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Post by Deleted on Sept 19, 2017 8:42:16 GMT
Hi all,
It has been a while since we had a new loan on the platform so please find the following update about potential upcoming loans in the next weeks:
We currently have the following two loans that we expect to launch next week (or possibly the week after depending on the turnaround of valuation reports) subject to satisfactory assessment (all figures are preliminary and subject to change):
Loan 1
• Second charge bridging loan
• Security property: Owner-occupied 3 bedroom residential in Middlesex
• Loan amount: £116k
• Gross LTV: around 50-60%
• Annual rate: 11.4%
• Term: 12 months
• Interest retained throughout term
• Purpose of loan: refinance an existing loan
Loan 2
• Re-financing of the loan "Bridging Loan - Mandervell Road"
• Security property: Commercial unit (same as currently)
• Loan amount: £145k
• Gross LTV: 60-65%
• Annual rate: 10.9%
• Term: 6 months
• Interest retained throughout term
• Purpose of loan: refinance existing platform loan
In addition to the two loans above, we have issued a number of loan offers and are awaiting borrower acceptances prior to being able to proceed.
Regards, Filip
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n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
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Post by n on Sept 19, 2017 8:56:37 GMT
Hi @filipkaradaghi Will there be an option to carry over existing parts into the re-finance? If not will there be a repayment from the old loan before the new one goes live?
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Post by Deleted on Sept 19, 2017 11:22:37 GMT
Hi @filipkaradaghi Will there be an option to carry over existing parts into the re-finance? If not will there be a repayment from the old loan before the new one goes live? Hi n. We're finalising the logistics and believe that lenders into the current loan should be able to pre-commit all or part of their current investment for a certain time period into the refinanced loan as the repayment will not occur until the refinanced loan is fully financed and drawn down. In any event, we will announce the specific solution shortly. Regards, Filip
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Post by Deleted on Sept 22, 2017 16:48:47 GMT
Hi all. Just a quick update before the weekend: inspections of both security properties (Loan 1 and Loan 2) were carried out today and provided that the valuation reports come back without any unexpected issues, Loan 1 could be made available for investment at the end of the next week and Loan 2 shortly thereafter.
Have a great weekend.
Regards, Filip
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Post by Deleted on Sept 25, 2017 15:48:44 GMT
Hi all. Valuation for Loan 2 (refinancing of current platform loan) has been received, showing that the security property has increased in value since the last inspection was carried out (29 March 2017). We're finalising the listing and will launch it in the next few days. Current lenders will be able to pre-commit for a 24 hour period prior to the listing becoming available to other lenders - email will be sent confirming this. Please keep in mind that the loan will not complete earlier than 13 October which is the maturity date for the loan that is being refinanced.
Regards, Filip
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Post by Deleted on Sept 26, 2017 17:45:28 GMT
Just a quick note that Loan 2 is likely to go live tomorrow morning and Loan 1 few days later (ie in different order than assumed previously) as we are now in receipt of valuation reports for both loans and are finalising our assesment. Please remember that your capital is at risk. Please see landlordinvest.com/risk-warnings for full risk warnings. Regards, Filip
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spyrogyra
Member of DD Central
Posts: 386
Likes: 148
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Post by spyrogyra on Sept 27, 2017 10:23:16 GMT
A prove I am getting old is the fact I can't find how to pre-commit. I might not be the only one, please clarify.
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Post by Deleted on Sept 27, 2017 10:26:31 GMT
A prove I am getting old is the fact I can't find how to pre-commit. I might not be the only one, please clarify. Hi spyrogyra. Please try to login to your account and then press the listing link in the email. I will send the direct listing link via PM as well. Regards, Filip
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,029
Likes: 1,855
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Post by littleoldlady on Sept 27, 2017 10:32:19 GMT
A prove I am getting old is the fact I can't find how to pre-commit. I might not be the only one, please clarify. You have to be already logged in before clicking on the link. Not obvious.
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Post by Deleted on Sept 27, 2017 10:36:08 GMT
A prove I am getting old is the fact I can't find how to pre-commit. I might not be the only one, please clarify. You have to be already logged in before clicking on the link. Not obvious. My apologies, oversight from our end indeed. We will make it clearer with the next refinancing as this was the first one.
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spyrogyra
Member of DD Central
Posts: 386
Likes: 148
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Post by spyrogyra on Sept 27, 2017 11:03:08 GMT
Thanks.
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Sept 27, 2017 12:07:17 GMT
You have to be already logged in before clicking on the link. Not obvious. My apologies, oversight from our end indeed. We will make it clearer with the next refinancing as this was the first one. Only obvious to the dotard's.
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Post by Deleted on Sept 28, 2017 11:38:48 GMT
Hi all. Just to confirm that Loan 1 will be launched Monday. We have asked the borrower to change solicitors to avoid a Kings Road situation.
Regards, Filip
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Post by Deleted on Oct 6, 2017 8:04:26 GMT
Hi all. By a way of update, the following loans are currently in various stages of assessment and may be made available for investment over the next couple weeks subject to satisfactory assessment and other (all material assumptions and figures are preliminary and subject to change):
Loan 1
• First and Second charge bridging loan (2 securities) • Security property: Vacant land and a 2-bedroom flat in West Hampstead, London • Loan amount: £511k • Gross LTV: around 45-55% • Annual rate: 9.0% • Term: 12 months • Interest retained throughout term • Purpose of loan: to complete a development
Loan 2
• Second charge bridging loan • Security property: 3 residential security properties in Hastings • Loan amount: £100k • Gross LTV: 70% • Annual rate: 13.5% • Term: 12 months • Interest to be serviced monthly • Purpose of loan: business purposes
Loan 3
• Second charge bridging loan • Security property: 7-bedroom house in Reading • Loan amount: £252k • Gross LTV: 50-60% • Annual rate: 10.0% • Term: 12 months • Interest retained throughout term • Purpose of loan: refinance an existing loan
Loan 4
• Second charge bridging loan • Security property: Mixed use buildings (both residential and commercial) in Peckham, London • Loan amount: £369k • Gross LTV: up to 79% • Annual rate: 19.0% • Term: 9 months • Interest retained throughout term • Purpose of loan: purchase of security property
Regards, Filip
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Post by Deleted on Oct 12, 2017 9:09:10 GMT
Hi all,
Please find the following short update on the current loans pipeline:
Loan 1
Inspections of both security properties have been carried out this week and we are awaiting the surveyors valuation reports prior to being able to proceed. Subject to satisfactory valuation report and assessment this loan could be made available for investment in the next week or the week after.
Loan 2
Inspections of all security properties have been carried out this week and we are awaiting the surveyors valuation reports prior to being able to proceed. Subject to satisfactory valuation report and assessment this loan could be made available for investment in the next week or the week after.
Loan 3
Inspection of the security property has been carried out this week and we are awaiting the surveyors valuation reports prior to being able to proceed. Subject to satisfactory valuation report and assessment this loan could be made available for investment in the next week or the week after.
Loan 4
We are awaiting the borrower to accept new terms prior to instructing valuation of the security properties.
Regards,
Filip
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