mickj
Member of DD Central
Posts: 433
Likes: 191
|
Post by mickj on Oct 10, 2017 10:50:46 GMT
Email received 10 minutes ago :-
"We would like to make you aware of some additional supplementary pre-drawdown information has been added to the loan listing following some initial lender enquiries."
Just in case not seen elsewhere.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 10, 2017 11:17:45 GMT
The further information from the borrower is useful - I especially like the expired planning for 80+ units and the possibility of extra floors being added - reminds me of a Lendy project in Liverpool. A good use for an old building. This one could yet turn out to be retail on the ground floor and residential above.
Taking the purported value of 3,800,000, and dividing by 80 residential units gives c 50,000 each (+ development costs of course). Is this reasonable for small apartments in this part of the world?
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 10, 2017 11:24:17 GMT
The further information from the borrower is useful - I especially like the expired planning for 80+ units and the possibility of extra floors being added - reminds me of a Lendy project in Liverpool. A good use for an old building. This one could yet turn out to be retail on the ground floor and residential above. Indeed. The additional additional info (the top bit, added at 11.30am) helps the overall picture quite a bit. I'll risk a modest punt, on the basis there should be sufficient value in the building even in a default situation.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Oct 10, 2017 11:25:08 GMT
What I'm liking is the communication between lenders, the borrower and MT. It's so un-Lendy!
I'm in for a modest amount despite still being a little unsure.
|
|
registerme
Member of DD Central
Posts: 6,212
Likes: 6,020
|
Post by registerme on Oct 10, 2017 11:28:57 GMT
Taking the purported value of 3,800,000, and dividing by 80 residential units gives c 50,000 each. Is this reasonable for small apartments in this part of the world? It doesn't seem completely unreasonable, see here. But it isn't a property development loan and so I suspect that thinking of the building as security, from this perspective, is inappropriate. I agree that the supplementary information is useful, and paints a better picture. Equally I get the heebie jeebies when I read "Intrigue and excitement..." in marketing material, let alone loan documentation. I'm still umming and ahhing.
|
|
TitoPuente
Member of DD Central
Posts: 623
Likes: 655
|
Post by TitoPuente on Oct 10, 2017 11:32:04 GMT
Would be interesting to get hold of the EY business case report.
|
|
|
Post by Badly Drawn Stickman on Oct 10, 2017 11:35:15 GMT
The further information from the borrower is useful - I especially like the expired planning for 80+ units and the possibility of extra floors being added - reminds me of a Lendy project in Liverpool. A good use for an old building. This one could yet turn out to be retail on the ground floor and residential above. Indeed. The additional additional info (the top bit, added at 11.30am) helps the overall picture quite a bit. I'll risk a modest punt, on the basis there should be sufficient value in the building even in a default situation. I suspect I will have a while to ponder it before jumping in, but the new information taken on face value helps. I am still uncomfortable with the interest position. Maybe if we had the same deal the borrower has with the tenants of a months interest held in advance on a rolling basis I could be swayed.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 10, 2017 11:41:09 GMT
Would be interesting to get hold of the EY business case report. The fill rate has fallen to around 4000 per minute or c 250,000 per hour. Sometimes it is almost 20,000 per minute (12.36 hrs). Yet nothing at all within 12.37 hrs The loan should easily fall below £1m available today. If thereafter the fill rate falls dramatically, your wish may be granted! If the presently envisaged scheme works - then fine. If not, the back-up is residential with extra floors.
|
|
ding
Member of DD Central
Posts: 238
Likes: 132
|
Post by ding on Oct 10, 2017 11:43:36 GMT
The Supplementary info ticks a lot of boxes. I applaud MT for provided the company ID. HNW/BridgeCrowd name borrowers - wish they all would do it!
"The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams." Think it was mentioned earlier, the director first appears in the SPV created this year. You would think with the experience he would be involved with other companies.
Sitting on the fence...
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 10, 2017 11:46:07 GMT
What I'm liking is the communication between lenders, the borrower and MT. It's so un-Lendy! What is more, it was written in plain straightforward English that didn't need a BS translator or a weasel word interpreter. Gosh, could this be a sign of things to come?? Lendy Support(Apology for the pun ; Things to come)
|
|
registerme
Member of DD Central
Posts: 6,212
Likes: 6,020
|
Post by registerme on Oct 10, 2017 11:55:12 GMT
If this was a proposed retail outlet for almost anything more normal than "arts, crafts and artisan stuffthings" I think I'd feel more confident. But I know absolutely nothing about that industry (?) or the appetite for its products. Does anybody have any insight?
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Oct 10, 2017 11:59:40 GMT
If this was a proposed retail outlet for almost anything more normal than "arts, crafts and artisan stuffthings" I think I'd feel more confident. But I know absolutely nothing about that industry (?) or the appetite for its products. Does anybody have any insight? There are two within a mile or so of where I live, both popular and profitable businesses, but they both have the added draw of several other attractions within close vacinity
|
|
registerme
Member of DD Central
Posts: 6,212
Likes: 6,020
|
Post by registerme on Oct 10, 2017 12:02:51 GMT
Would be interesting to get hold of the EY business case report. MoneyThing, this is a great idea. Any chance it can be provided?
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 10, 2017 12:03:46 GMT
Part of the MT update lists a company number which probably can't be reproduced here.
However if you go to companieshouse.gov.uk website and put in the number you'll find it.
Click on persons, and he lives in Monaco at a delightfully sounding address along the B****** J****** Exotique (not allowed to put the address apparently)
Click on Persons with significant control and you get a Newcastle-under-Lyme company which is registered in the British Virgin Islands.
It might be all a legitimate tax fiddle (apologies, arrangement).
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Oct 10, 2017 12:08:42 GMT
Would be interesting to get hold of the EY business case report. MoneyThing , this is a great idea. Any chance it can be provided? You wouldn't even need details, just the conclusions. I would certainly up my stake depending on what those conclusions are.
|
|