littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Nov 15, 2016 8:35:40 GMT
MoneyThing Has there been any progress on the planning application?
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ptr120
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Post by ptr120 on Dec 4, 2016 19:44:44 GMT
Dear MoneyThingThis loan is due to repay in two weeks. Having checked the planning authority website, I can't see any sign of the planning application mentioned as part of the exit strategy. Please can you provide an update as to why that may be? I see that there was an update on the loan on 24/11 which wasn't published on here, and wasn't provided to investors by email. |
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registerme
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Post by registerme on Dec 4, 2016 23:27:06 GMT
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ptr120
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Post by ptr120 on Dec 5, 2016 11:10:42 GMT
Thanks registerme I see from your link that this loan will be extending (unfortunately that update isn't given on the comments regarding this loan on the MoneyThing website). However, it doesn't say anything about the apparent lack of the supposed planning application, nor the terms or length of the extension |
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SteveT
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Post by SteveT on Dec 5, 2016 11:52:35 GMT
The valuation was based on the existing PP for 21 houses so isn't affected by a delay in securing amended planning for 70 apartments. My guess would be that the pre-planning consultations have raised questions that are taking more time than expected to address, but I dare say we'll be told when the loan is offered for extension / renewal. I doubt the rate will change unless something else has cropped up. If you're concerned about exit, stick your holding on the SM and it will disappear in no time.
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Post by MoneyThing on Dec 5, 2016 20:37:24 GMT
Evening,
My apologies for the delay.
The borrower went as far as getting the proposed scheme for the 70 apartments drawn up in detail by the architects. Before submitting this for planning, they went to a few contractors to price up the proposed build and also to the investor sales arms to price up the potential unit yields. Due to escalating build costs, it was deemed to be a more viable project retained on the existing permission for 21 houses.
They have received bids from other developers looking to buy a ready to go site and have recently accepted an offer to purchase the site which will repay the MoneyThing loan and provides them with a decent profit.
The sale is anticipated to complete within the next few months and as such we will look to extend the loan sufficiently to allow the sale to complete.
We will formally announce this shortly.
Kind regards,
Ed
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Post by MoneyThing on Dec 6, 2016 14:38:34 GMT
Does this have any impact on the other 2 Bradford loans? From your summary:
The borrower has received & accepted an offer from another lender to refinance out both of the MoneyThing loans against this development sometime late December or early January. The other lender has offered to fund the entire development. In the meatime, the borrower is keen to start work on the development before the Christmas period and is utlising this 2nd advance to do this. (Lenders will earn a minimum three months of interest in this loan).
Are these still on track to repay Dec/Jan? A hoy! No impact - this other Bradford development is still on course to be refinanced out. (And thanks also for highlighting my spelling/typos in the original particulars which I have duly corrected). Kind regards, Ed
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am
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Post by am on Dec 6, 2016 19:59:23 GMT
I have looked favourably on MoneyThing 's practice of renewing loans at maturity, rather than letting them run on indefinitely. This loan will now be extended rather than renewed. Why is this loan being treated differently? |
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Post by MoneyThing on Dec 6, 2016 20:03:38 GMT
I have looked favourably on MoneyThing 's practice of renewing loans at maturity, rather than letting them run on indefinitely. This loan will now be extended rather than renewed. Why is this loan being treated differently? Evening, Just for clarity, I have used the term extending as it will be for 3 months rather than for the same term again. However it will still be treated as a renewal whereby lenders can choose whether they wish to rollover. We will set this on pending and announce it shortly. Kind regards, Ed
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Post by MoneyThing on Dec 6, 2016 21:21:36 GMT
I have looked favourably on MoneyThing 's practice of renewing loans at maturity, rather than letting them run on indefinitely. This loan will now be extended rather than renewed. Why is this loan being treated differently? Evening, Just for clarity, I have used the term extending as it will be for 3 months rather than for the same term again. However it will still be treated as a renewal whereby lenders can choose whether they wish to rollover. We will set this on pending and announce it shortly. Kind regards, Ed ...just switched on the rollover option on this loan since we have started discussing it. Regards, Ed
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