fp
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Post by fp on Nov 16, 2016 21:57:31 GMT
The last picture I saw had a piling rig in it.... sometimes, its what you can't see which creates the value/cost None of the above pics has what I'd recognise as a piling rig in it though can see those brown pies stuck in the ground which must be the aforementioned piles. If that was a house I was building and I told my wife it was 63% completed she'd cuff me round the ear. No, there is definitely a picture of a piling rig on the last photo I saw.... which is on the FS page for this loan.
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Post by martin44 on Nov 16, 2016 22:12:24 GMT
I wonder if the sofa will see out the build.
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mikes1531
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Post by mikes1531 on Nov 16, 2016 22:29:24 GMT
...and the brown pies did indeed look like piles, at least I remember thinking so at the time, roughly 8-10" dia. and made of metal. So does that mean something constructive could be done if the timber framing were to start arriving this week? Or might the 'due this week' simply indicate that it's due to be completed, rather than delivered?
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fp
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Post by fp on Nov 17, 2016 15:06:21 GMT
So does that mean something constructive could be done if the timber framing were to start arriving this week? Or might the 'due this week' simply indicate that it's due to be completed, rather than delivered? Maybe and, er, maybe. Without knowing the construction method, I'm imagining a timber frame build on piles to be effectively a box on stilts, just very very short ones. So at this stage whilst all we can see is an uninspiring plot full of rubble, I guess from the fact no-one was there, there's nothing more to be done till the frame arrives. I'll step up the 'keeping an eye' on it over the next few weeks. I think we should expect a concrete pad to go down next, nice level platform to assemble the kit pack structure on, although I'm no expert and just basing this on how i've seen things done previously. The second image shows some prefabricated reinforcing sections, i'm guessing a shallow trench will be dug around the outer edge of the footprint of where the building is to go, these reinforcing sections will be placed in the trench and joined up (located over the piles) then shuttering up around the footprint of the building and creation of a strengthened pad to construct on.
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Post by wildlife2 on Nov 17, 2016 15:28:02 GMT
Another spot the sheep competition? I think I can see it, hiding in the sofa
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phil
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Post by phil on Nov 18, 2016 0:06:29 GMT
Maybe and, er, maybe. Without knowing the construction method, I'm imagining a timber frame build on piles to be effectively a box on stilts, just very very short ones. So at this stage whilst all we can see is an uninspiring plot full of rubble, I guess from the fact no-one was there, there's nothing more to be done till the frame arrives. I'll step up the 'keeping an eye' on it over the next few weeks. Thanks for that, I for one will be interested to see how this is built. I can't see in the valuation report the GDV for the completed block of flats, I can only see the £450k land valuation? Also can't see how many bedrooms the flats have. The prices on Rightmove for flats in that area seem quite good, I think it's probably as good as any of the current FS loans on offer even if the photos don't exactly inspire confidence. One point to note is that the borrower would have initially used around £85k-135k of his own money (going on valuer's report of value, the actual purchase price is not given) and thereafter it is wholly funded by FS lenders, the LTV being maintained by the "uplift".
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 25, 2017 21:20:32 GMT
FOURTH Tranche today:-
We will be posting a new loan at 6pm January 25, 2017.
This is a loan of £138,000 being the fourth tranche of a facility of £815,000 to acquire and develop a site with planning permission for 7 apartments with a GDV of £1,260,000.
This tranche is to fund the external materials (brickwork, blockwork, windows, doors) plus staircase, plasterboard and 1st fix. Payments are being made direct from FS to the contractors.
Cumulative lending, including this tranche, is £788,000
Current estimate of value (based on 84% completion) £1,126,000
Current LTV: 670
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sirius
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Post by sirius on Apr 2, 2017 8:42:00 GMT
Thanks for the update pepperpot, much appreciated.
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madpierre
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Post by madpierre on Apr 2, 2017 18:06:28 GMT
And a 20mph speed limit, so minimal traffic noise. This one is a winner
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mikes1531
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Post by mikes1531 on Apr 3, 2017 17:09:41 GMT
Thanks for the update pepperpot, much appreciated. And very encouraging to see the progress. I wonder how long it will be before the units are saleable. I note that the third tranche of the first facility matures in about five weeks. I guess we can expect to see another tranche for the second facility released before then to raise the funds to renew the maturing loan.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 3, 2017 22:02:28 GMT
Nice 1 pepperpot. I'm not in this Loan but it's genuinely heartening when Members take the time & effort to post pics like this. So obviously VERY helpful.
When with the majority of P2Ps you get told Football Association.
Thank You.
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Post by d_saver on May 23, 2017 13:50:22 GMT
1205360509 just repaid
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Post by badboyyardy on Jul 4, 2017 11:30:48 GMT
Anyone got updates for this? I see the flats are still listed on Rightmove as available Spring 2017 still for last few months. For me with the flats near completed /listed I want to hold out until the end. Any reasons not to?
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rs
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Post by rs on Jul 20, 2017 20:50:08 GMT
This one is strange and hoping it pays out.
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mikes1531
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Post by mikes1531 on Jul 20, 2017 22:32:25 GMT
ISTM that the title of this thread needs loan numbers added so that it's clear that it doesn't relate to "9791047956 Property Loan - Hightown, Formby - Development Facility".
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