registerme
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Post by registerme on Nov 18, 2016 13:42:44 GMT
I've only skimmed the proposals, but so far I quite like the look of it in spite of the fact that it's in Scotland. One concern I have is that the existing business clearly doesn't generate enough cash to service the loan.
Thoughts?
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Post by snowdrop800 on Nov 18, 2016 13:44:29 GMT
Ablrate - could you just clarify the real estate security is for the whole 100+acre site please?
I ask as at times the 'development site' is mentioned, and so I wanted to be clear if it was the whole site including farmhouse, courtyard complex, and existing lodges, or just the 444 plot development site.
Thanks.
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jcm9000
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Post by jcm9000 on Nov 18, 2016 14:14:17 GMT
Can't see it so far - I have emailed customer services to change my account (the email from ablrate stated to reply to their email, but that bounced back). If it is Scotland though, i'm sold! Where else would you want to go on a retreat? London? I would be wary about cash flows growing enough though... build it and they will come....mmmmmm...
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stevio
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Post by stevio on Nov 18, 2016 14:20:35 GMT
ablrate why pledges this time? When will we need the funds available (loan says drawdown 10JAN17, 2 months away)?
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bigal
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Post by bigal on Nov 18, 2016 14:32:27 GMT
Anyone considering investing in this loan may wish to take the points noted in this thread into account before reaching a decision.
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guff
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Post by guff on Nov 18, 2016 15:07:42 GMT
ablrate why pledges this time? When will we need the funds available (loan says drawdown 10JAN17, 2 months away)? E-mail received at 14:28 (Spanish time?) and it explains Scheduled Loans and points to their website explaining Scheduled Borrowing Requests.
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stevio
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Post by stevio on Nov 18, 2016 15:25:23 GMT
ablrate why pledges this time? When will we need the funds available (loan says drawdown 10JAN17, 2 months away)? E-mail received at 14:28 (Spanish time?) and it explains Scheduled Loans and points to their website explaining Scheduled Borrowing Requests. Thanks received that, I wasn't asking what they were though, but why this time?
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guff
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Post by guff on Nov 18, 2016 15:39:31 GMT
I've only skimmed the proposals, but so far I quite like the look of it in spite of the fact that it's in Scotland. One concern I have is that the existing business clearly doesn't generate enough cash to service the loan. Thoughts? The two Google reviews are pretty damning as well.
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hazellend
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Post by hazellend on Nov 18, 2016 15:39:33 GMT
In short:- Saving Stream have already attempted to float this proposal on their platform in Jul 2016. Due to investor's due diligence, it sank. The borrower has unsuccessfully been attempting to sell since 2011 for £2.1m. The previously advertised sale included more land and one further property than is being offered here as security at the alleged value of £4.150m. Redacted sale particulars efrom 2012 here.I would be happy to lend on this loan at a LTV based on its market value, which is generously 2.1 mill if it took 5 years to sell at that price. Why does the valuer not seem to take the sale price and time on market into account? Bit disappointed in this loan to be honest. Also, don't like the pledge system. I prefer instant returns bring it back please!
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hazellend
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Post by hazellend on Nov 18, 2016 15:46:17 GMT
I've only skimmed the proposals, but so far I quite like the look of it in spite of the fact that it's in Scotland. One concern I have is that the existing business clearly doesn't generate enough cash to service the loan. Thoughts? The two Google reviews are pretty damning as well. To be fair, they want to develop the park into a 5 star luxury retreat with hot tubs, restaurants swimming pool
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hazellend
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Post by hazellend on Nov 18, 2016 15:49:50 GMT
Here's a wee thought, clearly this prospective Borrower is pretty desperate to find a way out, this arguably places ourselves at an advantage, is it possible therefor for we the Investors/lenders and Ablrate to negotiate more favourable terms with respect to the size of the loan we'd be prepared to offer And the LTV we'd be willing to accept in return for an agreed interest rate? If it's been on the market for yonks and yonks then perhaps just maybe we could wring out a far better deal for ourselves, would anyone have any thoughts as to the merits of such an Ablrate (David) Brokering type exercise (something he's 'quite' good at)? I would go for 14% at 70% LTV with valuation of 2.2 mill
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stevio
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Post by stevio on Nov 18, 2016 16:00:36 GMT
I've only skimmed the proposals, but so far I quite like the look of it in spite of the fact that it's in Scotland. One concern I have is that the existing business clearly doesn't generate enough cash to service the loan. Thoughts? 100k/yr generated and looking at probably 400k/yr in interest payments or over the 2yrs, 200k vs 800k Previous market value 2.1m (but the outline looks different, Ablrate valution document seems to be inlcuding more land than the rightmove listing), Although Ablrate valuation mentiuons 2 buildings not included, but comments on SS proposed loan mention just 1 building Previous SS loan was for 1.8m, Ablrate loan 2.2m
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registerme
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Post by registerme on Nov 18, 2016 16:13:51 GMT
Does anybody know / can anybody remember whether it is the same valuation doc / same valuer as used in the SS proposal?
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guff
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Post by guff on Nov 18, 2016 16:16:44 GMT
Does anybody know / can anybody remember whether it is the same valuation doc / same valuer as used in the SS proposal? Where's cooling_dude when you need him...
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oldgrumpy
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Post by oldgrumpy on Nov 18, 2016 16:19:32 GMT
Does anybody know / can anybody remember whether it is the same valuation doc / same valuer as used in the SS proposal? The new valuation is dated 14 September 2016. The SS one loan proposal was earlier in the summer. SS's valuer "reaffirmed" the valuation in July.
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