averageguy
Member of DD Central
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Post by averageguy on Mar 5, 2017 22:42:34 GMT
Photos loaded fine on my little ol iPad.....more importantly looking forward to some response from MONEYTHING over the progress (or lack of) to date
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am
Posts: 1,495
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Post by am on Mar 6, 2017 0:43:23 GMT
No delay at all in seeing the pics load up, thanks. Nicely set up on the laptop screen, Windows 7 Firefox, and I can see the full size by clicking. Hmm, must be hippos on the line then, or else my firefox install is downloading the full-size picture 'just in case' I should want it. They loaded fast enough, but I'm getting large images (filling most of a 1960 x 1024 screen).
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duck
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Post by duck on Mar 6, 2017 9:20:20 GMT
... Progress seems fair given the scope of the work and the essential requirement to get things right; the multi disciplinary engineering team are doing what's needed. I don't disagree with your technical summation and the need to get it right, its an 'engineer thing' that I have stuck to throughout my working life. What does however give me limited concern is the progess made with respect to the project timescales. Once out of the ground this is not a difficult build but timescales are tight ....
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tomtom
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Post by tomtom on Mar 6, 2017 9:48:30 GMT
... Progress seems fair given the scope of the work and the essential requirement to get things right; the multi disciplinary engineering team are doing what's needed. I don't disagree with your technical summation and the need to get it right, its an 'engineer thing' that I have stuck to throughout my working life. What does however give me limited concern is the progess made with respect to the project timescales. Once out of the ground this is not a difficult build but timescales are tight .... and also they will want to have it completed before the new intake of students in september otherwise they will loose money
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guff
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Post by guff on Mar 6, 2017 11:04:33 GMT
Thank you for the images hoy , please keep 'em coming... An engineers perspective: Ground/Soil surveys have been completed, decision to drill pile insertion cores has been made, the site will most likely be deep driven with steel reinforced concrete piles to provide a necessary stability for the foundations. This process is quite commonplace where a fairly large building is to be constructed on a soft (clay) sub soil, the engineers will wish to ensure that any building settlement will be very minimal and a protracted period of drought will not crack the foundations as the clay gives up it's moisture. Progress seems fair given the scope of the work and the essential requirement to get things right; the multi disciplinary engineering team are doing what's needed. Do you think they will manage to get students in for September 2017?
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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 Mar 6, 2017 11:29:01 GMT
Just looking back at the various tranches and something has clearly stalled on this one According to DFL1 construction was supposed to start June 16 and was a one year build, so unless the current planning application for change of materials is going to rapidly accelerate that it doesnt look feasible it will be ready for Sept. Also looking a loan management, the proposals say MS reports will be provided monthly but nothing since August. I assume this means that no moeny has been spent since then. DFL4 also promised a new RICS valuation due Sept but nothing has appeared. At the moment the LTV is entire based on MS verification of cash spent rather than any clear uplift in value. Bit puzzled by the LTV on this one which isnt displayed in a straightfoward manner, as each DFL tranche is given against the cash spent rather than the total project value. Assuming the cash spent has increased the value then LTV seems to be about 62% and has sneaked outside of the 60% max. Furthermore none of the cash seems to have been spent on actual building, its all on prep, so not entirely sure that the value of the site will have increased to the extent of the cash advanced, adding pressure to the LTV MoneyThing think we could do with an update/clarification here
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Post by Deleted on Mar 6, 2017 11:29:17 GMT
Thank you for the images hoy , please keep 'em coming... An engineers perspective: Ground/Soil surveys have been completed, decision to drill pile insertion cores has been made, the site will most likely be deep driven with steel reinforced concrete piles to provide a necessary stability for the foundations. This process is quite commonplace where a fairly large building is to be constructed on a soft (clay) sub soil, the engineers will wish to ensure that any building settlement will be very minimal and a protracted period of drought will not crack the foundations as the clay gives up it's moisture. Progress seems fair given the scope of the work and the essential requirement to get things right; the multi disciplinary engineering team are doing what's needed. @magenta14 Thanks for the technical stuff and hoy for the due diligence photos - do you get a mileage allowance!! bengilbert - you did a loan update schedule for Jan and Feb, but nothing for March? Is there going to be one and will there be one at the start of every month? These are very useful, given that the end dates could be quite different than on the MoneyThing site e.g your view/guess re Wigan. If you are doing updates some guess on the end date would be useful, although do not know how this will tie up with moneything data. We are reliant on the good auspices of forumites like hoy without any other updates. Thanks
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Post by marcusponds on Mar 6, 2017 11:37:15 GMT
For what it's worth I've invested in some other student flats, scheduled for completion September 2018 - i.e. one year behind this one. There is already far more 'above ground' development evident there, so I share everyone's concerns.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Mar 6, 2017 21:19:56 GMT
Hi Jaydee
Thanks for the info. That is really helpful
SXLR
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GeorgeT
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Post by GeorgeT on Mar 8, 2017 17:26:51 GMT
I hope MT aren't going to morph into SS and start ignoring our questions and concerns.
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Post by MoneyThing on Mar 8, 2017 21:33:28 GMT
Just looking back at the various tranches and something has clearly stalled on this one According to DFL1 construction was supposed to start June 16 and was a one year build, so unless the current planning application for change of materials is going to rapidly accelerate that it doesnt look feasible it will be ready for Sept. Also looking a loan management, the proposals say MS reports will be provided monthly but nothing since August. I assume this means that no moeny has been spent since then. DFL4 also promised a new RICS valuation due Sept but nothing has appeared. At the moment the LTV is entire based on MS verification of cash spent rather than any clear uplift in value. Bit puzzled by the LTV on this one which isnt displayed in a straightfoward manner, as each DFL tranche is given against the cash spent rather than the total project value. Assuming the cash spent has increased the value then LTV seems to be about 62% and has sneaked outside of the 60% max. Furthermore none of the cash seems to have been spent on actual building, its all on prep, so not entirely sure that the value of the site will have increased to the extent of the cash advanced, adding pressure to the LTV MoneyThing think we could do with an update/clarification here You are absolutely right. I'd forgotten about the tranches. So, one could argue either MT have taken their eye off the ball on this one, or known what is going on and chosen not to share the information with the lenders. After 2 full working days of silence (even more for the Warrington loan), I don't think it's unreasonable to again prompt MT for a response on what is the current situation with this borrower. MoneyThing ? My apologies for the delay in responding and didn't mean to ignore you. Have been out of the office for a number of days recently. I will respond to your points within the next day or two. Regards, Ed.
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Post by wickedxuk on Mar 10, 2017 20:09:10 GMT
You are absolutely right. I'd forgotten about the tranches. So, one could argue either MT have taken their eye off the ball on this one, or known what is going on and chosen not to share the information with the lenders. After 2 full working days of silence (even more for the Warrington loan), I don't think it's unreasonable to again prompt MT for a response on what is the current situation with this borrower. MoneyThing ? My apologies for the delay in responding and didn't mean to ignore you. Have been out of the office for a number of days recently. I will respond to your points within the next day or two. Regards, Ed. Any news on this Ed?
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Post by MoneyThing on Mar 11, 2017 9:51:35 GMT
Morning,
This project is a little behind because when the ground works were started they discovered cellars underneath the plot which required additional works. There is currently a 3 month delay and the new completion date is December, ready for the January intake. Since most of the buyers of these units are foreign investors the September completion is not so important (although would have been preferable).
In addition, we have commissioned a new detailed VR report which should be ready in 10 to 15 days, dependant upon when the site visit can be arranged.
Will report back once we have reviewed all the information.
I will be ready to provide an update on Warrington next week.
Kind regards,
Ed
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elliotn
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Post by elliotn on Mar 11, 2017 10:17:59 GMT
Good to get an update on this, presumably the problem with the cellars had been known for a while, looking forward to Warrington
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Post by Deleted on Mar 11, 2017 12:01:09 GMT
Cheers MoneyThing ... it almost feels strange getting updated on the progress of builds ... perhaps based on what I've grown accustomed to elsewhere! This very much feels like the right way ...
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