ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 6, 2017 10:33:58 GMT
The site comprises a parcel of unsurfaced land covering in gravel. The site has planning permission for the construction of a 5 bedroom detached dwelling with
integrated single garage.
Property Loan
Interest P/A - 12%
Loan value of £80,500 (value £115,000)
LTV - 70%.
Loan Term - 6 months
Bid Limit - None
Land adjacent to ...................... The loan is secured by way of a first legal charge over land adjacent to XXXXXXXXXXXXXXXXXXX Carlisle with a valuation of £115,000.
XXXXXXXXXXX is a village in Cumbria, England, situated to the north of Carlisle Lake District Airport. The subject property is situated to the north of the village, with the land adjoining the former XXXXXXXXXXX.
The site comprises a parcel of unsurfaced land covering in gravel. The site has planning permission for the construction of a 5 bedroom detached dwelling with integrated single garage.
Exit The exit to this loan is to develop then by way of a sale of the property.
Security
This is a £80,500 loan secured by a first legal charge over land adjacent to XXXXXXXXXXXXXXXXXXXXX Carlisle
A 6-month Bridging Loan. 6 months interest will be deducted at drawdown to ensure the LTV doesn’t increase during the lifetime of the agreement.
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.
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n
Member of DD Central
Yet another Nick
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Post by n on Jul 6, 2017 11:00:33 GMT
A stone's throw from Whitehaven then? Just saying.
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nick
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Post by nick on Jul 6, 2017 11:09:06 GMT
Interesting that the VR highlights a larger, more desirable plot directly opposite that has PP has been unsold after being on the market for more than 18 months at £100k. On this occasion, surely the direct comparable provides a much more accurate indication of today's market value versus a GDV approach? I'm surprised there is such a large variation in based on which approach is taken (on a comparable basis the MV looks more like £90-95k vs £115k so c20% variance). I'm I missing something?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 6, 2017 11:33:21 GMT
" with outline planning permission to construct a four bedroom, detached dormer bungalow with double garage. The site is located directly opposite the subject site. The site has been on the market for approximately 18 months with an asking price of £100,000"
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elliotn
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Post by elliotn on Jul 6, 2017 11:41:23 GMT
Interesting that the VR highlights a larger, more desirable plot directly opposite that has PP has been unsold after being on the market for more than 18 months at £100k. On this occasion, surely the direct comparable provides a much more accurate indication of today's market value versus a GDV approach? I'm surprised there is such a large variation in based on which approach is taken (on a comparable basis the MV looks more like £90-95k vs £115k so c20% variance). I'm I missing something? 4 bed, only OPP.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 6, 2017 11:43:44 GMT
I recall VR also says something like not much outside garden space available around the house intended with this Loan........
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elliotn
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Post by elliotn on Jul 6, 2017 11:45:25 GMT
Back of the fag pack residual 30% land without any plans for the new build and an assumed 30% haircut giving 100% loan to 90D, opp (only) plot opposite unsold for 1 and 1/2 years. Saucy, Collateral .
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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 Jul 6, 2017 12:57:09 GMT
Existing loan on FS - currently a month overdue due to delays in refinancing.
Main property sold for 140k in 2015. I assume that the security has a separate title to the main building.
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Post by Collateral Rep on Jul 6, 2017 13:01:34 GMT
Hi ilmoro, Yes, the security has a separate title and as with all our loans, it won't be drawn down util our legals and ourselves are completely satisfied with the loan. Many thanks, Gordon
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madpierre
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Post by madpierre on Jul 6, 2017 13:24:58 GMT
According to the original VR for FS the car park was included in the valuation and it was noted that an application for PP was underway, separate to the pub conversion, but would increase the overall value of the site. With PP now granted that should be the case but if the titles have been split then the FS valuation is probably a whole lot less now because it no longer includes the car park, not that we been informed nor if any work has actually been done on the pub conversion! Hopefully I have missed something, otherwise I wish the funds I presently have in the FS loan could be moved a few yards away into Collateral's car park, where I feel they are somewhat safer
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oldgrumpy
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Post by oldgrumpy on Jul 6, 2017 13:38:56 GMT
Well worth googling this (overdue) FS borrower for clarification about why his "better half" is asking for this loan. I'll pass on this one. (...and I wasn't in that one either, because that was to pay off a previous loan!).
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Post by elephantrosie on Jul 6, 2017 17:03:41 GMT
again... im surprised this loan gets filling up so quickly.
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guff
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Post by guff on Jul 6, 2017 17:53:39 GMT
again... im surprised this loan gets filling up so quickly. As Mr. T might say: "12%. Ravenous SM. Arse to DD. Sell before term. What could possibly go wrong?"
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GeorgeT
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Post by GeorgeT on Jul 6, 2017 20:19:32 GMT
again... im surprised this loan gets filling up so quickly. As Mr. T might say: "12%. Ravenous SM. Arse to DD. Sell before term. What could possibly go wrong?" You took the words right out of my mouth! Agree with some of the above comments in that it looks like a pretty basic back of a fag packet 1/3 for the plot value type of valuation and doesn't seem to pay a great deal of regard to fairly stagnant market conditions which could be turning south. Nevertheless it's a very small loan and 12% is on offer and I have invested. However I have made a mental note to self to try to sell after 3 months.
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elliotn
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Post by elliotn on Jul 7, 2017 0:25:20 GMT
again... im surprised this loan gets filling up so quickly. - 12% - diversification - land with full pp ie no development risk for this loan - smallish loan improves secondary liquidity - primarily investors not carrying out DD - this was 40% filled by the time I got to the end of the VR and decided not a penny of my uninvested grand would be going into it
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