GeorgeT
Member of DD Central
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Post by GeorgeT on Oct 31, 2017 11:59:56 GMT
BL00073 - Development site, Bromyard Security Value: £300,000 Loan Amount: £210,000 % PA: 12% Loan to Value (LTV): 70.00% Loan Start Date: 31/10/2017 Term: 181 days (A 6 month Bridging Loan with an option to extend for a further 6 months as this is a 12 month build/project. Extensions require interest for the agreed period to be paid in advance.) Purpose of Loan: Purchase Exit: The exit to this loan is by development of the land and sale of the properties. COL may offer to fund the development of this project, but as yet have not agreed terms.
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 31, 2017 12:06:58 GMT
I'm wondering what's going on with the renewal tick box - it isn't there, and having bought some the box on My Loans page also doesn't do anything.
Edit: So I clicked Select All and after some time all the BL loans are not ticked or tickable. Have we been told and I forgot (highly likely)?
Edit2: Also DL loans not now renewable.
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tarq
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Post by tarq on Oct 31, 2017 12:13:32 GMT
I think, no box if loan not fully funded.
Sorry had a look and you mean on the invest page, strange.
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 31, 2017 12:16:44 GMT
I think, no box if loan not fully funded. Sorry had a look and you mean on the invest page, strange. Yes, on My Live Loans.
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marka
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Post by marka on Oct 31, 2017 12:51:04 GMT
I haven't rec'd an email about this loan from COL, so would have missed yet another loan if I hadn't happened to log in for something else!
Did everyone else get an email?
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sirius
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Post by sirius on Oct 31, 2017 12:52:10 GMT
Not a great lover of Residual Valuations....it is so easy to make the figures work for the borrower.
Some points further:
The borrower is expecting (only) 10% profit......really?
The contigency amount is shown as only 5%, when I believe it is normal to use 15%.
Finance figure is maybe a little on the low side.
Given all the above, ISTM that it could be a close call, particularly if there are added costs once they start levelling the ground.
Anyone able to put my doubts to rest and entice me to take a nibble?
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Post by Collateral Rep on Oct 31, 2017 12:53:45 GMT
Hi marka, Can you email info@collateraluk.com so I can check you're on the investor loan notice list. Many thanks, Gordon
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 31, 2017 12:55:36 GMT
I haven't rec'd an email about this loan from COL, so would have missed yet another loan if I hadn't happened to log in for something else! Did everyone else get an email? I had one, but I can't speak for the rest of everyone. As a workaround perhaps you would consider bookmarking the New Loans (Collateral Staff Only) thread because they always post there at the same time as sending out the emails. Edit: crossed with a flurry of others.
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marka
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Post by marka on Oct 31, 2017 13:03:40 GMT
Hi marka , Can you email info@collateraluk.com so I can check you're on the investor loan notice list. Many thanks, Gordon Thanks Gordon, will do, but I'm sure I'm on it as I have always got other emails.
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marka
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Post by marka on Oct 31, 2017 13:07:19 GMT
Hi marka , Can you email info@collateraluk.com so I can check you're on the investor loan notice list. Many thanks, Gordon Thanks Gordon, will do, but I'm sure I'm on it as I have always got other emails. Ah - its just arrived. Apparently sent at 11.54 (as mentioned above), but rec'd at 12.59 ! The email header shows it "got stuck" at mail62.us4.mcsv.net, not arriving at mx3.tb.ukmail.iss.as9143.net until over an hour later. Just one of them things I guess Might explain the slower than usual take up if other people have suffered the same issue....
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oldgrumpy
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Post by oldgrumpy on Oct 31, 2017 13:15:49 GMT
I've found that recently outlook email has been putting all Lendy, AC, and Col emails in the junk folder!!!
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mrflush
Member of DD Central
This is not me
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Post by mrflush on Oct 31, 2017 13:18:12 GMT
Some of my emails from another platform regularly get delayed for a few hours while the 'chimps' procrastinate
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Post by Badly Drawn Stickman on Oct 31, 2017 13:50:29 GMT
Not a great lover of Residual Valuations....it is so easy to make the figures work for the borrower. Some points further: The borrower is expecting (only) 10% profit......really? The contigency amount is shown as only 5%, when I believe it is normal to use 15%. Finance figure is maybe a little on the low side. Given all the above, ISTM that it could be a close call, particularly if there are added costs once they start levelling the ground. Anyone able to put my doubts to rest and entice me to take a nibble? Not really my job to put doubts to rest, but happy to share my thoughts. Given that this loan is secured on the land only in effect, and that the planning permission needs to be consolidated by the end of November. It could be safely argued that the asset will rise in value in a fairly short time. I may be wrong but usually the footings being in situ protects the planning permission. The development aspect will presumably rank behind this loan once arranged, either that or this loan is repaid and taken elsewhere as part of a refinance. Only concern I would have is that the planning permission is not consolidated and needs to be re-obtained. The development itself would warrant a closer look if offered, but as it stands I see it as quite a good loan.
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mikeh
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Post by mikeh on Oct 31, 2017 14:12:01 GMT
I've found that recently outlook email has been putting all Lendy, AC, and Col emails in the junk folder!!! Perhaps it's a new feature!
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sirius
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Post by sirius on Oct 31, 2017 14:18:31 GMT
As this loan is only a bridging loan, I have decided to 'nibble'. As to any future development loan, I doubt very much that I would partake, for the reasons given earlier.
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