments and with additional leisure facilities. The council are favourable.
> At the present time, the property does not benefit from any alternative planning permission and the valuation is based on the existing C2 Residential Institutions use. The valuation does not include any element of hope value for any potential planning gain.
> The property comprises of a Grade II Listed, former mansion house which was built during approximately 1910. The interior is generally tired and dated and complete internal refurbishment works are now required in order for the property to be suitable for occupation (which is reflected in the valuation). The exterior and main structure of the premises were generally in a satisfactory condition.
> The valuation report states that it thinks that the property could easily be converted into a single family residence and does not envisage any difficulties obtain planning consent for C3 residential use in view of the existing C2 residential institution use.
> Exit Strategy
Amend planning and sale
| Code Number Assigned | : | 19/05/2016 |
| Loan went live @ | : | Due To Go Live 23/05/16 |
| Allocation | : | £350 |
| Amount of Investors @ Live | : | 2140 |
Credit to annrosehorse for her input
That said 7 & 4 bedroom house do a appear a little on the samll side in comparison even if they are worth more it seems!