sirius
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Post by sirius on May 3, 2017 9:44:54 GMT
timmy
Thanks for the update.......reassuring.
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sirius
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Post by sirius on Apr 27, 2017 17:31:19 GMT
Likewise, I too 'feel' that PP will be granted. However, it is still only 'hope' value, not a certainty. Also, as you stated......no contingency and 10% profit??!!
Also, what about the Interest Costs/Infrastructure/Buildings Demolition/External works figure of 200k? FS fees are likely to swallow most of that, alone.
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sirius
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Post by sirius on Apr 27, 2017 16:56:18 GMT
The valuation is based on PP being obtained, not what the plot is worth as it stands. I cannot believe the borrower paid/ will pay more than 500k for the property, (as usual, that rather important snippet of information has not been released). Furthermore, what does the borrower require the money for now? Is it to purchase the property? It is certainly not stated in the details.
The valuation appears to me to have been made up, especially given the dubious costings.
A big no from me then.
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sirius
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Post by sirius on Apr 10, 2017 15:59:24 GMT
Many thanks for the update, timmy.
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sirius
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Post by sirius on Apr 7, 2017 11:27:50 GMT
Same with me. There are plenty of sites out there where you can get @7% WITHOUT risk.
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sirius
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Post by sirius on Apr 7, 2017 11:22:33 GMT
Still showing on mine.
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sirius
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Post by sirius on Apr 2, 2017 8:42:00 GMT
Thanks for the update pepperpot, much appreciated.
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sirius
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Post by sirius on Apr 1, 2017 11:06:09 GMT
I am out of this one.........Nothing can happen before July 2018................. a further £2.6 million needed for demolition alone................ and no planning. I would guess the borrower will try to sell on.........what is the going rate for white elephants these days?
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sirius
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Post by sirius on Mar 24, 2017 18:25:30 GMT
Unbelievable!
I have just come in and read the latest email from MT..........................."Full FCA Authorisation
We are delighted to announce that today we have been fully authorised by the Financial Conduct Authority (FCA).
This is a significant milestone for our business and the result of just over 18 months’ work that involved the scrutiny of every aspect of our business.
Many platforms in the P2P industry are working hard to gain their full permissions and we are one of the first few platforms to be granted full authorisation, ahead of some of the largest P2P companies.
This will help to give our lenders and borrowers confidence that we meet high standards in the way we operate, based on the regulations set by the FCA". .............................
Given mrclondon's post earlier, shown below in italics, (the bold is mine) I find the above quite ironic :-
" [scratches head in disbelief .... ]
FCA COBS 4.2 Fair, Clear and not misleading communications
Surely as a minimum the loan details on the MT website for this loan should have been amended prior to the loan launching a short time ago to provide a warning that it is possible that the attached valuation report contains falsified information.
Better still would have been to delay the loan launch until a new independent valuation report could be sought from a surveyor with no prior connections to the borrower".
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sirius
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Post by sirius on Mar 23, 2017 8:15:19 GMT
I would have thought anyone from "Broadoak" especially would have been aware that this scheme will appeal to few, even with the most cursory of glances. I am out!
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sirius
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Post by sirius on Mar 16, 2017 11:23:57 GMT
Hi
I note that the valuation is shown as being 1.8m. However, reading the VR it clearly states that it is based on the 'proposed' PP being granted. Surely, this makes its true value, at this moment in time, in the region of £720k, making the real LTV 100%++?
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sirius
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Post by sirius on Mar 14, 2017 10:44:31 GMT
OK by me
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sirius
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Post by sirius on Mar 2, 2017 21:43:25 GMT
Hi Liz
Yes, that is the one, going live tomorrow.
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sirius
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Post by sirius on Mar 2, 2017 21:04:21 GMT
Hi
Is anyone else confused as to the difference in rental described by FS and the rental figures shown in the valuers email?
FS state that, "Discussions are at an advanced stage with the council and the care provider at a rent of £116k per annum". (Which equates to £172 a week per unit).
The valuer has placed a weekly figure of £222 per week, £150k per annum, in his email valuation to FS......"With reference to the above and your emailed note with attachments of 28th November.....".
Using the £116k figure, the valuation reduces from @ 1m to @£350K.
As a newbie, I feel sure I am missing something here. Can anyone with more experience enlighten me please?
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sirius
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Post by sirius on Feb 28, 2017 21:57:21 GMT
Hi
Am I missing something here?
Bought for £1.47m + Loan £1.7m = 3.17m. Sold for £1.3m.
Can someone explain what happened to the loan money?
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