fp
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Post by fp on Dec 23, 2016 13:45:12 GMT
I'd use a barge pole on the barn if it wasn't for the fact i'm frightened of knocking it down and being held liable.
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Post by Collateral Rep on Dec 23, 2016 17:26:16 GMT
Evening,
I've added a Market Appraisal to the Broad Ing Farm loan (COLBB00333) which was carried out on the 1st of November 2016.
Many thanks,
Gordon
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baldpate
Member of DD Central
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Post by baldpate on Dec 23, 2016 22:12:36 GMT
Collateral Rep , In the new document (Market Appraisal), the quoted auction guide price is said to include consideration of "planning permission for a wind turbine" and "planning permission to renovate to a 4-bedroom property with extension". I cannot find these permissions on the Council's Planning website. Certainly, there is nothng for a wind turbine. As for the "renovation to a 4-bed property", the only potentially relevant permission was that granted in 1992 (mentioned in the valuation document), which must surely have lapsed by now, judging by the lack of follow-up documents on the planning site (documents which would have been necessary to satisfy the many preconditions for the said permitted development to commence). Can you shed any light on how the author of the appraisal document came by this information, because without any verifiable source I don't see how lenders can give much credence to the opinions advanced in the Market Appraisal document.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Dec 26, 2016 12:17:13 GMT
Interesting that Planning consideration is being given to a wind turbine on site. A the motorway East runs at a lower altitude and the motorway west at a higher elevation than the site and the wind effect on traffic as it is now then the design and siting of this structure would be complex to say the least. Other wind generators do exist in that windy corridor but only in the adjoining valleys. I would be reticent to buy into this loan without the detailed, accepted planning permissions in place.
correcting my inaccuracy
On checking the location against maps and postcode I got the wrong farm for the above statements. The farm that is security for the loan is higher up the valley and not between the two carriageways. There are wind turbines both sides of that motorway near the location if memory serves correctly and it's always windy.
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dermot
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Post by dermot on Jan 1, 2017 11:12:25 GMT
I'm not too concerned about the sate of the buildings; they are so far gone that an unreasonable amount of cash would be required to bring them up to spec.
The location is more interesting; the land has a 'private' tunnel under the motorway that would be useful if the land is being purchased by one of the adjoining/nearby farms.
Moselden quarry, which looks active on Google earth is just to the South which might benefit from that too.
Who knows, maybe that bit of the M62 needs a service station; a tunnel would be useful for that too.
Presumably the prospective purchaser has some sort of plan ....
I've thrown a bit of my ill-gotten interest into it, as others seem to be doing ....
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Post by buttchopf23 on Jan 1, 2017 11:37:40 GMT
My interest went there too (already had a small slice from launch)
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stevio
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Post by stevio on Jan 4, 2017 14:13:05 GMT
collateral you might want to consider slightly lower than the normal 70% LTV (eg 50-60%) on some of your property loans to build confidence with your customers in your platforms ability to deal with this new asset type - granted, you might be more than capable of dealing with these loans, but the confidence in your platform with your lenders might not be there yet. A niche of extremely good security property loans would differentiate you from the competition (of which there is a lot in lending against property). Personally I would certainly consider increasing the amounts invested should you decide to do this.
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elliotn
Member of DD Central
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Post by elliotn on Jan 11, 2017 17:46:09 GMT
collateral you might want to consider slightly lower than the normal 70% LTV (eg 50-60%) on some of your property loans to build confidence with your customers in your platforms ability to deal with this new asset type - granted, you might be more than capable of dealing with these loans, but the confidence in your platform with your lenders might not be there yet. A niche of extremely good security property loans would differentiate you from the competition (of which there is a lot in lending against property). Personally I would certainly consider increasing the amounts invested should you decide to do this. Proplend and LendInvest may help you with that part of the market. Rates are not as high as the typical c70% ltv's.
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