star dust
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Post by star dust on Jan 12, 2017 12:43:21 GMT
Afternoon, We have one new loan going live this afternoon at 3pm. 1) Property Loan. Loan value of £104,000 (value £150,000) LTV 69.33% Loan Term - 6 months Bid limit £1,000 You can see this loan shortly in Pipeline Loans.Many thanks, Gordon Collateral Rep , this seems to be quite a small loan with a £1000 bid limit, as you've given very little notice and it's not even in the pipeline yet, is there any chance of decreasing the bid limit and/or extending the bid limit timescale, if it's the usual 3 hours? In Edit: I see it's just appeared in the pipeline, and doesn't seem to have a timed bid limit restriction, is this correct? In Edit again, to change thread title as loan number changed by Collateral.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 13:14:01 GMT
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star dust
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Post by star dust on Jan 12, 2017 13:15:39 GMT
Having had a very brief look at the valuation I'm none too sure about this, it appears that the valuers regard it as being worth the same with or without planning permission, which I assume would also entail change of use, and that doesn't really stack up to me. Collateral Rep, can you confirm if the loan is to purchase the premises, and what would the exit route be if planning permission for the development was not granted?
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elliotn
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Post by elliotn on Jan 12, 2017 13:17:27 GMT
83% ltv vs 90 day mv & -ve value for development (using standard build costing in vr) - still, ss would have shown this as 8.8% ltv vs gdv.
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elliotn
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Post by elliotn on Jan 12, 2017 13:20:19 GMT
Having had a very brief look at the valuation I'm none too sure about this, it appears that the valuers regard it as being worth the same with or without planning permission, which I assume would also entail change of use, and that doesn't really stack up to me. Collateral Rep, can you confirm if the loan is to purchase the premises, and what would the exit route be if planning permission for the development was not granted? VR said standardised build costs would lead to a loss so they have reverted to 'as is' MV. Hope the architect doesn't cut corners or build sub-standard to try and squeeze a profit out.
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Post by Collateral Rep on Jan 12, 2017 13:27:49 GMT
Hi star dust , The borrower owns the property and is looking for finance for other businesses and towards architect and planning fees. They are currently working with their architect and they are confident that planning will be passed, however if not the exit would be a sale. Many thanks, Gordon
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elliotn
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Post by elliotn on Jan 12, 2017 13:30:24 GMT
See update in stardust thread. Already owns, seeking PP & development, if not saying what he'll immediately do with 100k in his sky rocket.
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Post by Collateral Rep on Jan 12, 2017 13:33:17 GMT
Hi,
The borrower owns the property and is looking for finance for other businesses and towards architect and planning fees.
They are currently working with their architect and they are confident that planning will be passed.
Many thanks,
Gordon
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oldgrumpy
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Post by oldgrumpy on Jan 12, 2017 13:37:02 GMT
Hi, The borrower owns the property and is looking for finance for other businesses and towards architect and planning fees. They are currently working with their architect and they are confident that planning will be passed. Many thanks, Gordon As long as he isn't called M*ck That would be taking the Mick
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 13:41:51 GMT
See update in stardust thread. Already owns, seeking PP & development, if not saying what he'll immediately do with 100k in his sky rocket. Apologies missed that thread A merge is required methinks star dust
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Forward
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Post by Forward on Jan 12, 2017 13:51:52 GMT
“New Property Loan - BL00335 – Liverpool” Collateral have it listed as “COLBL00007 - <mod redacted>, Liverpool”
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Post by Collateral Rep on Jan 12, 2017 13:58:35 GMT
Hi,
Yes, initially it generated a different loan number which has now been corrected.
Many thanks,
Gordon
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 14:17:05 GMT
Hi, Yes, initially it generated a different loan number which has now been corrected. Many thanks, Gordon How much did the borrower pay for the property? I gather they bought it in 2014 from P**** Taverns after some gang-related issues in the area. Just wondered if you can give us any idea what price was paid?
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guff
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Post by guff on Jan 12, 2017 15:45:50 GMT
Hi, The borrower owns the property and is looking for finance for other businesses and towards architect and planning fees. They are currently working with their architect and they are confident that planning will be passed. Many thanks, Gordon As long as he isn't called M*ck That would be taking the Mick Why is that, dear chap? Or in modern youth parlance… Y brov. My winky is bigger than OG's.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 12, 2017 17:39:53 GMT
“I gather they bought it in 2014 from P**** Taverns after some gang-related issues in the area. Just wondered if you can give us any idea what price was paid? “
Blimey Dude, you are one informed M*****F****r, sharp isn't the word for it “83% ltv vs 90 day mv & -ve value for development (using standard build costing in vr) - still, ss would have shown this as 8.8% ltv vs gdv.”
I couldn’t possibly comment elliottm
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