adrianc
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Post by adrianc on Jan 23, 2017 12:16:16 GMT
Another vote for "I wouldn't want to live in an oversized shipping container." If I've understood the floor plans correctly (in overview.pdf) the six bedrooms each have en-suite shower rooms, and there are more WCs and showers on the ground floor. But no family bathroom containing a bath that I can identify. We've lived here for four years. I don't think anybody's had a bath in that time. But showers, every day. Baths are very much an exception for many people.
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spiral
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Post by spiral on Jan 23, 2017 12:36:00 GMT
Anyone else notice the valuer's report quoting uncertainty around the (upcoming) EU referendum. Money for old cut and paste. And that the base rate is held at 0.5%
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Post by mrclondon on Jan 23, 2017 12:36:03 GMT
Another vote for "I wouldn't want to live in an oversized shipping container." If I've understood the floor plans correctly (in overview.pdf) the six bedrooms each have en-suite shower rooms, and there are more WCs and showers on the ground floor. But no family bathroom containing a bath that I can identify. We've lived here for four years. I don't think anybody's had a bath in that time. But showers, every day. Baths are very much an exception for many people. Whilst I don't disagree with your sentiments that for most people showers are more convenient (it is c. 20 years since I last had a bath !) , raising young children without a bath in the house is hard work, hot baths are frequently advised by medical staff for assisting with muscular pain, and many ladies (in particular) like de-stressing with a long soak by candle light.
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spiral
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Post by spiral on Jan 23, 2017 12:37:11 GMT
MoneyThing Is it right that Broadoaks 5% first loss isn't showing yet? My recollection is that these are always visible on the pipeline page long before go live.
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Post by mrclondon on Jan 23, 2017 13:04:16 GMT
The fact that the valuation report was originally drafted early in 2016 is a slight concern as it implies the search for development finance has been long and not especially fruitful. Of greater concern is para 13.5 of the valuation report which gives the 2013 planning permission reference and states that development has to commence within 3 years (i.e. by October 2016). I'm adding this valuation report onto my ever growing list of valuation reports that I consider are not fit for purpose (in the context of retail investment). This report is dated December 2016 and yet is erroneous in both its macro economic analysis (pre referendum / pre interest rate drop) and in its planning consent analysis. bengilbert / MoneyThing - would you care to explain why you feel that this valuation meets the "fair and not misleading" standard required by the FCA ?
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Post by mrclondon on Jan 23, 2017 13:22:34 GMT
Unless there is a new planning consent that we are unaware of the security valuation is probably less than £60k (6.5 acres of agricultural land at between £8k and £10k an acre)
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ali
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Post by ali on Jan 23, 2017 13:29:30 GMT
Unless there is a new planning consent that we are unaware of the security valuation is probably less than £60k (6.5 acres of agricultural land at between £8k and £10k an acre) I take it you did read §1.3 of the VR: "...thus validating the planning position". Do you have reason to believe Mr. Inman mistaken?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 23, 2017 13:34:07 GMT
Unless there is a new planning consent that we are unaware of the security valuation is probably less than £60k (6.5 acres of agricultural land at between £8k and £10k an acre) I take it you did read §1.3 of the VR: "...thus validating the planning position". Do you have reason to believe Mr. Inman mistaken? A quick check of the planning site shows (as posted below) that the 4 preconditions in the original consent have been discharged by the planning authority (2 including the 3yr start date didnt actually require discharging as they had been satisfied ISTM)
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Post by bengilbert on Jan 23, 2017 15:47:09 GMT
From our solicitors regarding access:
'The property has the benefit of a right to way to go over and along an access way within the curtilage of the adjoining property in order to gain access from the adopted highway to the property. It also has the benefit of right to connect into services i.e. water, gas etc from the neighbouring property which is currently being developed as several barn conversions if it exercises an option to do so (which it currently has not). These rights are in addition to the property owner being able to connect into services direct from the property to the adopted highway (if it can) and also to gain access from the adopted highway to the property direct (if it can). We were happy with the situation, as the rights granted are only a benefit to the property should access and/or services be unable to be obtained by the developer direct from the adopted highway without the need to go over neighbouring land. In essence they are a fall back provision should the developer of the property need them.'
On the planning question:
the Solihull Metropolitan Borough Council has confirmed that the pre-commencement of the development condition No.4 in the planning permission has been discharged.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jan 23, 2017 16:09:41 GMT
Not really a surprise since a large amount of money came back from the Bradford loans just too late to go into anything much - many people will have left the money in their accounts and now need to get it deployed.
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markdirac
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Post by markdirac on Jan 23, 2017 16:13:13 GMT
Sooooo different to FS, where similar loans hang around unfilled all week.
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Post by GSV3MIaC on Jan 23, 2017 16:17:25 GMT
Looks like MoneyThing mis-calculated the demand (again) since it is all gone inside 20 minutes. Hopefully another tranche will be along before long.
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dermot
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Post by dermot on Jan 23, 2017 16:19:07 GMT
All gone in 16 minutes.
I got my chunk of it - I liked the location in terms of motorway access and close - but not too close- to the major conurbations.
I wouldn't mind living in in, but the lady of the house disagrees quite strongly ...
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oldgrumpy
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Post by oldgrumpy on Jan 23, 2017 16:20:43 GMT
Damn! I'll have to pull the money out now! (Please tell us the possible timing of tranche 2)
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Post by bengilbert on Jan 23, 2017 16:39:40 GMT
Not sure on the timing of the next drawdown on this deal, but we'll have a c. £400k advance on the Wigan deal going live in the next few days.
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