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Post by mrclondon on Dec 12, 2017 1:46:06 GMT
In addition to @new2p2p 's valuable comments on the TL HoT document, its worth noting that TL expect there to be precisely 76 rooms*. Given the original planning permission was for an 86 room hotel and the subsequent variation was for 98 rooms, if agreement with TL was to be reached the hotel would probably need redesigning to 76 rooms, and a new planning application/variation submitted. * not just any 76 rooms, mind, "The Premises will comprise 76 bedrooms (more specifically 36 double rooms, 36 family rooms and 4 accessible rooms)." (para 1.4) and "The target number of bedrooms is 76. If the number of bedrooms actually constructed is less than 76 or more than 76 the Tenant is to have a right to determine." (para 2.2) That HoT document looks suspiciously like a standard pro-forma just with the borrower's name added to the cover page. It is dated October 2016, and there is no signature sheet. Whilst our borrower is named in section 1.1 as the "Landlord", in section 4.7 the landlord contact details given are those of Brut** Kno**** Collateral Rep can you provide evidence that TL have agreed with the borrower that an 86 or 98 room hotel is acceptable to them ? Have your legal team had sight of the signed HoT document ?
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ingwer
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Post by ingwer on Dec 19, 2017 17:49:03 GMT
This loan seems to have got to about 50% filled (c. £700k remaining vs. £1.44) so had some support following the rate increase. But it seems to be struggling. I thought it would be more popular and fulfill following the Collateral update. Other loans/tranches on Col also seem to be struggling. Anyone have any thoughts? Is it the loan/s or does p2p go on holidays at this time of year ?
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Doc
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Post by Doc on Dec 19, 2017 19:44:08 GMT
This loan seems to have got to about 50% filled (c. £700k remaining vs. £1.44) so had some support following the rate increase. But it seems to be struggling. I thought it would be more popular and fulfill following the Collateral update. Other loans/tranches on Col also seem to be struggling. Anyone have any thoughts? Is it the loan/s or does p2p go on holidays at this time of year ? In this case, I think it's probably the loan for reasons contained within this thread. Despite all the inducements (15% + cashback), it appears that not enough lenders are convinced enough to invest.
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stevio
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Post by stevio on Dec 19, 2017 20:51:18 GMT
collateral the trouble with this loan is potential loss of capital, so incetivising income only goes so far if there is a concern not all capital would be returned If possible, I would suggest a lower LTV, but as I suspect the borrower needs all the funds to refinance, reducing the loan amount is not an option Could I therefore suggest a 20% investment by CO on a first lost basis-another platform does this and it shows CO confidence in the loan and skin in the game
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gwenynwyr
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Post by gwenynwyr on Dec 20, 2017 16:12:38 GMT
FCA rules prevent Col from investing its own money. The 5% in many MT loans involved a third party and had its own problems!
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Post by beeje13 on Dec 20, 2017 16:50:53 GMT
FCA rules prevent Col from investing its own money. The 5% in many MT loans involved a third party and had its own problems! Kuflink are fully FCA authorised but fund the first 20% afaik.
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Post by beeje13 on Dec 20, 2017 21:23:05 GMT
Kuflink are fully FCA authorised but fund the first 20% afaik. Yes and no From the website: " We are so confident of our deals that our sister company Kuflink Bridging lends 20% in every deal along with you." They then go on to say: "Earn between 5-7.20% gross annual equivalent" - which is somewhat different to COLs historical returns. Kufflink have to pay for that 20% skin-in-the-game somehow... (even if it is their sister's) Haha good point! But of course that is assuming that the risk and loan quality are the same for both platforms... Hard to say at this early stage.
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elliotn
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Post by elliotn on Dec 21, 2017 2:24:25 GMT
FCA rules prevent Col from investing its own money. The 5% in many MT loans involved a third party and had its own problems! From memory, I think Octopus have 5%? (As do Wellesley although their p2p is currently paused). I don't think the rule is definitive if the platform has a substantial parent as with Octopus (or Lendinvest before they changed their p2p model) although it seems to be discouraged for standalone pllatforms whose stability might be compromised if their book went south (ie MT, Ly, RS have changed their rules during the FCA process).
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seeingred
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Post by seeingred on Jan 16, 2018 12:07:02 GMT
Someone bought £105,000 of loan part 4 yesterday.
Place your bets now - to drawdown or not to drawdown ?
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ingwer
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Post by ingwer on Jan 16, 2018 13:24:05 GMT
Seems like the wise words of Collateral Rep had an influence on someone sitting on the fence. A few nibbles at part 2 too today.
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Post by Badly Drawn Stickman on Jan 16, 2018 13:49:22 GMT
Seems like the wise words of Collateral Rep had an influence on someone sitting on the fence. A few nibbles at part 2 too today. Arguably more a case of the likelihood of it being pulled this week is encouraging a few to take a few days risk free interest. Caution needed not to accidentally fill the loan though.
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ingwer
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Post by ingwer on Jan 16, 2018 16:40:29 GMT
Could be. But I think I would have picked the other COL loan for that strategy. Only time will tell...
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elliotn
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Post by elliotn on Jan 23, 2018 1:07:13 GMT
Collateral Rep, 79-1 is showing as Secondary Market Active although the total loan remains unfilled - is this intentional, you implemented a restriction on loan parts being sold to prevent early flipping especially on cashback loans. Also, have the receivers placed a long stop on this refi?
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ingwer
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Post by ingwer on Jan 24, 2018 10:28:02 GMT
Morning collateralThe last update from Collateral on the Chesterfield loan was on 8th December. Is there any news from the borrowers regarding progress with either the Student Loan Company or the interested Hotel chains that can be added to the loan details ? Is the borrower able to inject funds to reduce the LTV which was suggested on this forum before ? Thanks in advance for any info.
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Post by Collateral Rep on Jan 24, 2018 10:31:19 GMT
Hi ingwer, We will be speaking with the borrower today and I'll update tomorrow. Many thanks, Gordon
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