elliotn
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Post by elliotn on Mar 11, 2017 16:28:14 GMT
MoneyThing, thank you Ed for providing this importantly reassuring update and thank you for being attentive and pro-active. Tbf there had been no mention on the weekly(?) existing loans' updates and this was prompted by an investor who had to ask why there had been no above the ground progress which was clearly going to break the loan agreement causing legitimate lender concerns. Ditto Warrington. A good update which should have been delivered to its investors as soon as the problem with the cellars and delays were known.
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elliotn
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Post by elliotn on Mar 11, 2017 16:29:54 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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Post by hapaxlegomenon on Mar 11, 2017 20:01:53 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 I'm no expert on these matters but that sounds rather odd to me. Surely cellars would have been known about with due diligence undertaken when the plot was purchased? Moreover, it's clear from the photos that the site is in an old part of the (industrial) town, so I'd have thought a reasonable assumption would have been that there would have been cellars in any former buildings that occupied the site. Happy to be corrected.
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elliotn
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Post by elliotn on Mar 12, 2017 5:53:51 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 I'm no expert on these matters but that sounds rather odd to me. Surely cellars would have been known about with due diligence undertaken when the plot was purchased? Moreover, it's clear from the photos that the site is in an old part of the (industrial) town, so I'd have thought a reasonable assumption would have been that there would have been cellars in any former buildings that occupied the site. Happy to be corrected. Agreed.
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fp
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Post by fp on Mar 12, 2017 8:21:11 GMT
If the site had been demolished previous to being bought by the borrower, then it would be assumed that cellars had been dug out and back filled at the time of demolition, which is pretty much standard practice.
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am
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Post by am on Mar 12, 2017 10:39:10 GMT
If the site had been demolished previous to being bought by the borrower, then it would be assumed that cellars had been dug out and back filled at the time of demolition, which is pretty much standard practice. I would think that the principal of trust but verify would apply, i.e. the borrower should have checked that the cellars had been backfilled.
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Post by GSV3MIaC on Mar 12, 2017 11:16:14 GMT
Although 'backfilled' is a variable feast .. if you are going to put a block of flats on top, I suspect the requirement is a bit more stringent than if you are planning to use the space for a car park.
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johni
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Post by johni on Mar 16, 2017 9:21:21 GMT
Hi MoneyThing any updates on this or Warrington Thanks
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Post by marcusponds on Mar 16, 2017 11:08:38 GMT
Hi MoneyThing any updates on this or Warrington Thanks see above for this one.
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johni
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Post by johni on Mar 16, 2017 12:05:26 GMT
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elliotn
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Post by elliotn on May 1, 2017 11:17:47 GMT
Hi Moneything, could we have regular updates to existing loans pls as the excellent bengilbert does, many thanks
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averageguy
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Post by averageguy on May 1, 2017 13:02:41 GMT
Irregular updates would be a start
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littleoldlady
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Post by littleoldlady on May 7, 2017 17:16:28 GMT
There should really be an update on the site rather than here. It still says: The scheme will be built out by the summer of 2017 and ready for student occupation that year.And people are still buying it, based on the information on site. MoneyThing
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elliotn
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Post by elliotn on May 8, 2017 2:42:22 GMT
Yes, have asked several times for MT to provide existing loan updates like BPF do.
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markm
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Post by markm on May 9, 2017 10:00:01 GMT
A response on this specific loan and the more general request for regular loan updates would be very welcome MoneyThing When I asked about regular loan updates on another thread fairly recently I had no response from MT but was directed by another forum users to a post by Ed on April 7th p2pindependentforum.com/post/181127 as follows: "Acknowledged. I appreciate lenders have been left a little wanting on this front and will remedy this soon. I am hopeful to be able to announce a new appointment very shortly who will be assisting us on this front (amongst other things). Kind regards, Ed. " Since we're a month down the line it would be much appreciated to have an update on the proposed updates! Even if the situation is that said 'we haven't made the appointment and/or still haven't got the resources to do this for the next few months'... Though obviously I and others would be hoping for a more positive response than that it would help either way to clarify our expectations.
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