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Post by chielamangus on Oct 16, 2017 13:51:55 GMT
Those interested in this loan for a Grade II listed house "with planning permission for an assisted living scheme" might be interested in the following:
Planning Reference 11/00*7*/EXT Alternative Reference 8831/26 Application Validated Mon 15 Aug 2011 Address A****sey Road Gosport Hampshire Proposal RENEWAL OF PLANNING PERMISSION (K**31/24) TO EXTEND THE TIME LIMIT FOR IMPLEMENTATION FOR PROPOSED SUPPORTED LIVING ACCOMMODATION COMPRISING DEMOLITION OF EXISTING BUNGALOW AND ERECTION OF TWO-STOREY L-SHAPED BUILDING (6 UNITS) AND A PAIR OF SEMI-DETACHED BUNGALOWS (2 UNITS) WITH CAR PARKING AND CYCLE AND REFUSE STORAGE (LISTED BUILDING IN CONSERVATION AREA) Status Decided Decision Grant Permission Decision Issued Date Tue 17 Jul 2012 Appeal Status Unknown Appeal Decision Not Available
Permission Expiry Date Fri 17 Jul 2015
The first application was in 2006 (granted) but nothing seems to have happened in the intervening period
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SteveT
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Post by SteveT on Oct 16, 2017 14:09:14 GMT
However there is a further application on the planning portal (dated Sept 2012) that varies the original consent and includes a series of further Decision Notices confirming the state of play regarding Planning Conditions. The most recent of these is dated just last month (Sept 2017)
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sand2880
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Post by sand2880 on Oct 16, 2017 14:17:01 GMT
It looks like work has started on the bungalows prior to July 2015 so the remaining scheme may still be valid? Document from Sept 2017 on planning portal.
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Post by chielamangus on Oct 16, 2017 14:34:13 GMT
Yes, there is a letter from the planning authority confirming that work was started before the expiry date. At the end of my drive there is a slab of concrete which has been there a few years. Nothing is being done with it, it's just a local eyesore surrounded by sagging temporary fencing. How long it can stay like that and still retain the planning permission that was granted years ago, I have no idea. Likewise in this case, is permission now guaranteed until the year dot, or is there another deadline to be met?
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SteveT
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Post by SteveT on Oct 16, 2017 14:47:00 GMT
Under current planning legislation, I believe that, once a development is confirmed “started”, the consent continues indefinitely.
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Post by martin44 on Oct 16, 2017 14:47:38 GMT
Not sure if there is ever a deadline once the project is started, friend of mine finished his little bungalow and moved in august 2016, he started in 2007. Built the whole thing himself, must be mad.
Xed with stevet
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sand2880
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Post by sand2880 on Oct 16, 2017 14:48:24 GMT
Noticed that no heavy machinery can be used on site until 31st March, so hopefully much of the work can be done to the existing buildings over the next 6 months and may limit any new buildings needing contructed to complete the project.
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Post by brightspark on Oct 16, 2017 15:16:33 GMT
All jolly useful stuff but do we jump into the flames or hold off for something less precarious?
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r1200gs
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Post by r1200gs on Oct 16, 2017 15:20:09 GMT
All jolly useful stuff but do we jump into the flames or hold off for something less precarious? I can only tell you that I have taken a small position despite my feelings toward the platform regarding the turbine and Whitehaven fiascos.
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lobster
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Post by lobster on Oct 16, 2017 15:26:33 GMT
It gives an LTV of 49% in the email. But with a loan of 950k against a valuation of 2.5m , I make that an LTV of just 38% ? Am I missing something, or is this FS at their finest ?
Edit : AND it gives an LTV of 38% in the "available loans" section of the website !!
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bg
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Post by bg on Oct 16, 2017 15:45:21 GMT
It gives an LTV of 49% in the email. But with a loan of 950k against a valuation of 2.5m , I make that an LTV of just 38% ? Am I missing something, or is this FS at their finest ? Edit : AND it gives an LTV of 38% in the "available loans" section of the website !! Yeah its a mistake in the mail. I've given up telling them about the mistakes as they always just say 'yes its a mistake'. They don't seem to realise (or care) how sloppy and unprofessional it makes them look - it is a very frequent occurence.
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stevio
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Post by stevio on Oct 16, 2017 16:06:35 GMT
Saw the email around 5pm and was Saw launch time was 4pm and thought , no chance left Looked to see if anything else and , still loads avilalable Wow, after chasing low LTV loans that are gone in seconds for a couple of weeks, so surprised there is anything left - though the size makes a big difference
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rogerthat
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Post by rogerthat on Oct 16, 2017 16:07:22 GMT
What you've all missed is.....that when this first appeared the interest was at 14%..I know cos I was in speaking into some ones shell like...I now see its been reduced to 13%
I'm also led to believe that it is a single tranche, though theres no mention of that on any of the info
Take all that back above....wires crossed
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jj
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Post by jj on Oct 16, 2017 16:23:35 GMT
Perhaps MT's loan tomorrow is affecting the uptake!?
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Post by chielamangus on Oct 16, 2017 16:29:29 GMT
It gives an LTV of 49% in the email. But with a loan of 950k against a valuation of 2.5m , I make that an LTV of just 38% ? Am I missing something, or is this FS at their finest ? Well, I think you should take the valuation with a large pinch of salt. Look at the figures - broadbrush stuff without any supporting evidence to produce a possible profit from the development (say, a one in 20 chance?) and that's the value, folks, against which to hang your loan. Result an attractive 38 per cent. A few small changes in the figures can produce a very different outcome. But most people will ignore all this, jump in and expect to sell at renewal. If they do, they can laugh at people who hold back because of unreliable valuations. That is really the name of the game.
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