cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 17, 2016 15:13:08 GMT
REPAID LOAN
| Loan Amount | : | £ | 3,500,000
| | Security Value | : | £ | 5,000,000
| | SS Indicated LTV | : |
| 70% | | 90 Day Market Valuation | : | £ | Not Provided | | LTV Based on 90 day Market Valuation | : |
| N/A | | Term | : |
| 183 Days
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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Loan Information & Observations
Borrower - J*** B*****
- Our borrower is a farmer that lives at the address indicated in the VR; he is also a local District Councillor
- There are several news articles regarding our borrower and the security
Loan
- The Borrower wants to purchase additional land on the W******** estate and then obtain planning permission.
Security
- The main VR includes some "hope value" which SS are not attaching any value to and has retrieved a revised valuation which would have raised the LTV to 87.5%. As such, it seems additional security has been added to keep the LTV @ 70%
- The security forms two parts...
- The property comprises a range of former agricultural and more modern commercial buildings, with a new warehouse and office accommodation, all situated on circa 26 acres of land.
- To the front of the site is a 1930’s detached house - W******** Lodge and to the rear of the lodge is W********* Barn which is also a detached.
- Some of the former agricultural land is proposed to be the subject of residential development.
[/ul]
- SECOND PART
- 1.5 acres of land adjoining W********, which comprises agricultural and amenity land to the North East of the village centre. There are no buildings on this land other than an agricultural building (former piggery). Adjoining the main site is a timber warehouse, a self-contained basic timber warehouse with its own private drive. This building was previously used for metal stockholding and vehicle repairs
- 0.75 acre plot of land adjoining C***** Street which is undeveloped. This plot adjoins an established housing development, suggesting development of the subject site is viable
- 40 acres of agricultural land and a 1 acre lake accessible via land adjoining the warehouse, or via the Borrower's separate land holding to the south. Traditionally the land has been used for amenity and hay-making purposes.
[/ul]
- The borrower is working closely with an experienced developer to obtain planning permission outlined in the report.
- The borrower's project manager has successfully obtained planning permission and project managed a number of residential developments in Rudgwick over the past 15 years or so
Exit Strategy[/font] - If the borrower does not obtain planning permission, he will refinance the property on a long-term mortgage or will sell it to an owner occupier.
| Code Number Assigned | : | 17/10/2016 | | Loan went live @ | : | 18/10/2016 | | Allocation | : | > £11,000
| | Amount of Investors @ Live | : | 2079
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Credit to adrianc for his input. If you have any observations , please post them below and I will try to add them to my post  [/div][/font]
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adrianc
Member of DD Central
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Post by adrianc on Oct 17, 2016 15:19:54 GMT
Hurry it up a bit, cooling_dude - the go-live-tomorrow email's just arrived. So it's a £3.5m loan against land and a farmhouse - value £5m Except the val docs say £5.235m (£600k + £650k + £3.785m + £200k). Except the biggest bit of that has "hope value" built in - so they've revalued the whole lot at £4m. Which makes it 87.5% LTV. Which is why they've sellotaped on another bit of security - £1m against a range of other bits of land hither and thither. There have been various planning permissions granted against the postcode in question - but none of them are for any kind of serious development, all just onesy-twosy garages and conservatories. The last one of those was eight years ago. The planning permission reference given in the first doc didn't come up with any results when I searched the council website, but there are various council minute PDFs relating to it at length from a few years ago. Lots of usual NIMBY objections, almost as many supporting submissions from locals - and the whole atmosphere's changed since, towards more development being good. |
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
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Post by stub8535 on Oct 17, 2016 16:16:48 GMT
Anyone else get that feeling of having spotted similar elsewhere? I cant remember where though. Anyone else have the same feeling?
Councillors have generally, imho, over many moons, a knack of doing things on the qt and usually have the advanced knowledge of current local affairs to take advantageous positions.
I wonder why the borrower let the original planning lapse?
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seeingred
Member of DD Central
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Post by seeingred on Oct 17, 2016 16:35:35 GMT
I am sure it would never happen for original planning to be allowed to lapse in the (uncertain) knowledge that a larger or quite different development might be approved under current conditions.
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 17, 2016 20:06:36 GMT
I am sure it would never happen for original planning to be allowed to lapse in the (uncertain) knowledge that a larger or quite different development might be approved under current conditions. Are altered planning permission applications generally frowned upon when there's an existing PP in place? If not, why wait for the first PP to lapse before submitting the bigger, better, project's PP application?
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Oct 17, 2016 21:26:09 GMT
Leopardcat please learn the difference between a race of people and a group, from many nations, who choose, what to you, seems an unacceptable lifestyle. I also dont understand what it has to do with the comments that came before. Moderator please redact the inflamatory comments. Seeingred please, unless you are writing tongue in cheek, get real. If someone is given office where they have access to information or decision makers one would hope that they are public spirited enough not to use that position for personal gain. The majority will fall into this category but some may not. I have seen enough of local small and big city politics to be sceptical on the subject. |
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ablender
Member of DD Central
Posts: 2,204
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Post by ablender on Oct 17, 2016 22:38:29 GMT
What are you guys talking about?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Oct 17, 2016 22:40:41 GMT
bababill - You can delete your post. Click the cog on the post (located top right of the post) and then select "Delete Post".
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bababill
Member of DD Central
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Post by bababill on Oct 17, 2016 23:12:48 GMT
Thanks.....
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Oct 18, 2016 6:36:40 GMT
Good now you both can delete the related posts.
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adrianc
Member of DD Central
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Post by adrianc on Oct 18, 2016 11:28:12 GMT
LIVE. Email not received yet, though.
At least a grand allocation, 2079 investors.
Edit: Email received.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Oct 18, 2016 11:35:35 GMT
At least £11,000 (not me). I can see my tuppence on the site but no email yet.
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Post by swissbankers on Oct 18, 2016 11:36:41 GMT
I got 3k so probably higher than that
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Oct 18, 2016 12:00:01 GMT
2079 Investors @ Live
Seem my predicting abilities have returned to normal...
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elliotn
Member of DD Central
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Post by elliotn on Oct 18, 2016 12:07:32 GMT
At least £11,000 (not me). I can see my tuppence on the site but no email yet. Yep, 11k 
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