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Post by badboyyardy on Nov 21, 2017 10:35:20 GMT
Amazed no other threads yet. Anyone done any DD on this from the previous tranches? So has any building work actually started or just the site demolished so far?
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Post by snowdrop800 on Nov 21, 2017 11:06:17 GMT
On the face of it, nothing has been done in nearly a year, other than the site demolition. Can't see how it gets built with the c.£300k of the remaining loan facility.
One to avoid?
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rogerthat
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Post by rogerthat on Nov 21, 2017 11:20:58 GMT
They have pre-sold virtually all the apartments (40 out of 44 )..suggests to me that it may get built ?
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Post by sunburyjane on Nov 21, 2017 11:22:36 GMT
At first glance the photo could be mistaken for Whitehaven. I hope the similarity ends there.
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Steerpike
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Post by Steerpike on Nov 21, 2017 11:30:24 GMT
The guaranteed 9% return for 3 years seems to have attracted lots of buyers and as far as I can tell it is sold out and is no longer being marketed, so it seems like a reasonable loan.
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rogerthat
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Post by rogerthat on Nov 21, 2017 11:43:22 GMT
Ive found the PA No. on the Liverpool Planning Portal...but I'm always putting identifying stuff in the wrong place..so I'll leave that to someone else
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Post by badboyyardy on Nov 21, 2017 11:46:03 GMT
Yep took a punt - PM if anyone wants the marketing links
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Post by snowdrop800 on Nov 21, 2017 11:50:34 GMT
They have pre-sold virtually all the apartments (40 out of 44 )..suggests to me that it may get built ? I don't doubt there is demand, but can they build 44 apartments for c.£330k (with c.£870k now drawn from a c.£1.2m loan facility)? Also, these should really have now been built, a year's delay and £870k spent with nothing to show for it surely isn't a good sign? Anyway - the 3rd tranche all went.
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rogerthat
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Post by rogerthat on Nov 21, 2017 11:55:53 GMT
If you read the info provided it states that there has been some delay/s due to remedial ? work to adjoining properties. As I read it full planning permission wasn't granted until 09/02/17 but with conditions..maybe those conditions have contributed to the delay ?
EDIT As usual I made a mistake in the above..the application was made on the 09/02/17..the Decision to approve (with conditions) was made 28/06/17 so maybe there is some validity in my original post regarding delays
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r1200gs
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Post by r1200gs on Nov 21, 2017 12:08:57 GMT
They have pre-sold virtually all the apartments (40 out of 44 )..suggests to me that it may get built ? I don't doubt there is demand, but can they build 44 apartments for c.£330k (with c.£870k now drawn from a c.£1.2m loan facility)? Also, these should really have now been built, a year's delay and £870k spent with nothing to show for it surely isn't a good sign? Anyway - the 3rd tranche all went. I have no idea why these people invested in the third tranche. While I may be completely wrong and I hope I am, so far this is looking a little like Whitehaven 2.
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Post by zeverare on Nov 21, 2017 12:55:14 GMT
In the original loan the facility was 1,810,000 now it is 1,180,000...
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rogerthat
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Post by rogerthat on Nov 21, 2017 12:59:12 GMT
well spotted..it changed on Tranche 2..which probably explains the post by r1200gs earlier
Informed FS...waiting for a response
Final Edit..FS acknowledge the typos on Tranche 2..1986676483 & Tranche 3..9596457835 whereby the total facility should read £1,810,000 (and not £1,180,000)..well done to those above
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Post by mrclondon on Nov 21, 2017 21:28:07 GMT
The revised full planning application was granted in June with conditions. Two subsequent applications to discharge the conditions are still under consideration. Links to the planning applications are on DD Central, along with a link to the borrower's corporate website which has details of all three projects FS are funding (this, plus 'Anfield Property' and 'Everton B***' )
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Post by zeverare on Jan 11, 2018 16:02:54 GMT
In the original loan the facility was 1,810,000 now it is 1,180,000... here we go again...
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mullet
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Post by mullet on Jan 11, 2018 16:07:26 GMT
In the original loan the facility was 1,810,000 now it is 1,180,000... here we go again... I know we joke about this, but in my short time with FS I have seen error after error in the loan descriptions. Given there are large amounts of money involved here I'm amazed it isn't taken more seriously by FS
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