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Post by Collateral Rep on Mar 13, 2017 16:20:19 GMT
Hi @new2p2p ,
We cover this in the listing where it says that these loans are for the purchase and refurbishment of the property. We also state the following...
Please note the loan end date will be six months from the drawdown date, interest is payable from the date your funds are allocated to the loan.
At drawdown, we place the first charge with Land Registry.
Many thanks,
Gordon
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Post by Collateral Rep on Mar 13, 2017 17:44:02 GMT
Hi @new2p2p,
These loans are all in legals and are expected to drawdown any day now, and at that point the first charges will be placed on the properties at Land Registry.
As for the dates, these will change to reflect the drawdown date as mentioned in the loan listings.
All investors receive interest from the day they invest.
Many thanks,
Gordon
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DeafEater
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Post by DeafEater on Mar 13, 2017 23:07:36 GMT
In respect of loan BL00015 (currently in the pipeline to go live at 10am 14/03/2017) the accompanying valuation says the property was inspected on 10/07/2017. I can't help feeling that if I had access to a TARDIS, I'd be using it for less mundane activities.
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elliotn
Member of DD Central
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Post by elliotn on Mar 14, 2017 4:27:19 GMT
TY new2 for the Qs and Gordon for the As, interesting to see the timeline around the property deals after go live and that we'll get a remaining days' catch up when they do drawdown.
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Post by Collateral Rep on Mar 14, 2017 10:09:41 GMT
Hi @new2p2p,
Yes we are implementing something now where we will hold the 6 months available until drawdown, then the period will run down. Also looking at how we can fit in a status column or something to clearly show where the loan is up to.
On the Land Registry charge, yes we will add it to the listing.
We will update by email regarding property loan drawdown dates.
Many thanks,
Gordon
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Post by Collateral Rep on Apr 24, 2017 12:48:50 GMT
Hi @new2p2p ,
With BL00006 you are correct that it was drawndown later with the loan end date changing. We have added reference to drawndown changes to the Lytham Rd property where it says in the listing the new drawdown date and going forward this will appear on all loans that have end dates changed.
We have a debenture over the company and the legals are registering a first charge on the property.
As for BL00005, yes this was underwritten, but we have been asked for a settlement figure, so expect this loan to be redeemed shortly.
Many thanks,
CollateralRep
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