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Post by wengyeeRelendex on Sept 8, 2017 14:47:39 GMT
Hi all, We have a new loan up on the platform. London & Liverpool Mixed Use Bridging Loan BridgingLoan amount: £ 1,000,000 Loan term: 18 months LTV: 62% Interest rate: 8.50% There is a 0.25% cashback incentive for all bids made by 16:00 next Friday 15 September 2017. *Regular lenders only, sorry ISA account holders! *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, please ask Regards, WengYee |
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Post by wengyeeRelendex on Oct 2, 2017 10:20:06 GMT
New loan up on the platform. Oswestry Residential Development LoanLoan amount: £ 840,000 Loan term: 18 months LTV: 60% Interest rate: 8.50% There is a 0.25% cashback incentive for all bids made by 16:00 Friday 6 October 2017. *Regular lenders only, sorry ISA account holders! *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, please ask Regards, WengYee |
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Post by wengyeeRelendex on Oct 3, 2017 15:13:42 GMT
A first us as we have another loan up on the platform. Bristol South Residential Redevelopment LoanLoan amount: £ 370,000 Loan term: 12 months LTV: 60% Interest rate: 8.75% Please note that we have several large lenders committed to fill a substantial portion of this Loan. To enable the refinancing of the property to complete, this auction will close at 10am on Friday, 6th October. There is a 0.25% cashback incentive for all bids made by 10:00 Friday 6 October 2017. *Regular lenders only, sorry ISA account holders! *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, please ask Regards, WengYee |
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Post by wengyeeRelendex on Oct 12, 2017 16:46:04 GMT
Hi all, We have a new loan up on the platform. Farnham Residential Redevelopment Loan
LOAN AMOUNT : £420,000 LOAN TERM : 15 months LENDER INTEREST RATE : 8.75% p.a. LOAN TO VALUE (LTV) : 65% As usual, we have a cashback incentive of 0.25% on all bids made till 4pm 17 Oct 2017 (ISA accounts not eligible). *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, I'll be here. Regards, WengYee |
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Post by wengyeeRelendex on Nov 16, 2017 11:07:26 GMT
Good morning, We have a new loan up on the platform. Bridge House Residential Redevelopment Loan (Stage 1 of 2)Loan Amount: £1,400,000 (Stage 1 of 2 of ultimately £1,800,000 loan) Loan Term: 12 months Lender Interest Rate: 8.5% LTV: 65% As usual, we have a cashback incentive of 0.25% on all bids made till 4pm 23 November 2017 (ISA accounts not eligible). *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, I'll be here. Regards, WengYee |
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shimself
Member of DD Central
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Post by shimself on Nov 16, 2017 12:39:31 GMT
Good morning, We have a new loan up on the platform. Bridge House Residential Redevelopment Loan (Stage 1 of 2)Loan Amount: £1,400,000 (Stage 1 of 2 of ultimately £1,800,000 loan) Loan Term: 12 months Lender Interest Rate: 8.5% LTV: 65% As usual, we have a cashback incentive of 0.25% on all bids made till 4pm 23 November 2017 (ISA accounts not eligible). *Funds lent through Relendex are loans and not deposits. That means your capital is at risk. Any questions, I'll be here. Regards, WengYee The worst case valuation shows £1.1M. The loan is £1.4M Will you be issuing tranches against a monitoring surveyors reports in order to maintain a positive LTV (65%?), if so how much will the first such tranche be? Has the borrower actually purchased the property, when and for how much please? Do I correctly infer just £77K The valuer repeatedly makes the point re establishing good title. Is there an issue here? Thanks
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ant1
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Post by ant1 on Nov 16, 2017 13:30:46 GMT
Where are you getting the £77k figure from?
Are you referring to the £70,779 amount? This is the combined figure for the Stamp duty, legal fees and survey costs.
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shimself
Member of DD Central
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Post by shimself on Nov 16, 2017 14:03:27 GMT
Where are you getting the £77k figure from? Are you referring to the £70,779 amount? This is the combined figure for the Stamp duty, legal fees and survey costs. yes sorry 70779. well what was paid? Gross Development Value £2,790,000 Acquisition Costs £70,779 Construction Costs (to complete) £599,769 Contingency @ 7.5%£44,983 Professional fees @ 5%£29,988 Disposal fees £34,875 Finance @ 6% £114,632 Developers Profit @20% on Cost £465,000 Total Costs (excl land) £1,360,027 Residual Value £1,429,973 Say £1,430,000
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ant1
Member of DD Central
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Post by ant1 on Nov 19, 2017 19:26:26 GMT
The figures you are quoting are from the summary on page 29, but there is more information provided on page 65 with the acquisition price being £1,429,973. Is this not the purchase price?
Hopefully Relendex will reply and provide a response to your questions and clarify this point.
Apologies if this is a stupid question (I'm new to the P2P game) but if the borrower had not purchased the property how can Relendex secure a first charge on the asset?
Thanks
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shimself
Member of DD Central
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Post by shimself on Nov 19, 2017 20:25:06 GMT
The figures you are quoting are from the summary on page 29, but there is more information provided on page 65 with the acquisition price being £1,429,973. Is this not the purchase price? Hopefully Relendex will reply and provide a response to your questions and clarify this point. Apologies if this is a stupid question (I'm new to the P2P game) but if the borrower had not purchased the property how can Relendex secure a first charge on the asset? Thanks If it's our money funding the purchase then lawyers can make official inter-lawyer promises to get over that.
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Post by wengyeeRelendex on Nov 20, 2017 10:32:17 GMT
Hi shimself / ant1 (sorry it's not letting my tag for some reason)
I'm waiting for the reply from our Senior Loan Director. Will post the update here when available.
Regards,
WengYee
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Post by wengyeeRelendex on Nov 20, 2017 13:56:14 GMT
Please find below answers from our Senior Loan Director, shimself, "Thank you for your question. The current market value of the property has been confirmed at £1.43m and the initial advance is £1m. The value of £1.1m reflects a forced sale valuation although the borrower is to immediately commence development works and so that valuation will no longer be applicable. We will be releasing funds in arrears against monitoring surveyor reports although the amount of the first release is not confirmed yet but will be for approximately £75,000. The property has been owned for over 2 years and the total redevelopment cost is on the order of £1m, of which the borrowers have expended c.£400k to date. The borrowers currently own a long leasehold interest in the property and have agreed to purchase the freehold from the local authority with the final cost expected to be in the order of £70k." ant1, "Thank you for your question. The borrower has owned a long leasehold interest in the property for over 2 years and has now agreed to simultaneously purchase the freehold to the property with completion of the loan and so offer Relendex a 1st legal charge over the freehold." |
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ant1
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Post by ant1 on Nov 20, 2017 18:01:06 GMT
Thanks for this additional information.
Anthony
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shimself
Member of DD Central
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Post by shimself on Nov 20, 2017 20:55:23 GMT
@relendex thanks for the reply. When the property was bought two years ago can you confirm the price paid?
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Post by wengyeeRelendex on Nov 29, 2017 16:17:21 GMT
Hi shimself, Sorry for the late reply but I didn't see that question you tagged relendex (which isn't my username here). We have asked the borrower to provide this figure and will post it here when available. Regards, WengYee |
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