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Post by bengilbert on Oct 5, 2016 18:14:00 GMT
A new drawdown on the M*** H*** loan has been listed today, to go live tomorrow.
Lenders may notice that we have used the previous valuation in working out the LTV. We are due to grant a further drawdown of £1.3 million in the next few weeks (exact timing and amount to be made available on MT to be announced), and have today received an updated valuation for use with this drawdown, showing a further increase in the security value (total security valued at £7,780,000 after drawdown of the £1.3 million, which will be placed in escrow against future build costs). However, since there is no explicit valuation for the value prior to the £1.3 million being drawn down, we have chosen to be conservative and use the previous valuation. On this basis, lender LTV is currently 33.2%.
We have also commissioned a full progress report on the development from an independent monitoring company which will be ready for inclusion in the listing of the larger drawdown.
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tomtom
Member of DD Central
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Post by tomtom on Oct 5, 2016 19:06:00 GMT
A new drawdown on the M*** H*** loan has been listed today, to go live tomorrow. Lenders may notice that we have used the previous valuation in working out the LTV. We are due to grant a further drawdown of £1.3 million in the next few weeks (exact timing and amount to be made available on MT to be announced), and have today received an updated valuation for use with this drawdown, showing a further increase in the security value (total security valued at £7,780,000 after drawdown of the £1.3 million, which will be placed in escrow against future build costs). However, since there is no explicit valuation for the value prior to the £1.3 million being drawn down, we have chosen to be conservative and use the previous valuation. On this basis, lender LTV is currently 33.2%. We have also commissioned a full progress report on the development from an independent monitoring company which will be ready for inclusion in the listing of the larger drawdown. I have just read the report from the independent monitoring company and find it very strange that they say in the report alongside other disclaimers " that they have not inspected the site ", So how can they claim to give a proper report if they have not inspected the site, they are relieing on other reports which could be untrue. I thought the idea of an independent monitoring company would be required to check the progress is as reported.
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Post by bengilbert on Oct 5, 2016 19:12:25 GMT
A new drawdown on the M*** H*** loan has been listed today, to go live tomorrow. Lenders may notice that we have used the previous valuation in working out the LTV. We are due to grant a further drawdown of £1.3 million in the next few weeks (exact timing and amount to be made available on MT to be announced), and have today received an updated valuation for use with this drawdown, showing a further increase in the security value (total security valued at £7,780,000 after drawdown of the £1.3 million, which will be placed in escrow against future build costs). However, since there is no explicit valuation for the value prior to the £1.3 million being drawn down, we have chosen to be conservative and use the previous valuation. On this basis, lender LTV is currently 33.2%. We have also commissioned a full progress report on the development from an independent monitoring company which will be ready for inclusion in the listing of the larger drawdown. I have just read the report from the independent monitoring company and find it very strange that they say in the report alongside other disclaimers " that they have not inspected the site ", So how can they claim to give a proper report if they have not inspected the site, they are relieing on other reports which could be untrue. I thought the idea of an independent monitoring company would be required to check the progress is as reported. , I think you may be referring to the valuation report, since the independent report has not yet been released. The valuation is indeed a desktop valuation. The report which we commissioned did of course include a site visit. I'd also add that our office is located near to the site and so we have been able to track progress regularly ourselves.
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tomtom
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Post by tomtom on Oct 5, 2016 19:20:45 GMT
I have just read the report from the independent monitoring company and find it very strange that they say in the report alongside other disclaimers " that they have not inspected the site ", So how can they claim to give a proper report if they have not inspected the site, they are relieing on other reports which could be untrue. I thought the idea of an independent monitoring company would be required to check the progress is as reported. , I think you may be referring to the valuation report, since the independent report has not yet been released. The valuation is indeed a desktop valuation. The report which we commissioned did of course include a site visit. I'd also add that our office is located near to the site and so we have been able to track progress regularly ourselves. Point taken so I assume that this report will be available before the next larger loan is offered up. On the other hand how can we be convident that it is accurate as it relies on other reports which could be overcooking the progress with out visually checking onsite progress?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 5, 2016 19:30:30 GMT
I have just read the report from the independent monitoring company and find it very strange that they say in the report alongside other disclaimers " that they have not inspected the site ", So how can they claim to give a proper report if they have not inspected the site, they are relieing on other reports which could be untrue. I thought the idea of an independent monitoring company would be required to check the progress is as reported. , I think you may be referring to the valuation report, since the independent report has not yet been released. The valuation is indeed a desktop valuation. The report which we commissioned did of course include a site visit. I'd also add that our office is located near to the site and so we have been able to track progress regularly ourselves. In a building owned and managed by borrower? Unfortunatley as the borrower moved to MH in July no longer a question of popping down a floor with any queries. Now that would have been close monitoring 
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Post by bengilbert on Oct 5, 2016 19:31:20 GMT
tomtom , I think you may be referring to the valuation report, since the independent report has not yet been released. The valuation is indeed a desktop valuation. The report which we commissioned did of course include a site visit. I'd also add that our office is located near to the site and so we have been able to track progress regularly ourselves. Point taken so I assume that this report will be available before the next larger loan is offered up. On the other hand how can we be convident that it is accurate as it relies on other reports which could be overcooking the progress with out visually checking onsite progress? The progress report will be available before the £1.3 million drawdown (of which only a part might go on MT) is listed. This report is the result of a site visit from an experienced monitor with whom we have a 15 year relationship and who works for a number of bridging companies as well as high street banks, and will include plenty of photographs. The desktop valuation is not based on what the borrower reports but on reports from a Quantity Surveyor, working for us, who verify expenditure on the building. And as I said, we are also able to keep track of progress informally ourselves. We have a high degree of confidence in the borrowers but of course we evaluate progress via independent professionals and not their word.
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jonah
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Post by jonah on Oct 6, 2016 15:05:21 GMT
Going well, but not lightning... 50% in 5 mins.
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pom
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Post by pom on Oct 6, 2016 15:08:01 GMT
Going well, but not lightning... 50% in 5 mins. I suspect I'm not the only person who decided they had enough already
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jonah
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Post by jonah on Oct 6, 2016 16:58:04 GMT
Going well, but not lightning... 50% in 5 mins. I suspect I'm not the only person who decided they had enough already Almost certainly not. I took a small slice but am now at my limit for this one. I expect this one will go without issues, but wonder about the appetite for much more, especially if they are large tranches.
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ali
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Post by ali on Oct 6, 2016 17:04:49 GMT
I suspect I'm not the only person who decided they had enough already Almost certainly not. I took a small slice but am now at my limit for this one. I expect this one will go without issues, but wonder about the appetite for much more, especially if they are large tranches. I did the same and am also at my limit. However, if they release the new valuation and it brings the LTV down as they have indicated, I'd be quite happy to up my limit by 50%. Assuming I'm not the only one, that's quite a bit more capacity.
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fp
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Post by fp on Oct 6, 2016 19:43:44 GMT
It will be gone by 4.01pm tomorrow, which means there is appetite for more IMO
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 6, 2016 20:10:40 GMT
It will be gone by 4.01pm tomorrow, which means there is appetite for more IMO Good job there's another chunk 3 times the size coming then 
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ben
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Post by ben on Oct 6, 2016 20:12:46 GMT
I took another slice or two and will take another piece when they release more, although I think most of this will get taken tommorow by one or two indivudals.
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pom
Member of DD Central
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Post by pom on Oct 6, 2016 21:07:34 GMT
Oops turns out I confused it with something else...lucky there was still some left  |
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