kaya
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Post by kaya on Sept 8, 2017 11:41:08 GMT
I don't approve of demolishing nice and seemingly perfectly good cottages like this, to replace with modernity, so will not invest. (I'm assuming they are not falling apart, though I suppose they might be).
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michaelc
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Post by michaelc on Sept 8, 2017 11:42:24 GMT
Collateral Rep , collateral Of course, I do understand that the valuation provided is with PP, but I see the valuation a tad bloated (considering the purchase price is looking like c325k) so I see PP as an important part of the loan Hi CD, I just took an initial look at the valuation and it seem to imply there isn't PP? Assuming I haven't missunderstood, then yes I would agree that a locally historic building might have some baring but I think its only one factor and definitely not in and of itself a bar.
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Post by Collateral Rep on Sept 8, 2017 11:47:44 GMT
Afternoon,
We've asked for confirmation, as soon as I get it I'll post here.
Many thanks,
Gordon
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james100
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Post by james100 on Sept 8, 2017 12:16:52 GMT
Sec 28 indicated it's not listed/conservation so I doubt there'd be planning issues but always good to check....the value for purposes of 70% calc is stated as original plot + 15m strip (yet to be purchased, presumably in conjunction with this loan) and not with the benefit of PP as I understood (that figure is the 570K).
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SteveT
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Post by SteveT on Sept 8, 2017 13:01:09 GMT
I don't approve of demolishing nice and seemingly perfectly good cottages like this, to replace with modernity, so will not invest. (I'm assuming they are not falling apart, though I suppose they might be). VR Page 2: The existing semi-detached properties are in a very poor state of repair
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kaya
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Post by kaya on Sept 8, 2017 14:07:14 GMT
Yes indeed! They would make for a fine renovation project. Okay, maybe invest a little for the sake of diversity.
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SteveT
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Post by SteveT on Sept 8, 2017 14:21:25 GMT
Afternoon, We've asked for confirmation, as soon as I get it I'll post here. Many thanks, Gordon The cottages are on Rightmove as Sold STC with a listing price of £325k. Can you share what the borrower is paying for the cottages and extra land together, since there is nothing I can see in the VR to justify the £480k as-is valuation.
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seeingred
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Post by seeingred on Sept 8, 2017 14:26:47 GMT
It can actually be a good idea to knock down older buildings - they are often difficult to make energy efficient and to cure of damp. Some have no foundations.....They were OK in the days when people didn't expect wall to wall heating 18 hours a day. A friend once asked me what I'd do with her cottage - quaint, roses round the door, uneven ceilings, no foundations, damp, various scrappy bits of flat roof on badly insulated extensions - I said knock it down and start again. But it was grade 2 listed so the woodworm got a reprieve. Buildings consume a lot of energy during their often 100+ year life. The argument on scrapping cars is different. Approximately half the 'environmental impact' of a car comes in making it and half in running it. Makes sense once it has been manufactured to look after it and use it for as many years as possible - 15 to 20 maybe. Current 'scrappage' schemes are just a tactic to boost new car sales. Scrapping a perfectly good 7 year old car that has only marginally higher real world emissions than a new car is ludicrous. And don't get me started on electric cars. Very good for reducing impact in city centres, they can have a negative environmental impact overall. Runs for cover......
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Post by Collateral Rep on Sept 8, 2017 15:34:33 GMT
Afternoon SteveT, The cottages were for sale on Rightmove without the land. The borrower is also purchasing the land, which is why it was included in the valuation. Many thanks, Gordon
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SteveT
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Post by SteveT on Sept 8, 2017 15:46:18 GMT
Afternoon SteveT, The cottages were for sale on Rightmove without the land. The borrower is also purchasing the land, which is why it was included in the valuation. Many thanks, Gordon I appreciate that, but the logic / justification behind the £480k valuation is not explained. I presume it reflects the agreed purchase price (which would be fair enough), but I would be concerned if the Land Registry subsequently shows that something significantly lower was paid.
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james21
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Post by james21 on Sept 14, 2017 16:34:03 GMT
Am I right in assuming planning permission is not in place for the proposed development?
Thank you
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Post by Collateral Rep on Sept 15, 2017 8:51:55 GMT
Morning cooling_dude, We have had conversations with legals and the borrower but are awaiting written confirmation so we can provide this to our investors. As soon as we receive this we will add it to the loan details. Many thanks, Gordon
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james21
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Post by james21 on Sept 15, 2017 15:45:39 GMT
I will invest only if PP is granted
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elliotn
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Post by elliotn on Sept 15, 2017 15:57:00 GMT
I will invest only if PP is granted Looks like a lot of people agree with you. Stating the 'plan' was to knock down for a new build for me was a bit of a slight of hand. 100% loan to purchase (assuming at best land makes up rest of purchase price) + no pp = going nowhere.
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GeorgeT
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Post by GeorgeT on Sept 15, 2017 21:24:10 GMT
I've already invested.
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