cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Mar 31, 2017 15:30:11 GMT
LIVE LOAN
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| -------------- | | Loan Amount | : | £ | 4,763,528
| | Security Value | : | £ | 12,000,000
| | SS Indicated LTV | : |
| 40% | | 90 Day Market Valuation | : | £ | N/A | | LTV Based on 90 day Market Valuation | : |
| N/A
| | Term | : |
| 365 days | % PA
| : |
| 12% |
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elliotn
Member of DD Central
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Post by elliotn on Mar 31, 2017 15:31:29 GMT
We need something a bit more concrete on this. Still digging.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 31, 2017 15:50:20 GMT
Going live on Saturday (01/04/2017).
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Post by onion12 on Mar 31, 2017 16:24:43 GMT
It would be a help if lendy could put in these go live emails if all legal s are complete so we dont add money when not needed or sell when not needed
Just a thought
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Mar 31, 2017 16:54:16 GMT
It would be a help if lendy could put in these go live emails if all legal s are complete so we dont add money when not needed or sell when not needed Just a thought I agree in general, however this loan is launching on interest day, and possibly on PBL033 repayment day (£5m)
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copacetic
Member of DD Central
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Post by copacetic on Mar 31, 2017 16:55:22 GMT
Haven't managed to get through all 248 pages of the valuation yet but looking at the borrower D***** G**** they have been in administration a few times. That said, the purchase price of £9m compared to the loan of £4.7m seems to indicate the borrower has come confidence in the project.
The planning laws do seem overly restrictive against residential use given the scale of the housing shortage in Southern England and the long time much of the site has been derelict.
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Post by mattie on Mar 31, 2017 16:57:06 GMT
I think this loan may be a dud, man has track record of dodgy dealings financial problems over the years. I will give it a miss.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 31, 2017 17:27:10 GMT
I think this loan may be a dud, man has track record of dodgy dealings financial problems over the years. I will give it a miss. Which is why it is 12%  The company in the VR (which is currently in liquidation) probably isn't the borrower; the actual borrower is more likely to be the holding company. However, there are questions surrounding the financial track record of the companies It seems that the availability of the option is coming to an end, and the borrower is desperate to utilise it. This is why he is using a bridging loan, and the above is why the % is attractive (to us). However, the £9m purchase price provides a nice cushion in the event of a default (in terms of LTPV). The local council is going to be keen to get rid of an eyesore, so my guess is PP in the future is likely. This is an attractive bit of land (but with a lot of cleaning up to do) in an attractive (and expensive) part of the UK I relatively happy with it. Security looks good and is provided with a decent term
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averageguy
Member of DD Central
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Post by averageguy on Mar 31, 2017 17:31:59 GMT
The sites been an eyesore for ages ..formerly owned by a B*** C***** ...last years article in the local press posted by someone yesterday was the first published proposal for quite some time....I'm half inclined to take a small stake purely because it's on my door step...one thing I would add is that allegedly the local council bends over backwards to encourage development...I couldn't possibly comment
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averageguy
Member of DD Central
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Post by averageguy on Mar 31, 2017 17:34:37 GMT
I think this loan may be a dud, man has track record of dodgy dealings financial problems over the years. I will give it a miss. Which is why it is 12% The company in the VR (which is currently in liquidation) probably isn't the borrower; the actual borrower is more likely to be the holding company. However, there are questions surrounding the financial track record of the companies It seems that the availability of the option is coming to an end, and the borrower is desperate to utilise it. This is why he is using a bridging loan, and the above is why the % is attractive (to us). However, the £9m purchase price provides a nice cushion in the event of a default (in terms of LTPV). The local council is going to be keen to get rid of an eyesore, so my guess is PP in the future is likely. This is an attractive bit of land (but with a lot of cleaning up to do) in an attractive (and expensive) part of the UK I relatively happy with it. Security looks good and is provided with a decent term I see your point re the cushion on paper re ltv...but no ones been able to do anything with it for a couple of decades at a guess.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 31, 2017 17:39:04 GMT
Which is why it is 12% The company in the VR (which is currently in liquidation) probably isn't the borrower; the actual borrower is more likely to be the holding company. However, there are questions surrounding the financial track record of the companies It seems that the availability of the option is coming to an end, and the borrower is desperate to utilise it. This is why he is using a bridging loan, and the above is why the % is attractive (to us). However, the £9m purchase price provides a nice cushion in the event of a default (in terms of LTPV). The local council is going to be keen to get rid of an eyesore, so my guess is PP in the future is likely. This is an attractive bit of land (but with a lot of cleaning up to do) in an attractive (and expensive) part of the UK I relatively happy with it. Security looks good and is provided with a decent term I see your point re the cushion on paper re ltv...but no ones been able to do anything with it for a couple of decades at a guess. Our borrower has had the option for 10 years, so that would (probably) restrict the current owner from selling on without the option holders permission (which he would unlikely be willing to do).
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GeorgeT
Member of DD Central
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Post by GeorgeT on Mar 31, 2017 17:45:52 GMT
Not an appealing site. A problematic site which has stood as a blot on the landscape for many years.Not really the kind of security I'd be happy to rely on as could well prove difficult to shift, hence why the borrower has turned to Lendy and Lendy are tempting us with their top risk rate of 12%.
However 12% loans with 365 day terms are nearly as rare as elephants that can drive cars so I will be taking a modest stake to help maintain my position in Lendy a little longer and as part of my wider sell down and diversify strategy.
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grahamg
Member of DD Central
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Post by grahamg on Mar 31, 2017 19:04:38 GMT
Not an appealing site. A problematic site which has stood as a blot on the landscape for many years.Not really the kind of security I'd be happy to rely on as could well prove difficult to shift, Yes its been a blot on the landscape for years and clearly unattractive to any developer in the past. I can't imagine the difficulty or cost of clearing and developing this site or the Park Authority wanting Area "A" between the road and river developed, more like returned to its natural state as there is no other development west of the road. I think it would be near impossible to shift when it all inevitably goes pear shaped. Given the doubts about the borrower i wonder if they could service extended interest the VR says not in the short term, also where the other £4.5 million is coming from as well. Mad to put live so quickly! Cement boots for this one!
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averageguy
Member of DD Central
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Post by averageguy on Mar 31, 2017 19:07:40 GMT
Not an appealing site. A problematic site which has stood as a blot on the landscape for many years.Not really the kind of security I'd be happy to rely on as could well prove difficult to shift, Yes its been a blot on the landscape for years and clearly unattractive to any developer in the past. I can't imagine the difficulty or cost of clearing and developing this site or the Park Authority wanting Area "A" between the road and river developed, more like returned to its natural state as there is no other development west of the road. I think it would be near impossible to shift when it all inevitably goes pear shaped. Given the doubts about the borrower i wonder if they could service extended interest the VR says not in the short term, also where the other £4.5 million is coming from as well. Mad to put live so quickly! Cement boots for this one! **************** That is one heck of a hole to fill to put it back to its natural state  ....and yes nothing will get developed between the road and the river and re going live so quickly isn't it all to do with that five million loan repayment and monthly interest...maybe I'm just being cynical
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hazellend
Member of DD Central
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Post by hazellend on Mar 31, 2017 19:11:09 GMT
Not an appealing site. A problematic site which has stood as a blot on the landscape for many years.Not really the kind of security I'd be happy to rely on as could well prove difficult to shift, Yes its been a blot on the landscape for years and clearly unattractive to any developer in the past. I can't imagine the difficulty or cost of clearing and developing this site or the Park Authority wanting Area "A" between the road and river developed, more like returned to its natural state as there is no other development west of the road. I think it would be near impossible to shift when it all inevitably goes pear shaped. Given the doubts about the borrower i wonder if they could service extended interest the VR says not in the short term, also where the other £4.5 million is coming from as well. Mad to put live so quickly! Cement boots for this one! I'm sure the borrower has considered your concerns. The fact they have paid 9 mill for the site is a bit of a vote of confidence. I doubt that they want to waste 4.5 million pounds on a white elephant. Also, if it was bovis building on an easy plot you might get 2% for your loan instead of 12%
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