stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 23, 2016 21:27:26 GMT
Property going to auction 3/11 with guide £425k gdv £800k.
FS please advise is funds retained and only funds to meet the quoted 65% ltv will be released?
What if borrower does not win in auction. Will all allocated funds, bidding bonus and accrued interest be paid out immediately?
Thanks
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Post by fundingsecure on Oct 23, 2016 22:29:50 GMT
Just to clarify - the purchase has been agreed, with exchange set for Monday 24th October - at which point the property will be removed from the auction.
The agreed price is close to the valuers estimate - considerably more than the starting price shown on the auction.
The borrower has proven experience in a similar plot close by, hence the pre-auction purchase agreement. He has already had strong interest in the units and expects to sell / rent them off plan.
FundingSecure
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Mousey
Member of DD Central
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Post by Mousey on Nov 15, 2016 17:54:56 GMT
Can you confirm whether contracts were exchanged and at what price?
Thanks
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Post by fundingsecure on Nov 15, 2016 18:07:29 GMT
Contracts were exchanged as previously advised. Completion expected later this week / early next week. (Investors are already earning interest in any case)
As previously advised the agreed price was very close to the valuer's estimate.
FS
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Post by mrclondon on Nov 21, 2017 21:33:05 GMT
The full planning application was granted in April with conditions. Four subsequent applications to discharge the conditions and vary the full planning 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 'C****** Street, Liverpool' ). Under 'Development Updates' on their website, dated October 2017 are these photos of the site:  |
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Post by mrclondon on Nov 21, 2017 23:10:32 GMT
I know it's not much of one, but there's an existing thread for EB here - might it be worth joining them? (Or delete this one - inc my post - and repost there?) Thanks ! ( I did look but didn't spot it) Now merged.
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Mousey
Member of DD Central
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Post by Mousey on Nov 30, 2017 22:30:54 GMT
Latest update - repayment date 15th Dec. Hasn't been too bad an earner this one.
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adrian77
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Post by adrian77 on Dec 1, 2017 17:36:52 GMT
I was in this original listing but did not renew - could somebody kindly post the final figures when they come in as I would be interested to know
I thank you.
I also thank the investors who took 1832034953 Catrins h**l off my hands !
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rogerthat
Member of DD Central
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Post by rogerthat on Dec 1, 2017 18:03:45 GMT
Certainly wasn't me  |
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 3, 2017 18:18:58 GMT
I was in this original listing but did not renew - could somebody kindly post the final figures when they come in as I would be interested to know Won't the final results be available for anyone to see via FS's 'Past Loans' page?
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woodland
Member of DD Central
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Post by woodland on Jan 3, 2018 22:28:05 GMT
Looks like this loan is being refinanced through Money Thing.
New £560,000 Loan - Residential Development in Everton B***
New loan now available to preview
Going live tomorrow, 4th January at 12pm
This fifteen-month loan has a value of £560,000 and is secured by way of land with residential consent for 70 units on S****bur* Place, Liverpool. The valuation of the land with the benefit of this planning approval is £800,000 giving this loan a loan-to-value ratio of 70%.
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woodland
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Post by woodland on Jan 3, 2018 22:31:13 GMT
Original loan was for £520000 so I guess they may be rolling up the interest. Presumably getting a better loan rate with MT.
Valuation remains at £800K.
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woodland
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Post by woodland on Jan 3, 2018 22:33:21 GMT
Also 15 month term so no need to refinance every 6 months.
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micky
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Post by micky on Jan 3, 2018 22:49:37 GMT
Yes, on the first viewing of the deal but the feeling of some on MT posts is 'Seems like a high LTV for a relatively low-interest rate'-12%
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 5, 2018 15:51:13 GMT
Yes, on the first viewing of the deal but the feeling of some on MT posts is 'Seems like a high LTV for a relatively low-interest rate'-12% Unless the borrower is injecting a large sum of cash, MT must not be retaining any interest. (Is that standard for MT?) If not, will the borrower be making monthly interest payments to MT? Without that, if the LTV is thought to be 'high' now it will be 'extra high' 15 months from now, and I don't think I'd want to be holding the MT loan if the borrower doesn't repay and a 'recovery' process is necessary. Does anyone know how much support the loan has received from MT investors so far?
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