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Post by MoneyThing on Sept 10, 2016 14:27:07 GMT
I went and had a look around the site this morning. There’s not a lot to add to what you can already see in the V R or from Google maps. The photos are still current. The site hasn’t been vandalised, turned into a rubbish dump or travellers’ camp. The previous developer’s marketing paraphernalia and (closed) sales office are still in situ. I couldn’t see any For Sale signs for any of the occupied flats. Externally, the completed blocks look fine, decent cars in the car parks. It’s a nice quiet location next to the canal (this stretch is very popular with lots of narrow boats moored up nearby.) The wider location (behind the trees in photo 7) is a mixture of terraced housing, social housing and a few apartment blocks similar to these ones. I was there myself mid June and took some photos, however having reviewed them they don't add anything to what is already in the VR. One of the Things will be visiting the site regularly during the build so perhaps you would like to meet us there and provide an independent view as well? Regards, Ed.
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stevio
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Post by stevio on Sept 10, 2016 16:24:04 GMT
I went and had a look around the site this morning. There’s not a lot to add to what you can already see in the V R or from Google maps. The photos are still current. The site hasn’t been vandalised, turned into a rubbish dump or travellers’ camp. The previous developer’s marketing paraphernalia and (closed) sales office are still in situ. I couldn’t see any For Sale signs for any of the occupied flats. Externally, the completed blocks look fine, decent cars in the car parks. It’s a nice quiet location next to the canal (this stretch is very popular with lots of narrow boats moored up nearby.) The wider location (behind the trees in photo 7) is a mixture of terraced housing, social housing and a few apartment blocks similar to these ones. I was there myself mid June and took some photos, however having reviewed them they don't add anything to what is already in the VR. One of the Things will be visiting the site regularly during the build so perhaps you would like to meet us there and provide an independent view as well? Regards, Ed. If you are visiting this site (and other property loans on your platform) would you be able to at least add a picture or two to the loan description. It could become a USP of MT as we are left in the dark about the progress of developments on most platforms
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Post by MoneyThing on Sept 10, 2016 16:50:00 GMT
I was there myself mid June and took some photos, however having reviewed them they don't add anything to what is already in the VR. One of the Things will be visiting the site regularly during the build so perhaps you would like to meet us there and provide an independent view as well? Regards, Ed. If you are visiting this site (and other property loans on your platform) would you be able to at least add a picture or two to the loan description. It could become a USP of MT as we are left in the dark about the progress of developments on most platforms Certainly. Funnily enough, we have recently been discussing this internally (Ben @ Broakoak idea), considering how we can best provide updates on development projects. Hopefully something we will be announcing shortly. Regards, Ed.
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Post by GSV3MIaC on Sept 10, 2016 17:12:17 GMT
There are some picture-streams (and even the odd time lapse) of some of the SS builds on the forum here (one example) p2pindependentforum.com/post/133247/thread, but it would be better behind a login wall on the platform site, since it is always scarily close to revealing the borrower. It also has the potential to chew up lots of forum space and bandwidth (a couple of those threads I hate to even open on anything other than a landline, and then I have to scroll down dozens of times), so would be better placed where only people who want to see it can look (e.g. on the end of a link, or a separate tab on the loan or something). Overall though I agree, it's comforting to see action happening, whether it be tearing down or building up .. tends to give you the warm fuzzy feeling that the borrower probably isn't halfway to Rio with the cash in a bag.
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am
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Post by am on Sept 11, 2016 17:44:36 GMT
MT's summary says that it's on the Manchester Ship Canal, but the valuation report says that it's on the Bridgewater Canal. I expect that this would make a significant difference to the valuation. The location map in the valuation report shows it to be on the northern bank of the Manchester Ship Canal (i.e. on the other side of the canal to the nearby "affluent area of Stockton Heath"). A comment upthread says that the area is popular with narrowboats. This surprises me - I thought that the Manchester Ship Canal was a working freight canal, and the larger commercial vessels using it would not be particularly compatible with recreational use. www.peelports.com/ports/manchester-ship-canalYou can see the site on the aerial photographs on Google Maps - with 5 blocks built, and the foundations for this one in place at the west end of the site. The site looks to be a bit of a cul-de-sac - is there any intention of improving egress to the west?
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 12, 2016 11:29:42 GMT
MT's summary says that it's on the Manchester Ship Canal, but the valuation report says that it's on the Bridgewater Canal. I expect that this would make a significant difference to the valuation. The location map in the valuation report shows it to be on the northern bank of the Manchester Ship Canal (i.e. on the other side of the canal to the nearby "affluent area of Stockton Heath"). A comment upthread says that the area is popular with narrowboats. This surprises me - I thought that the Manchester Ship Canal was a working freight canal, and the larger commercial vessels using it would not be particularly compatible with recreational use. www.peelports.com/ports/manchester-ship-canalYou can see the site on the aerial photographs on Google Maps - with 5 blocks built, and the foundations for this one in place at the west end of the site. The site looks to be a bit of a cul-de-sac - is there any intention of improving egress to the west? 1. The Manchester Ship and Bridgewater canals connect. I confess, I do not know where they change names. I do know that a few hundred yards from the loan site lots of narrow boats moor up. 2. Yes, it is on the northern bank of the canal. If you look at photo 1 in the V R about 100yards to the left out of shot is a road bridge over the canal, and guess what you are then in Stockton Heath. How "nearby" do you need to be? 3. Yes, it is a cul de sac, that's why it's a quiet location. The only exit to the west is the canal footpath out to the road behind the trees in photo 7. I very much doubt there will ever be west egress (unless they knock down the apartment block in photo 1.) In fact, for completion, the road out east in places is so narrow that passing places have been built in. Well, I hesitate to disagree with someone who's been there, and whilst I definitely do agree with most of what you say I'm not sure about the canal information. On my little foray onto Google this morning I do indeed see plenty of narrow boats moored up only a few hundred yards away, but they are a few hundred yards to the South, on the quite separate Bridgewater Canal. Not sure if the two canals have connections any earlier, but the main one is around the Salford Quays area in the centre of Manchester, and for the most part they run entirely separately. Not that I think this particularly affects anything. I would not personally want to live sandwiched between a railway, a road bridge and a canal carrying freight boats, but they won't be marketed at me, and the location in general terms seems good.
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am
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Post by am on Sept 12, 2016 11:54:36 GMT
1. The Manchester Ship and Bridgewater canals connect. I confess, I do not know where they change names. I do know that a few hundred yards from the loan site lots of narrow boats moor up. 2. Yes, it is on the northern bank of the canal. If you look at photo 1 in the V R about 100yards to the left out of shot is a road bridge over the canal, and guess what you are then in Stockton Heath. How "nearby" do you need to be? 3. Yes, it is a cul de sac, that's why it's a quiet location. The only exit to the west is the canal footpath out to the road behind the trees in photo 7. I very much doubt there will ever be west egress (unless they knock down the apartment block in photo 1.) In fact, for completion, the road out east in places is so narrow that passing places have been built in. Well, I hesitate to disagree with someone who's been there, and whilst I definitely do agree with most of what you say I'm not sure about the canal information. On my little foray onto Google this morning I do indeed see plenty of narrow boats moored up only a few hundred yards away, but they are a few hundred yards to the South, on the quite separate Bridgewater Canal. Not sure if the two canals have connections any earlier, but the main one is around the Salford Quays area in the centre of Manchester, and for the most part they run entirely separately. Not that I think this particularly affects anything. I would not personally want to live sandwiched between a railway, a road bridge and a canal carrying freight boats, but they won't be marketed at me, and the location in general terms seems good. On the basis of maps (the 1:25,000 shows the rails terminating over a kilometre to the west) and aerial photographs I believe that the railway line is disused - half a kilometre after crossing the canal the line of the railway becomes the Trans-Pennine Trail. There used to be a connection between the Bridgewater and Manchester Ship Canals at Runcorn, but that's been closed and filled in for many years.
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hazellend
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Post by hazellend on Feb 27, 2017 16:53:20 GMT
The explanation for the delays sounds reasonable though.
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Post by Deleted on Mar 27, 2017 11:42:40 GMT
hoy, great photos and evidence of a serious problem, we need a Thing to advise us.....
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Steerpike
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Post by Steerpike on Mar 27, 2017 12:04:18 GMT
Has this loan "always" been flagged as "IMMINENT REPAYMENT" or is this a recent development?
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DeafEater
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Post by DeafEater on Mar 27, 2017 12:06:18 GMT
Has this loan "always" been flagged as "IMMINENT REPAYMENT" or is this a recent development? Yes - just a few seconds ago by the look of it. MT has posted in another thread that it's being refinanced.
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GeorgeT
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Post by GeorgeT on Mar 27, 2017 14:09:51 GMT
Afternoon, MTAH531 (£600,000 Residential Development in Warrington), is expected to be refinanced within the next week. Kind regards, Ed That's a blow. One of my favourite MT loans. Hopefully a new launch will happen in the next week to soak up the repaid funds. But MT loans being repaid and refinanced is a sign of strength. Many loans in other places are unable to be refinanced because they are rubbish loans. MT doing it's job as a provider of 'bridging' finance and not as a provider of long term bad loans to bad borrowers who can't get money anywhere else.
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pom
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Post by pom on Mar 27, 2017 18:26:43 GMT
Unfortunately I suspect Ed's definition of "imminent" won't be quite the same as in other places...
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zendog
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Post by zendog on Apr 5, 2017 19:21:18 GMT
Is this still expected to repay this week?
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Post by MoneyThing on Apr 6, 2017 13:53:12 GMT
Is this still expected to repay this week? Gone a little quiet from the solicitors on this for the moment so suspect not going to happen tomorrow. Just getting the latest and will come back to you. Regards, Ed.
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