am
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Post by am on Dec 21, 2016 20:37:49 GMT
SS don't seem to know the difference between a bank and a building society, but that's a trivial problem.
The oddity in the VR is that the planning permission for the 2nd floor conversion (offices to flats) has a statement "The development shall be completed on or before 30th May 2016." This seems strange considering that planning permission was only granted on 1st April. Is this a council typo, or does it not have the obvious meaning?
Digging round the planning site I see that "In May 2013 new permitted development rights were introduced under the Town and Country Planning (General Permitted Development) (Amendment) (England) Order 2013, which allowed, until 30th May 2016, the change of use of a building and any land within its curtilage to a use falling within Class C3 (dwellinghouses) of the Schedule to the Use Classes Order from a use falling within Class B1(a) (Offices) of that Schedule", so it seems the the statement is accurate and means what it seems to mean.
Unless they've already done that conversion, or there's been a change (extension) of the regulations in the interim, it looks to me as if there isn't current planning permission for the whole project.
Edit: Some more digging has found reference to the conjectured change in the regulations, extending the temporary permitted development rights to 30th May 2019, so the planning permission now looks OK, subject to correction from anyone who actually understand the regulations. If planning permission is OK, this is another trivial problem - the failure to explain this point to less educated potential lenders (such as myself).
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Post by mrclondon on Dec 21, 2016 20:51:28 GMT
The 2013 legislation has been superceded by subsequent legislation in each year since. This page on Southampton planning website provide a concise list of the changes to the permitted development legislation. The Town and Country Planning (General Permitted Development) (England) (Amendment) Order 2016 is the current version. |
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treeman
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Post by treeman on Dec 22, 2016 9:45:47 GMT
Just gone live - approx 1330 investors at live with a bit on to the SM
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mikeh
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Post by mikeh on Dec 22, 2016 9:51:31 GMT
Interesting I'd only just got my prefund in but I got it OK.
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mikes1531
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Post by mikes1531 on Dec 23, 2016 3:39:47 GMT
Got what I asked for, £5k. Did anyone here pre-fund more than £5k? If so, please let us know what you were allocated. Only a few more than 1300 investors at the moment, so this wasn't a very popular loan, presumably because of the 10% interest rate. I'm in this, but really only as a parking place for funds not rolled forward from PBL092 into DFL012, until something I'm interested in comes along.
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twoheads
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Programming
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Post by twoheads on Jan 13, 2017 12:28:16 GMT
Status just changed to DRAWN DOWN.
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twoheads
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Post by twoheads on May 9, 2017 20:26:48 GMT
Silent mini-tranche added to this loan at 20:36 today:
Loan from £1,249,839 to £1,301,317 (39% to 40%). Cash injection of £51,478 (dumped on the SM as usual).
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jonah
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Post by jonah on May 10, 2017 7:12:32 GMT
Silent mini-tranche added to this loan at 20:36 today:
Loan from £1,249,839 to £1,301,317 (39% to 40%). Cash injection of £51,478 (dumped on the SM as usual). Thank you for this... 50k on SM was a surprise but that clarifies it.
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GeorgeT
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Post by GeorgeT on Jul 21, 2017 17:11:34 GMT
New tranche appeared in the pipeline.
Very interesting that the new tranche is being offered at 12%, when previous tranches have been at 10%.
Is this a first?
Value TBC - £3,220,000
Loan TBC - £71,600
%PA - 12%
LTV - 45%
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TonyL
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Post by TonyL on Jul 21, 2017 17:14:30 GMT
So is DFL011 a 12% pa or 10% pa loan. The old parts seem to be coming up as 10%, but the new tranche 3 seems to be coming up as 12%. Am I just going nuts or is this fact? If so, what happens when the new tranche hits the SM...is it 10% or is it 12%?
- Sorry crossed with Georget -
I think I've had similar before...just ended up selling it when I thought it was possible 10%.
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GeorgeT
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Post by GeorgeT on Jul 21, 2017 17:49:39 GMT
I would guess this 12% tranche will exist as a stand-alone loan in terms of the SM.
It seems LY have realised they can no longer attract funds by offering less than 12%. It's a shame some people allowed them to get away with it in the first place. I could have told them savvy investors like myself wouldn't be prepared to accept a lowering of returns against a backdrop of rising risks.
I think this is evidence of LY's "fail fast and pivot" business approach in action, as described in the latest update.
Obviously I refused to invest at 10% because such low, tight fisted rates are not commensurate with the risk, but I have set a pre-fund for the 12% tranche because there are 176 days to run and it's a tiddler - and therefore liquidity will remain excellent and it offers a very safe 12% with the option to sell out quite easily and quickly.
I wonder if all subsequent DFL tranches will be offered at 12%, regardless of the initial loan rates, so the future rates will be either 12% or 12%+ Cashback for the bigger loans. If so there will be an even bigger clog up of sub 12% dross on the SM as investors try to exit the earlier tranches to invest in the later, higher rate tranches.
On the other hand, it could be just another mistake by LY.
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elliotn
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Post by elliotn on Jul 22, 2017 2:54:12 GMT
Clerical mistake or will be stand-alone tranche on the SM as George says per the CB tranches. I'd imagine an error though as they have only mentioned CB and not a mid-term change in rates (that will infuriate existing holders who will be immediately left with an illiquid monster after paying to get the project off the ground). If it is an error they need to fix asap as investors will be prefunding at 12% which will be a guaranteed fail fast. If it is 12%, then I may pivot and risk some of my funds back in Ly as, unlike George, I originally thought 10% not *too* un-commensurate for a fairly small resi conversion with ground floor, blue chip tenant  . |
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GeorgeT
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Post by GeorgeT on Jul 24, 2017 17:54:59 GMT
Thought I'd bump this one. It's been noted in the official Pipeline Loans thread that the rate on the new tranche has been cut from 12% to 10%. I have changed my pre-fund to zero. Just another reminder to other 12%ers to do the same. It's important we let our pre-funds do the talking. I hope nobody who does their business at the weekend will end up getting a 10% loan when they thought were bidding on a 12%.
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p2p2p
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Post by p2p2p on Jul 24, 2017 21:13:39 GMT
Confusion aside, I'm glad they changed it to be consistent with older tranches
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Post by GSV3MIaC on Jul 25, 2017 6:47:46 GMT
No announcement or apology though. I wonder what non-forum-readers made of it.
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