Doc
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Post by Doc on Feb 16, 2017 16:12:51 GMT
Generally speaking, new planning applications are only "registered" and uploaded to planning portals after an initial screening of the documents provided. Perhaps the lack of an arboricultural survey and report was identified at that stage and so the application was not registered. Thanks, that could explain why there is no mention of the planning application.
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Post by shyinvestor on Sept 15, 2017 15:42:48 GMT
Still no planning application that I can see. What is going on?
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Post by mrclondon on Sept 15, 2017 15:54:44 GMT
A very good question.
Borrower spread too thinly would be my guess. We are funding 3 4 care home / assisted living development sites (this plus Goffs Oak and Liverpool x 2) via SPV's with a common principal, there may well be other SPVs with other lenders.
I've not been following the Liverpool loans, but Goffs Oak is similiarly hard to figure out what is happening with respect to planning.
(And as an aside the name of the Goffs Oak SPV is utterly appalling in the context of an assisted living development. It really raises some serious questions in itself)
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mikes1531
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Post by mikes1531 on Sept 15, 2017 18:14:17 GMT
(And as an aside the name of the Goffs Oak SPV is utterly appalling in the context of an assisted living development. It really raises some serious questions in itself) mrclondon: How did you find the name of the Goffs Oak SPV? I couldn't find any mention of the borrower in the FS info, and when I tried looking for the planning application I found nothing with the postcode of the property described in the valuation. What am I doing wrong?
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fp
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Post by fp on Sept 15, 2017 18:17:17 GMT
If it's the one I think, something to do with a poorly rabbit?
*could be wrong, don't have access to any of notes at present*
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Post by mrclondon on Sept 15, 2017 18:39:13 GMT
(And as an aside the name of the Goffs Oak SPV is utterly appalling in the context of an assisted living development. It really raises some serious questions in itself) mrclondon : How did you find the name of the Goffs Oak SPV? I couldn't find any mention of the borrower in the FS info, and when I tried looking for the planning application I found nothing with the postcode of the property described in the valuation. What am I doing wrong? PM to follow in a few seconds. (And for everyone else the google syntax needed is in this recent post of mine)
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Post by mrclondon on Sept 16, 2017 12:01:32 GMT
I've made a correction to my post of yesterday, there are two Liverpool SPV's not one. Apologies, the loan names are very similar. This is the list of connected loans as far as I'm aware (E&OE - there may be others !! )
Property in Southampton - Renewal (1619466720) Matured 18th Aug, borrower being chased for update prior to renewal (no mention of interest) Property in Southampton - additional loan (2838494165) Maturity 24th Nov (effective 2nd charge) Property in Southampton - additional loan (2026337188) Maturity 30th Dec (effective 3rd charge)
Property in Southampton -Consolidation (7224997259) Maturity c. 22nd March
Commercial/Residential Property - Goffs Oak - Renewal (4331533622) Matured 14th Sept, no update as yet
Development Site, Liverpool - Renewal (6322680601) Matured 25th Aug, borrower being chased for interest D******* Road, Liverpool -Additional borrowing (1195575022) Maturity 27th Dec (effective 2nd charge)
Development Plot, Liverpool - Renewal (2355178947) Maturity 22nd Nov Development Plot, Liverpool - Additional borrowing (1611528052) Maturity 13th Jan (effective 2nd charge)
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mikes1531
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Post by mikes1531 on Sept 22, 2017 2:00:35 GMT
The current three loans totalling £1.26M are being renewed and increased to £1.4M -- effectively rolling up the accrued interest/fees -- so the LTV is increasing from 63% to 70%. (Actually it's worse than that because the current three loans are ranked. The first-ranking loan has a 37.5% LTV, and the second is currently at 60% LTV.) So FS's investors are being asked to put money toward a renewal loan of a higher LTV with no increase in interest rate. (Actually, the interest rate is lower than that currently on the second- and third-ranking loans.)
I could well be wrong if a lot of investors in the current loans are willing to roll their money forward into the new loans, and/or if there are a number of BHs ready to invest in this, but IMHO this renewal is going to take a while to fund fully. ISTM that the underwriting for this could be quite costly for FS.
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ben
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Post by ben on Sept 22, 2017 2:34:47 GMT
The borrower is not the best borrower on a good day, so with an increase in rate I doubt many people will be investing in this again, and not much has happened really since this loan originally launched.
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Post by diamon89 on Sept 22, 2017 7:35:16 GMT
FWIW, I paid £6 to get the price paid data from Land Reg.
One house: £580k Other house: £580k Total: £1.16m
(The two houses together form the asset)
Buyer could reasonably have negotiated below-market deal on basis that they would redevelop and lease back, but these prices do make the £2m open market value seem quite optimistic.
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r00lish67
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Post by r00lish67 on Sept 22, 2017 8:05:13 GMT
Thanks for sharing diamon89 , you'll only win friends with sharing that sort of information. Anyone else have the feeling that FS are 'loosening the reins' somewhat? Taunton raised LTV but lowered rate, the London based property today also raised the LTV, and then this one. Plus the inspiring collection of trinkets still currently available.
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bfish
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Post by bfish on Sept 22, 2017 8:48:42 GMT
I've made a correction to my post of yesterday, there are two Liverpool SPV's not one. Apologies, the loan names are very similar. This is the list of connected loans as far as I'm aware (E&OE - there may be others !! ) Property in Southampton - Renewal (1619466720) Matured 18th Aug, borrower being chased for update prior to renewal (no mention of interest) Property in Southampton - additional loan (2838494165) Maturity 24th Nov (effective 2nd charge) Property in Southampton - additional loan (2026337188) Maturity 30th Dec (effective 3rd charge)Property in Southampton -Consolidation (7224997259) Maturity c. 22nd March Commercial/Residential Property - Goffs Oak - Renewal (4331533622) Matured 14th Sept, no update as yet Development Site, Liverpool - Renewal (6322680601) Matured 25th Aug, borrower being chased for interest D******* Road, Liverpool -Additional borrowing (1195575022) Maturity 27th Dec (effective 2nd charge) Development Plot, Liverpool - Renewal (2355178947) Maturity 22nd Nov Development Plot, Liverpool - Additional borrowing (1611528052) Maturity 13th Jan (effective 2nd charge) Thank you, mrclondon for all this... Does anyone know if ANY of the properties are actually being worked on or developed currently ? They add up to £2.27m - going up another £140k very shortly with the Southampton consolidation . . . ! Is it possible this extra is just to service the interest charges ??
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bfish
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Post by bfish on Sept 22, 2017 9:00:32 GMT
FWIW, I paid £6 to get the price paid data from Land Reg. 3* B******: £580k 4* B******: £580k Total: £1.16m Buyer could reasonably have negotiated below-market deal on basis that they would redevelop and lease back, but these prices do make the £2m open market value seem quite optimistic. This is strange, diamon89, as the reputable charity that sold this property only received ' net proceeds of £559,418 August 2016' - as quoted in their 2016 accounts to the Charities Commission. Apparently... 'Similarly, contracts have been exchanged for the sale of the remainder of A******* L**** at an agreed price of £700,000. Unconditional sale is dependent on the receipt of the necessary planning permissions by the purchaser, which the trustees fully expect to be obtained, with funds anticipated before the end of March 2017. Both properties have been bought by the same developer who intends building specialist accommodation that will offer supported living placements for people with autism and an opportunity for significant new income streams. ' Afraid I don't know if that sale completed, and it doesn't appear to be on the books with FS - but perhaps that is where a lot of our money has gone ??
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bfish
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Post by bfish on Sept 22, 2017 9:11:02 GMT
Further to my last, it seems the Nat West charge on 39/41 was 'satisfied 23 August 2016' - but they still have an outstanding mortgage on A******* L***** so presumably the sale has not gone through...!
What, one wonders, IS REALLY GOING ON !?
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Post by diamon89 on Sept 22, 2017 10:06:08 GMT
The charity presumably had a mortgage on the property which was paid off when sold, hence net proceeds lower than full purchase price.
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