SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 17, 2016 13:47:44 GMT
MoneyThing , a couple of quick questions on this one: A) Did the solicitors indeed confirm that the 2011 planning permission is extant, per the valuation assumptions? B) I assume that rights under the minimum 3 months interest commitment are "transferable" (i.e. the SM buyer of a loan part sold after 1 month could expect a minimum of 2 months' further interest to be paid)? Thanks
|
|
|
Post by MoneyThing on Oct 17, 2016 13:49:45 GMT
MoneyThing , a couple of quick questions on this one: A) Did the solicitors indeed confirm that the 2011 planning permission is extant, per the valuation assumptions? B) I assume that rights under the minimum 3 months interest commitment are "transferable" (i.e. the SM buyer of a loan part sold after 1 month could expect a minimum of 2 months' further interest to be paid)? Thanks Afternoon, A) Yes - we have had sight of this via the solicitors. B) Correct. Kind regards, Ed
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 17, 2016 14:04:34 GMT
Btw, the photo used in the lender email appears to be t'other bit of Bradford 😉
|
|
|
Post by MoneyThing on Oct 17, 2016 14:20:37 GMT
Btw, the photo used in the lender email appears to be t'other bit of Bradford 😉 Apologies for this mistake. You are correct. Regards, Ed.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Oct 18, 2016 7:51:55 GMT
I like the look of this loan, but I have two concerns:
a) I can't help but feel I'm edging towards being overexposed to Mr S****** D**, who keeps cropping up here there and everywhere. I've no reason to believe he's anything other than a successful property developer though. Is anyone else limiting their exposure to him, or am I being over cautious?
b) A 13% return seems quite generous for a low LTV, is that just because it's probably a fairly short loan? Or is there any other reason for the slight risk premium over most MT loans?
Other than that, it sounds like a short time in MT land followed by an SS DFL, possibly? Sounds ok to me.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 18, 2016 7:58:40 GMT
b) A 13% return seems quite generous for a low LTV, is that just because it's probably a fairly short loan? Or is there any other reason for the slight risk premium over most MT loans? Mainly the fact that it's a 2nd charge, I suspect. Also, Ed probably doesn't want this one hanging around for long as he needs the float back for other loans. It's a very short term bridge to complete a purchase so an extra 1% on the rate costs the borrower very little.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Oct 18, 2016 8:08:11 GMT
a) I can't help but feel I'm edging towards being overexposed to Mr S****** D**, who keeps cropping up here there and everywhere. I've no reason to believe he's anything other than a successful property developer though. Is anyone else limiting their exposure to him, or am I being over cautious? I limit my exposure to every borrower, SPD included, but I have to say he impresses me (at least when he has his business head on; not so keen on his football heart) and I'll be more exposed to him than any other borrower this afternoon.
|
|
|
Post by MoneyThing on Oct 18, 2016 8:10:37 GMT
b) A 13% return seems quite generous for a low LTV, is that just because it's probably a fairly short loan? Or is there any other reason for the slight risk premium over most MT loans? Mainly the fact that it's a 2nd charge, I suspect. Also, Ed probably doesn't want this one hanging around for long as he needs the float back for other loans. It's a very short term bridge to complete a purchase so an extra 1% on the rate costs the borrower very little. Correct. Our default position for 2nd charges is a percent above the norm. Kind regards, Ed.
|
|
|
Post by Deleted on Oct 18, 2016 8:30:38 GMT
I still struggle to see how a site that is shown by Google as being roughly 500m from Bradford city centre is described as being 5 miles away, did Ed miss the "."?
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Oct 18, 2016 8:33:29 GMT
If I'm interpreting the details correctly the site has not yet been acquired. How can there already be a first charge outstanding? MoneyThing ?
|
|
|
Post by MoneyThing on Oct 18, 2016 8:38:17 GMT
I still struggle to see how a site that is shown by Google as being roughly 500m from Bradford city centre is described as being 5 miles away, did Ed miss the "."? Agreed. This should read 0.5 miles which I have just updated. Regards, Ed.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Oct 18, 2016 8:41:17 GMT
I still struggle to see how a site that is shown by Google as being roughly 500m from Bradford city centre is described as being 5 miles away, did Ed miss the "."? Agreed. This should read 0.5m which I have just updated. Regards, Ed. Oh dear! 0.5m is less than two feet. Try 0.5km.
|
|
|
Post by MoneyThing on Oct 18, 2016 8:45:17 GMT
Agreed. This should read 0.5m which I have just updated. Regards, Ed. Oh dear! 0.5m is less than two feet. Try 0.5km. Acknowledged!
|
|
Brainer
Member of DD Central
Posts: 186
Likes: 323
|
Post by Brainer on Oct 18, 2016 14:43:50 GMT
There was an email about this loan? I don't appear to have received one...
|
|
|
Post by MoneyThing on Oct 18, 2016 14:46:36 GMT
There was an email about this loan? I don't appear to have received one... Afternoon innov, There was an email sent out. If you would like to email us (support@moneything.com), we can take a look to see if you were added to the mailing list (or perhaps you opted-out or unsubscribed). Kind regards, Ed
|
|