stevio
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Post by stevio on Jul 15, 2017 19:49:42 GMT
I've found some planning documentation on the relevant council web site. There are two applications. The one with 117 documents is the one that has a decision notice. In both cases the applicant was BLE, not BLC. My guess is that BLE bought an option to buy the property for £1.8m. BLE didn't go on to develop the project for some reason. Since the sale is going ahead to BLR at the same price, in spite of the potential valuation uplift from planning, I also suspect that BLE sold the option to BLR, in which case for the acquisition cost we need to know not only the purchase price, but also the price paid for the option. On the other hand the VR has reference to the vendor's principal's personal problems that result in him wanting to complete the sale rather than retesting the market. If my speculation about options were correct that would make the loan floated at Lendy more reasonable. But if that was the case Lendy could have quenched discussion with a simple statement "the borrower has an option to purchase the property for £1.8m. The borrower has subsequently obtained planning permission enhancing the valuation to £4.1m, and now wishes to proceed with the purchase." So perhaps there wasn't an option. BLE was dissolved in 24 November 2015
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am
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Post by am on Jul 15, 2017 20:03:03 GMT
I've found some planning documentation on the relevant council web site. There are two applications. The one with 117 documents is the one that has a decision notice. In both cases the applicant was BLE, not BLC. My guess is that BLE bought an option to buy the property for £1.8m. BLE didn't go on to develop the project for some reason. Since the sale is going ahead to BLR at the same price, in spite of the potential valuation uplift from planning, I also suspect that BLE sold the option to BLR, in which case for the acquisition cost we need to know not only the purchase price, but also the price paid for the option. On the other hand the VR has reference to the vendor's principal's personal problems that result in him wanting to complete the sale rather than retesting the market. If my speculation about options were correct that would make the loan floated at Lendy more reasonable. But if that was the case Lendy could have quenched discussion with a simple statement "the borrower has an option to purchase the property for £1.8m. The borrower has subsequently obtained planning permission enhancing the valuation to £4.1m, and now wishes to proceed with the purchase." So perhaps there wasn't an option. BLE was dissolved in <Q4> 2015 Yes. My speculation is that BLE sold on an option to BLR (incorporated Q1 2015) and then having no assets or purpose left was wound up.
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GeorgeT
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Post by GeorgeT on Jul 15, 2017 21:43:09 GMT
I have to say that so far Ed has never let me down and his due diligence has proved to be first class. I am reassured that he is lending against the existing value of the site and not some hypothetical future development value.
When I combine the above factors with 13% I am standing by to invest on Monday but in the comfort knowledge that if Ed picks up any concerns in the meantime he will not hesitate to withdraw the loan to maintain the reputation of MT.
Of course with Birkenhead now in some difficulty I am sure Ed will be extra careful to avoid any repetition and will not hesitate to pull the loan if he deems it prudent to do so. He will not wish to be seen to be a gung ho operator who lends on anything just to maintain the deal flow.
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gt94sss2
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Post by gt94sss2 on Jul 16, 2017 8:28:47 GMT
Am I right in thinking that this loan - unlike the Ablrate one - doesn't involve APF?
My impression was that loans involving APF (or a sister company) were a bit safer than lending directly to the end borrower.
MT should really give more detail about the end borrower than they do.
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gt94sss2
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Post by gt94sss2 on Jul 16, 2017 10:23:55 GMT
With the ABL; APF took 1st charge, and ABL took the second charge to take up the slack Are you sure? I understood that the ABL loan was actually to APF who were lending to B*******
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ilmoro
Member of DD Central
'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 16, 2017 10:27:27 GMT
With the ABL; APF took 1st charge, and ABL took the second charge to take up the slack Are you sure? I understood that the ABL loan was actually to APF who were lending to B******* Correct, but in relation to the underlying security which would have been assigned to ABL in support of the loan, it would have been a second charge that was assigned with APF having the first.
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am
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Post by am on Jul 16, 2017 13:06:18 GMT
Did we get an explanation of the discrepancy between the 147 acres stated in the RightMove listing, and the 104 acres stated in the VR. Both the listing (in the images carousel) and the VR show the same outline.
(The VR also shows a map with a couple of disconnected pockets of land, stated (I think) not to be part of the security. It's conceivable that these are the missing 43 acres, and that the RightMove listing is incorrect (doesn't show the full property boundaries)).
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GeorgeT
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Post by GeorgeT on Jul 17, 2017 10:34:00 GMT
All set for launch at 12 today as far as I know and on that basis I'm just about to transfer in my money so I can start earning 13% interest straight away.
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Steerpike
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Post by Steerpike on Jul 17, 2017 11:52:05 GMT
Way I see it if Ed gets us the first charge, based on a much more sensible valuation (ie ignoring the planning that may well expire) then this is BY FAR the best iteration of the deal that we've seen, so I'm very definitely in (even if my greedy self will miss the ABL 16%!) Is your understanding that once (if) planning permission is obtained in a month or two and the valuation goes back to over £4m that the next £1m loan tranche will be junior to this loan?
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jul 17, 2017 12:03:36 GMT
MTAW752 - Loan Fill Progress Data:
As at 13.00 (1 hour after Launch):
Loan is 24.15% funded.
£333,585 invested in 1st hour. ___________________________
As at 15.00 (3 hours after Launch):
Loan is 28.96% funded.
£66,427 invested in hours 2 and 3.
£400,012 invested in first 3 hours. ____________________________
As at 17.00 (5 hours after Launch):
Loan is 33.52% funded.
£62,932 invested in hours 4 and 5.
£462,944 invested in first 5 hours.
____________________________
As at 19.00 (7 hours after Launch):
Loan is 36.70% funded.
£43,986 invested in hours 6 and 7.
£506,930 invested in first 7 hours.
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ali
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Post by ali on Jul 17, 2017 12:13:41 GMT
Way I see it if Ed gets us the first charge, based on a much more sensible valuation (ie ignoring the planning that may well expire) then this is BY FAR the best iteration of the deal that we've seen, so I'm very definitely in (even if my greedy self will miss the ABL 16%!) Is your understanding that once (if) planning permission is obtained in a month or two and the valuation goes back to over £4m that the next £1m loan tranche will be junior to this loan? I asked Ed this and subsequent tranches will rank equally with this one.
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hazellend
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Post by hazellend on Jul 18, 2017 12:51:39 GMT
Seems to be quite popular given the current P2P situation in general.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jul 18, 2017 13:44:13 GMT
Yes. Well over half funded in 1 day.
£771,575 invested so far as I type and only 44% left.
A good platform and a good rate + not a great deal of noise from our DD dig and delve colleagues, so it's a winning combination.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jul 18, 2017 14:27:28 GMT
Yes. Well over half funded in 1 day. £771,575 invested so far as I type and only 44% left. A good platform and a good rate + not a great deal of noise from our DD dig and delve colleagues, so it's a winning combination. BANG!
Not a whimper.
Maybe the forum moderators have finally fitted a fully effective silencer. I haven't decided on this winning combination yet, having dumped my 16% bit from elsewhere (you didn't buy my bit did you?)
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Post by sannytwist on Jul 18, 2017 14:42:26 GMT
Seems to be quite popular given the current P2P situation in general. Whats wrong with the p2p situation? explain pls.
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