mikes1531
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Post by mikes1531 on Jul 12, 2017 10:59:27 GMT
When this loan first originated (back in January) the plan was... Six months later, the loan is being renewed. The words in the description haven't changed at all, and there's been no further info added. fundingsecure : What has the borrower done in the past six months? Has a PP application been made? If so, when and what was the reaction? If not, why not? |
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mikes1531
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Post by mikes1531 on Jul 12, 2017 15:13:00 GMT
I sent the above directly to FS as a question. I see there's now an update on the Assets tab of the loan...
Thank you, FS.
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09dolphin
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Post by 09dolphin on Jul 12, 2017 17:52:42 GMT
How much can you trust the updates from FS bearing in mind the debacle from Whitehaven?
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Post by mrclondon on Feb 15, 2018 19:31:32 GMT
Back up for renewal tomorrow, interest rolled up against new valuation on the almost completed (el cheapo) refurbishment to a 12 bed HMO. One major thing struck me in the new VR: Para 10.3 (also para 5.3 and photos pg 32 of pdf) "The single glazed timber window frames are in a poor condition. Several window frames have been affected by wet rot and are due for replacement." Para 10.4 "Dampness was noted to several walls on all floor levels."Para 10.7 & 10.7.1 "... we have not been provided with a copy of an EPC for the Property. [...] We draw your attention that The Energy Act 2011 includes provisions that will outlaw the letting of residential and commercial property with ‘F’ and ‘G’ EPC ratings by no later than 1 April 2018."
adrian77 (and anyone else with development experience) - how bad would a property have to be to get a "F" or "G" EPC rating ? To what extent do single glazed windows hammer the EPC rating ? |
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adrian77
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Post by adrian77 on Feb 16, 2018 9:05:26 GMT
good question - not that bad! I have had a tenant who got funny with the rent and claimed the house was cold when the central heating was turned off! I had lived there for 10 years quite comfortably! The council H and S stormtroopers were there in a flash and were unbelievably aggressive. The house was not too bad at all but I had to install more loft insulation. The point being that this damp really worries me as it can be difficult and expensive to treat and we all know how much double glazing costs. Allied with this the house will need signing off and I worry about future rent controls etc.
That said HMO can be profitable ( I am tempted myself) but it often needs a lot of cash up front
and a buffer against problem tenants. Considering the high cost of the development funding here I am concerned the developer is going to run out of cash and will be back for more
In my humble opinion based on the very limited FS data - smutty stick!
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morris
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Post by morris on Feb 16, 2018 10:41:10 GMT
What is HMO?
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Post by dan1 on Feb 16, 2018 10:51:01 GMT
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r00lish67
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Post by r00lish67 on Feb 16, 2018 10:53:58 GMT
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Post by dan1 on Feb 16, 2018 10:56:35 GMT
Mods need to atone for all those not so nice PMs 
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aj
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Post by aj on Feb 16, 2018 11:38:34 GMT
Back up for renewal tomorrow, interest rolled up against new valuation on the almost completed (el cheapo) refurbishment to a 12 bed HMO. One major thing struck me in the new VR: Para 10.3 (also para 5.3 and photos pg 32 of pdf) "The single glazed timber window frames are in a poor condition. Several window frames have been affected by wet rot and are due for replacement." Para 10.4 "Dampness was noted to several walls on all floor levels."Para 10.7 & 10.7.1 "... we have not been provided with a copy of an EPC for the Property. [...] We draw your attention that The Energy Act 2011 includes provisions that will outlaw the letting of residential and commercial property with ‘F’ and ‘G’ EPC ratings by no later than 1 April 2018."
adrian77 (and anyone else with development experience) - how bad would a property have to be to get a "F" or "G" EPC rating ? To what extent do single glazed windows hammer the EPC rating ? If the windows need replacing, this could be the source of the damp. I don't see anyone buying this at market value until the windows/damp are sorted. Not one for me.
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rogerthat
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Post by rogerthat on Feb 16, 2018 11:56:51 GMT
Back up for renewal tomorrow, interest rolled up against new valuation on the almost completed (el cheapo) refurbishment to a 12 bed HMO. One major thing struck me in the new VR: Para 10.3 (also para 5.3 and photos pg 32 of pdf) "The single glazed timber window frames are in a poor condition. Several window frames have been affected by wet rot and are due for replacement." Para 10.4 "Dampness was noted to several walls on all floor levels."Para 10.7 & 10.7.1 "... we have not been provided with a copy of an EPC for the Property. [...] We draw your attention that The Energy Act 2011 includes provisions that will outlaw the letting of residential and commercial property with ‘F’ and ‘G’ EPC ratings by no later than 1 April 2018."
adrian77 (and anyone else with development experience) - how bad would a property have to be to get a "F" or "G" EPC rating ? To what extent do single glazed windows hammer the EPC rating ? If the windows need replacing, this could be the source of the damp. I don't see anyone buying this at market value until the windows/damp are sorted. Not one for me. Like the Brum land renewal coming up..ive let Rochdale go too..thankful to get out unscathed
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Post by mrclondon on Sept 7, 2018 22:17:33 GMT
Photos taken today (Fri 7th Sept) at 12:30 Looks to be finished, although basement windows still have cutting sized inked on. Basement lightwell at front litter strewn, and some fly tipping at rear. Advert in window "Room to let" (it is a HMO project) From the front (the brick building. The adjacent rendered building, an ex pub, has also been converted in residential)
from the rear
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Post by mrclondon on Jul 15, 2019 12:35:53 GMT
No update was made on the loan, but this one ( 2180976704) was repaid in full last week, just 2 months beyond the maturity date of the most recent renewal.
Lets hope for similiar results on the borrower's other loans (St Helens x 2 & Oldbury)
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