SteveT
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Post by SteveT on Sept 9, 2016 18:11:52 GMT
MoneyThing Ed, just checking but I assume from the "MTAH" designation that there is a connection with the Bolton development and the Merseyside self-storage loan. Can you clarify who exactly is the Borrower (eg. a new SPV / an existing company / an individual)? Thanks.
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SteveT
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Post by SteveT on Sept 9, 2016 18:26:00 GMT
Well done our North West correspondent! The neighbouring blocks look smart, occupied and well tended in the photos. Hope that's still the case.
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ali
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Post by ali on Sept 9, 2016 18:27:45 GMT
Well done our North West correspondent! The neighbouring blocks look smart, occupied and well tended in the photos. Hope that's still the case. That's not North West! He's a long way South East of me
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Post by bracknellboy on Sept 9, 2016 18:37:52 GMT
In principle OK but I don't have an account with Barclays so I don't know if a BACS would work on a Sunday. I could send from First Direct, Santander, Natwest, Nationwide or TSB (OK I admit it, I am a rate tart.) littleoldlady: since when did FirstDirect ever feature in a rate tart's hit list
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Post by bracknellboy on Sept 9, 2016 18:40:30 GMT
I do think this thread has a got a little tasteless, what with you all discussing when, how many, and how frequently you make your 'deposits'.
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Post by MoneyThing on Sept 9, 2016 18:56:15 GMT
MoneyThing Ed, just checking but I assume from the "MTAH" designation that there is a connection with the Bolton development and the Merseyside self-storage loan. Can you clarify who exactly is the Borrower (eg. a new SPV / an existing company / an individual)? Thanks. Evening. Yep - whilst different Ltd. company borrower entities, each of the MTAH projects share the same ultimate individual controlling borrower. I have just updated the particulars to confirm this. Regards, Ed.
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Post by bracknellboy on Sept 9, 2016 18:56:51 GMT
MoneyThing: Ed, apologies if this was answered elsewhere, but I don't see it covered on the loan details. You state that further loans (up to additional £1m) may be extended by MT. Are those loans going to rank equally with this or behind ? As it currently stands, this loan has a 60% ltv against the site with planning permission. Once development starts, if further loans are offered but rank equally such as to keep the ltv against QS reports at/below 60%, the reality is that the %age security on this loan could well be diminished compared to the starting position (as in a partly completed development by a bust developer may well have a significantly lower value than land + value of completed works, even to the point of being less than 'land').
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Post by MoneyThing on Sept 9, 2016 18:58:09 GMT
Just reading the details of this loan. Given that development was started by a 3rd party who is now in administration, does the borrower have confirmation that they will be able to offer an NHBC (or similar) waranty? I'd assume that the saleability of the properties would be impacted if not. Thanks, Evening, I can confirm that NHBC will continue to be in place with regards to the building regs and thus warrantees. Regards, Ed
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spyrogyra
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Post by spyrogyra on Sept 9, 2016 19:15:42 GMT
Ed, are you confident that the borrower is capable of managing a few big projects at one and the same time, having in mind that high % of interest is due?
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Post by MoneyThing on Sept 9, 2016 19:27:53 GMT
Ed, are you confident that the borrower is capable of managing a few big projects at one and the same time, having in mind that high % of interest is due? Evening. I am confident that they have the experience, support/network and the finances to manage these concurrent projects to successful conclusion. Kind regards, Ed.
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Post by MoneyThing on Sept 9, 2016 19:35:46 GMT
MoneyThing : Ed, apologies if this was answered elsewhere, but I don't see it covered on the loan details. You state that further loans (up to additional £1m) may be extended by MT. Are those loans going to rank equally with this or behind ? As it currently stands, this loan has a 60% ltv against the site with planning permission. Once development starts, if further loans are offered but rank equally such as to keep the ltv against QS reports at/below 60%, the reality is that the %age security on this loan could well be diminished compared to the starting position (as in a partly completed development by a bust developer may well have a significantly lower value than land + value of completed works, even to the point of being less than 'land'). Evening bracknellboy, Not answered as yet. Like the Bolton development, each of the loan advances will rank equally (I have just updated the particulars to clarify this point). I appreciate your point, however the build is relatively short and being undertaken by a competent contractor with whom the borrower has used previously. It is also worth noting that because the existing site has already got the foundations & drainage works in place, much of the early stage dip in the LTV curve on this type of development project has already passed. Kind regards, Ed
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spyrogyra
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Post by spyrogyra on Sept 9, 2016 19:38:04 GMT
When you say they are experienced, can you name some of their successful/already finished projects?
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Post by Financial Thing on Sept 9, 2016 19:43:09 GMT
4pm Sunday is a fine time
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jonah
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Post by jonah on Sept 9, 2016 20:19:20 GMT
In principle OK but I don't have an account with Barclays so I don't know if a BACS would work on a Sunday. I could send from First Direct, Santander, Natwest, Nationwide or TSB (OK I admit it, I am a rate tart.) littleoldlady : since when did FirstDirect ever feature in a rate tart's hit list £100 or 150 to switch a current account, then a 6% Fscs backed regular saver. That's why I use them anyway.
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Post by bracknellboy on Sept 9, 2016 20:29:27 GMT
littleoldlady : since when did FirstDirect ever feature in a rate tart's hit list £100 or 150 to switch a current account, then a 6% Fscs backed regular saver. That's why I use them anyway. there's only so many times you can switch a current account. OTH I've had their regular saver for YEARS ..... but I don't think you want to do a withdrawl from it :-)
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