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Post by Deleted on Dec 1, 2017 10:33:17 GMT
Hi all, Just a quick update before the weekend: Portland Crescent
We’re still awaiting consent from the senior lender prior to being able to complete (and relist) and it looks unlikely that it will be obtained prior to the weekend. We’re chasing the borrower’s solicitor daily. Loan 1 (West Hampstead)
Draft planning consent has been received and the valuer and solicitors acting on behalf of investors are reviewing the draft consent to verify it is according to plans. Title searches and investigation are since earlier in progress. In addition to the two loans above, we have scheduled to launch a loan with the following details at the end of the next week or the week after: • First charge bridging loan • Security property: A former restaurant and bar in Shepperton, London • Loan amount: £367k • Gross LTV: around 65% • Annual rate: 10.0% • Term: 9 months • Interest retained for 6 months, serviced thereafter (minimum interest term 3 months) • Purpose of loan: purchase of security property (and obtain planning permission for redevelopment into residential). Exit is to refinance the loan once planning has been received (development finance). • Status: legals ongoing and final valuation report will shortly be received The loan will be launched once legals are nearing completion. We also have 5-6 other loans where our loan offers have been accepted and are currently going through assessment but it is too early to know when any of these loans might become available for investment, if at all. Have a great weekend all. Regards, Filip What is "draft planning consent"? Hi littleoldlady, The proposed borrower built something (minor) that he did not have planning permission for and we requested that relevant permission(s) were obtained prior to us considering proceeding with the loan. The relevant permission(s) has now been granted by the council (as being confirmed by the valuer and solicitors acting on behalf of the investors). In any event, we are only considering the site value when estimating the security value. All relevant details, including the valuation report, will be made available if the loan goes live. Regards, Filip
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Post by Deleted on Dec 4, 2017 13:08:09 GMT
Hi all,
I can confirm that Bridging Loan - Shepperton will go live tomorrow (around lunch time).
Regards,
Filip
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applets
Member of DD Central
Posts: 125 
Likes: 227
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Post by applets on Dec 5, 2017 7:16:37 GMT
Hi all, I can confirm that Bridging Loan - Shepperton will go live tomorrow (around lunch time). Regards, Filip Could we have a fixed launch time please?
I assume I am not alone in being unable to spend up to two hours sitting around in the middle of the day on the off chance a loan launches.
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Post by Deleted on Dec 5, 2017 7:48:24 GMT
Hi all, I can confirm that Bridging Loan - Shepperton will go live tomorrow (around lunch time). Regards, Filip Could we have a fixed launch time please?
I assume I am not alone in being unable to spend up to two hours sitting around in the middle of the day on the off chance a loan launches.
Hi applets, We'll make it available for investment 11am. Regards, Filip
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elliotn
Member of DD Central
Posts: 3,056
Likes: 2,679
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Post by elliotn on Dec 5, 2017 8:31:40 GMT
Could we have a fixed launch time please?
I assume I am not alone in being unable to spend up to two hours sitting around in the middle of the day on the off chance a loan launches.
Hi applets, We'll make it available for investment 11am. Regards, Filip Thanks, are there any details available yet?
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Post by Deleted on Dec 5, 2017 9:43:01 GMT
Hi applets, We'll make it available for investment 11am. Regards, Filip Thanks, are there any details available yet? Hi elliottm, Please see earlier threads above for preliminary details - full details will be made available once the loan goes live. Regards, Filip
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elliotn
Member of DD Central
Posts: 3,056
Likes: 2,679
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Post by elliotn on Dec 5, 2017 10:54:20 GMT
Thanks, are there any details available yet? Hi elliottm, Please see earlier threads above for preliminary details - full details will be made available once the loan goes live. Regards, Filip Thanks, Proplend are launching at the same time with a full suite of due diligence published prior to go live so I will wait for the next opportunity.
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Post by Deleted on Dec 5, 2017 11:43:57 GMT
Hi elliottm, Please see earlier threads above for preliminary details - full details will be made available once the loan goes live. Regards, Filip Thanks, Proplend are launching at the same time with a full suite of due diligence published prior to go live so I will wait for the next opportunity. Thank you, elliottm. We're potentially looking to launch another loan later this week (West Hampstead) although final details will only be made available if the loan goes live. However, given the loan's size (around £511k), it will take some time to have it funded (if at all) so should be plenty of time to review the listing. Regards, Filip
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Post by Deleted on Dec 7, 2017 13:40:31 GMT
Hi all,
I can confirm that Bridging Loan - West Hampstead will go live tomorrow at 11am. The preliminary details are as follows:
• First and Second charge bridging loan (2 securities)
• Security property: land that is being developed (residential) and a 2-bedroom flat, both located in West Hampstead, London
• Loan amount: £511k
• Gross LTV: 42.5%
• Annual rate: 9.0%
• Term: 12 months
• Interest retained throughout term
• Purpose of loan: purchasing the freehold (of the land that is being developed)
•Status: Target completion date 12 December 2017
Regards,
Filip
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Post by Deleted on Dec 15, 2017 13:16:42 GMT
Hi all,
The last loan that might become available for investment prior to the Christmas break is a relaunch of the loan "Bridging loan - Portland Crescent" - bank's consent has been provided and the solicitors acting on behalf of investors are finalising their Title investigation.
We have a number of other loans where valuations have been completed and legals are in process, however, it is unlikely that any of these loans will be made available for investment until after the Christmas break as it will be difficult to complete any legals before then.
Regards,
Filip
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Post by Deleted on Dec 20, 2017 13:33:22 GMT
Hi all, The last loan that might become available for investment prior to the Christmas break is a relaunch of the loan "Bridging loan - Portland Crescent" - bank's consent has been provided and the solicitors acting on behalf of investors are finalising their Title investigation. We have a number of other loans where valuations have been completed and legals are in process, however, it is unlikely that any of these loans will be made available for investment until after the Christmas break as it will be difficult to complete any legals before then. Regards, Filip Hi all, Just a quick update that we will not make any loan(s) available for investment until the next year. I wish you a great Christmas and a Happy New Year! Regards, Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Jan 10, 2018 13:09:05 GMT
Hi Filip Any idea when next loan will go live?
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Post by Deleted on Jan 10, 2018 13:19:36 GMT
Hi Filip Any idea when next loan will go live? Hi rs, Should be early next week - I will provide a more substantive response tomorrow, including preliminary loan details, as we're awaiting confirmations on some outstanding points prior to being able to confirm. Regards, Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Jan 10, 2018 13:34:47 GMT
Thanks Filip, Look forward to it.
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Post by Deleted on Jan 11, 2018 12:40:42 GMT
Hi all,
Please find the following update regarding next loans that could be made available for investment shortly (subject to assessment and other). All details are preliminary and subject to change:
Second charge bridging loan – Surrey
• Security property: a former office building (with planning in place to reconvert into residential use)
• Loan amount: up to £87k
• Gross LTV: around 75.0%
• Annual rate: 17.0%
• Term: 9 months
• Interest retained throughout loan term
• Purpose of loan: purchase of security property. Exit is to sell the property to a developer (borrower does not intend to reconvert the security property)
• Status: legals ongoing and final valuation report expected today
• Target completion date: 22 January 2018
First and second charge bridging loan – Birmingham area
• Security property: an industrial unit and a residential property
• Loan amount: around £200k
• Gross LTV: around 65.0%
• Annual rate: 12.0%
• Term: 6 months
• Interest retained throughout loan term
• Purpose of loan: refinance existing bridging loan
• Status: legals ongoing and final valuation reports have been received
• Target completion date: week beginning 22 January 2018
Regards,
Filip
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