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Post by bengilbert on Feb 22, 2017 18:48:37 GMT
We were on site yesterday for an update on progress, along with representatives of the hotel chain of which our borrower will be becoming a franchisee. Works are moving forward, with the sample room now ready - photos are below. The hotel chain representatives expressed satisfaction with progress and are moving towards signing the final necessary documents, with a view to opening to bookings from July onward within the coming weeks. A further drawdown of around £500,000 will be made at the end of this week or start of next - we are just waiting on receipt of the updated valuation, which we hope will be with us by Friday.
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Post by bengilbert on Feb 22, 2017 18:49:57 GMT
More photos:
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littonowl
Member of DD Central
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Post by littonowl on Feb 22, 2017 19:51:22 GMT
Thanks bengilbert Looks and sounds to be progressing nicely. Really do appreciate this sort of openness. Gives me the confidence to invest more heavily than I normally would whenever I see a loan with Broadoak involved.
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investibod
Member of DD Central
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Post by investibod on Feb 22, 2017 21:32:59 GMT
Thanks bengilbert Looks and sounds to be progressing nicely. Really do appreciate this sort of openness. Gives me the confidence to invest more heavily than I normally would whenever I see a loan with Broadoak involved. My feelings exactly.
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Post by scottdt on Feb 23, 2017 4:21:31 GMT
If the development is going to complete in July (based on when they are planning to take booking for) is this loan likely to repay early - current end date is August 2018
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Post by bengilbert on Feb 23, 2017 10:03:48 GMT
If the development is going to complete in July (based on when they are planning to take booking for) is this loan likely to repay early - current end date is August 2018 There is a good chance it will repay somewhat early, but it may very well not be until some point in 2018. The loan is expected to be refinanced by bank lending, and the bank will want to see some trading history before starting the refinance process, which will itself take some time. That would probably take us into 2018. There are no guarantees on the timing - the process could be quicker or slower, and the borrower may find an alternative way of repaying us early. However, my best guess (only a guess) would be repayment will occur in the first half of 2018.
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Post by scottdt on Feb 24, 2017 4:20:25 GMT
If the development is going to complete in July (based on when they are planning to take booking for) is this loan likely to repay early - current end date is August 2018 There is a good chance it will repay somewhat early, but it may very well not be until some point in 2018. The loan is expected to be refinanced by bank lending, and the bank will want to see some trading history before starting the refinance process, which will itself take some time. That would probably take us into 2018. There are no guarantees on the timing - the process could be quicker or slower, and the borrower may find an alternative way of repaying us early. However, my best guess (only a guess) would be repayment will occur in the first half of 2018. Thanks bengilbert
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hazellend
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Post by hazellend on Feb 24, 2017 10:39:06 GMT
The loan does seem somewhat derisked but always need to remember it's "if" not "when" it repays.
Otherwise the borrower wouldn't be paying 12% +
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jonah
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Post by jonah on Feb 25, 2017 14:13:47 GMT
It would appear that Barclays (which I think MoneyThing uses) is having issues today: downdetector.co.uk/problems/barclaysI can't seem to transfer cash to MT for this upcoming loan tranche... so I suspect that it might be less of a FFF than normal.
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ganymede
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Post by ganymede on Feb 25, 2017 14:45:19 GMT
My transfer to MT was processed this morning, and funds are sitting there ready.
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guff
Posts: 730
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Post by guff on Feb 25, 2017 15:06:31 GMT
It would appear that Barclays (which I think MoneyThing uses) is having issues today: downdetector.co.uk/problems/barclaysI can't seem to transfer cash to MT for this upcoming loan tranche... so I suspect that it might be less of a FFF than normal. Can't transfer from Lloyds - instantly returned to my account as a correction.
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guff
Posts: 730
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Post by guff on Feb 25, 2017 15:56:58 GMT
It would appear that Barclays (which I think MoneyThing uses) is having issues today: downdetector.co.uk/problems/barclaysI can't seem to transfer cash to MT for this upcoming loan tranche... so I suspect that it might be less of a FFF than normal. If you use the same payment ref you should be able to tfr from a non-Barclays account and still enjoy FFF (I use 2 a/c). I think it was a problem with MT's Barclays account - I couldn't transfer from my Lloyds account. It works now though!
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fp
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Post by fp on Feb 25, 2017 20:31:35 GMT
Early birds caught the worms today
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stevio
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Post by stevio on Feb 25, 2017 22:16:04 GMT
Is there another 1k restriction tomorrow or FFF?
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ilmoro
Member of DD Central
'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 Feb 25, 2017 22:34:17 GMT
Is there another 1k restriction tomorrow or FFF? Another 1k limit
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