ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 9, 2017 23:08:18 GMT
Looks a good 'un to me, the Current Valuation and LTV seem to stack up.
The property is currently a car garage and showroom that has planning in place to be demolished and replaced with a block of 8 flats.
The client is in the process of amending the plans to allow for 2 further flats which will give a total of 10
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littonowl
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Post by littonowl on Mar 10, 2017 9:58:22 GMT
Yep, I see they are now being marketed on rightmove, at the prices indicated in the latest update.
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ozboy
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Post by ozboy on Mar 10, 2017 10:47:57 GMT
Appendices three to eight are also missing from the Valuation Report, particularly Appendix Five/Notice of Planning Decision and Approved Plans
,
Appendix Six/Comparable Evidence, and Appendix Seven/Valuation Calculations
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locutus
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Post by locutus on Mar 10, 2017 10:49:50 GMT
ozboy can you put the loan number in your title as I'm not sure many people know exactly which loan you're referring to.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 10, 2017 11:06:46 GMT
Done - 25% @ 11:06
42% @ 11:35
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littonowl
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Post by littonowl on Mar 10, 2017 11:42:42 GMT
Someone just sank a cool £50k in, now 98%..
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elliotn
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Post by elliotn on Mar 10, 2017 11:48:26 GMT
Someone just sank a cool £50k in, now 98%.. Locutus just needed to confirm the loan number  .
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phil
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Post by phil on Mar 10, 2017 11:52:13 GMT
One of the more confusing threads, discussing two loans at once  |
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ozboy
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Post by ozboy on Mar 10, 2017 12:16:14 GMT
Different Loan littonowl, this one 3575316617 is 44% @ 12:15
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littonowl
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Post by littonowl on Mar 10, 2017 13:38:38 GMT
Different Loan littonowl, this one 3575316617 is 44% @ 12:15 Whoops! Apologies all.
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ozboy
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Post by ozboy on Mar 10, 2017 14:34:06 GMT
No problem, as locutus suggested, I should & must include the Loan # when I post.
50% @ 14:32 .................... filling slowly but nicely, and I see someone did bosh £30K in.
52% @ 15:53
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Post by mrclondon on Sept 27, 2017 18:31:35 GMT
Up for renewal tomorrow, and conversion to a multi-tranche development loan.
I've had a look through the Bristol planning portal, and both the planning application (for 10 apartments) and the subsequent conditions approval application (which was approved this month) seem to be in order.
The only blip I can discover is the 100% shareholder (and former director) of the borrowing company is currently disqualified from acting as a company director (Aug 14 to Aug 19) for something at one of his other companies (which is being liquidated).
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mikes1531
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Post by mikes1531 on Sept 27, 2017 20:09:32 GMT
Up for renewal tomorrow, and conversion to a multi-tranche development loan. The only blip I can discover is the 100% shareholder (and former director) of the borrowing company is currently disqualified from acting as a company director (Aug 14 to Aug 19) for something at one of his other companies (which is being liquidated). In case people haven't noticed it, the interest rate for the 'renewal' is 12% whereas the existing loan is 13%. And the change from a bridging loan to a development loan is rather significant. In light of those changes, I think fundingsecure shouldn't be allowing people who invested in the current loan to be rolled forward into the new loan without making the changes very clear, especially as many of the renewal instructions will have been made before the changes were announced. Not to mention that FS haven't given much notice to investors. I have sent them an email saying that, but it may not have any effect because there's very little time before the new loan goes live. As for the borrower's sole shareholder having been disqualified from being a director... If the disqualification started in 2014, it would have been effect when the loan first came to FS earlier this year. So nothing really has changed.
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Post by diamon89 on Sept 28, 2017 9:01:23 GMT
The only blip I can discover is the 100% shareholder (and former director) of the borrowing company is currently disqualified from acting as a company director (Aug 14 to Aug 19) for something at one of his other companies (which is being liquidated). That feels like more than a blip. Being disqualified as a director is fairly serious. And exercising control over a company (i.e. acting like a director) while disqualified would be a criminal offence (but of there is nothing to suggest that this person is exercising control, all we can see from the public record is that the controlling shareholder of the company named in the planning application as the owner of the site is currently disqualified as a director).
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lobster
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Post by lobster on Sept 28, 2017 9:51:44 GMT
The only blip I can discover is the 100% shareholder (and former director) of the borrowing company is currently disqualified from acting as a company director (Aug 14 to Aug 19) for something at one of his other companies (which is being liquidated). That feels like more than a blip. Being disqualified as a director is fairly serious. And exercising control over a company (i.e. acting like a director) while disqualified would be a criminal offence (but of there is nothing to suggest that this person is exercising control, all we can see from the public record is that the controlling shareholder of the company named in the planning application as the owner of the site is currently disqualified as a director). Could this be be reason why the borrower is unable to secure cheaper funding elsewhere ?
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