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Post by Deleted on Sept 14, 2016 10:10:16 GMT
The Loan Ref: 1008507692 (renewal of loan ref 7922488913) includes the rebuilding of an old club, the working men's club building in H*** * *****, S**** S*****. Does anyone have updates on the current status of works or is local to the place and have news? In particular FundingSecure was saying (6 months ago): "The 4 bedroom house, which is expected to be completed in approximately 2-3 months,...". Has this 4 bed house been completed (and not sold)? Or is it still in the same conditions? Seems strange they did not send out the valuer for an update status of the property... I am also wondering if this Mar 2015 news about cannabis found in that place (link removed ) has had any consequences over the site (has it been totally freed up for any work, or are parts of it under any legal restrictions for crime invetigations?) or over the borrower. Comments from anyone (including fundingsecure) with uptodate or local information would be welcome. |
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 14, 2016 12:50:41 GMT
Does anyone have updates on the current status of works or is local to the place and have news? In particular FundingSecure was saying (6 months ago): "The 4 bedroom house, which is expected to be completed in approximately 2-3 months,...". Has this 4 bed house been completed (and not sold)? Or is it still in the same conditions? Seems strange they did not send out the valuer for an update status of the property... I had similar questions when I saw the 'to be completed in 2-3 months' comment repeated for the renewal. The email announcing the renewal, however, did say "Building of the 4 bedroom house has progressed and nearing completion. Photos shows the development from land to current construction of the property. Interior plastering is now complete and fixtures and fittings are now being added." I took that to mean progress had been made, though if it was thought to be within 2-3 months of being complete six months ago then progress has been disappointingly slow. Actually, 'disappointing' is quite an understatement. I subsequently looked at one of the previous loans on this property -- the loan being renewed now was itself a renewal of previous loans -- and I found this 11/Feb/16 update: "Building of the 4 bedroom house has progressed well. Photos show the development in process and current status of the property, nearing completion. Interior plastering is currently underway with fixtures and fittings to be added shortly." The first loan on this property went live in Aug.'15, after the new house building had started, and suggested it would take 3-4 months to complete, so it looks like they're a year behind schedule. The LTV of the loan was/is based on the value some time ago. But if the LTV was satisfactory six months ago, and there's been work toward improving the property in the interim, then the LTV ought to have improved, so why spend money on a new valuation? It would be different if the borrower needed a larger loan to fund the rest of the project or to pay the interest/fees for renewing the loan but they seem to be managing without further FS funds. I also wondered about the state of the PP for the redevelopment of the former working men's club. The Aug '15 description included "Planning permission is awaited for the existing building to convert into a 4 bedroom house. It is anticipated that planning permission for will be 3-4 months..." I know the planning process is not quick, but that was written over a year ago. Perhaps fundingsecure could shed some light on this? When was the PP application submitted? And what has happened since?
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Post by Deleted on Sept 15, 2016 12:24:50 GMT
Oh well... every company lending a serious amount of money (say over 20k) DOES an evaluation and every single time there is a problem/variation/renewal they send out the same valuator (if possible) for a check-up.
It might cost something like 300-400 GBP, not more than that!!!
And it is essential when, like in this case, lenders cannot understand what progress has been made, or even worse when fundingsecure itself cannot understand it (if it sends thee same status update as 6 months ago, they do NOT have a clue of what is going on down there now).
In absence of clarity I am out of the loan. But I think fundingsecure should, as a matter of standard practise, should guarantee a fresh (not more than 3 months old) evaluation for each single new loan/development step.
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