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Post by Ton ⓉⓞⓃ on Jul 28, 2014 10:44:33 GMT
Auc. 120 Dorset Property Development Loan 12months 10%
Starts 29th July 2014 at 09:00
IN EDIT Final est. LTGDV 70% (and at the same time 70% is the maxi LTV whilst developing?)
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jhma
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Post by jhma on Jul 28, 2014 12:06:51 GMT
Yes, I can confirm it is the same loan target. As I recall it didn't get close to filling at terms which were, as far as I recall, very similar. Don't remember if interest was retained in the TC proposition, though. It didn't attract me for a minimum bid of £1000 on TC but may consider a smaller slice.
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kermie
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Post by kermie on Jul 28, 2014 21:16:09 GMT
I normally quite like these sorts of loans, but the initial 89% LTV is on the high side for just 10%, even if it does drop to 70%. And the increased values following changes to layout and/or refurbs give me slight concern there may be some wishful thinking. That said, the developers seem to have a decent track record.
I think I might wait for the AM on this one - I don't see it filling without underwriters.
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j
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Penguins are very misunderstood!
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Post by j on Jul 29, 2014 17:02:17 GMT
90% underwritten now!
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jul 29, 2014 17:04:54 GMT
I sneezed & a minute later it's 100% underwritten/fully funded! It did say in overview that a quick drawdown is expected. Wonder if auction will be closed early or run its full 2 week course
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mikes1531
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Post by mikes1531 on Jul 29, 2014 21:33:19 GMT
I sneezed & a minute later it's 100% underwritten/fully funded! It did say in overview that a quick drawdown is expected. Wonder if auction will be closed early or run its full 2 week course With the loan being a reasonable size and fully underwritten, there's not a lot of incentive for investors to commit funds now when they could wait and pick up units on the Aftermarket and not have to worry at all about 'dead' time. As for AC, having engaged the underwriters there's probably little financial cost in closing the auction early, but there's not much incentive to do that either until they're ready for drawdown, so they might as well let it run until drawdown is imminent.
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Post by mrclondon on Oct 27, 2014 20:58:17 GMT
The developers behind this loan are now seeking a loan on TC for a new SPV. A relatively small loan to purchase a building, followed by a second tranche for development once planning has been obtained. The AC borrower is F*** Investments Ltd, the TC borrower is F*** Developments Ltd.
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pikestaff
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Post by pikestaff on Oct 28, 2014 15:12:04 GMT
The 12 month TC loan at 10% filled in less than 4 hours. 80% LTV with interest and principal to be paid at maturity, and no planning permission yet. I passed on it because I thought 10% was a bit tight - what do I know?
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Post by pepperpot on Oct 28, 2014 15:18:22 GMT
The 12 month TC loan at 10% filled in less than 4 hours. 80% LTV with interest and principal to be paid at maturity, and no planning permission yet. I passed on it because I thought 10% was a bit tight - what do I know? How much was the TC loan for?
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Post by max47 on Oct 28, 2014 15:18:43 GMT
I passed on it as well, but only because i've been waiting almost 3 months for the AC loan to draw down.
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Post by max47 on Oct 28, 2014 15:19:37 GMT
The 12 month TC loan at 10% filled in less than 4 hours. 80% LTV with interest and principal to be paid at maturity, and no planning permission yet. I passed on it because I thought 10% was a bit tight - what do I know? How much was the TC loan for? £175,000
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mikeb
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Post by mikeb on Nov 14, 2014 19:29:31 GMT
Well earlier today, I had zero in my cash account. But then there was a single transaction which was £12.46 cashback for this loan so that's nice. But my cash balance is now £32.46 so that's weird. Did you get an (un statemented) £20 back from a little bid in North W***s Bridging loan, which reverted to pre-bids -- I got some cash into my cash account from that today.
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Post by mrclondon on Jun 9, 2015 18:19:01 GMT
A partial capital redemption (just under 50%) of this loan has been processed in the last few hours, and is now available for re-investing.
For anyone that is interested, the developers behind this loan currently have a loan request active on TC for development finance for the loan I mentioned earlier in this thread which has now received planning approval.
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bugs4me
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Post by bugs4me on Jun 9, 2015 20:16:29 GMT
A partial capital redemption (just under 50%) of this loan has been processed in the last few hours, and is now available for re-investing.
For anyone that is interested, the developers behind this loan currently have a loan request active on TC for development finance for the loan I mentioned earlier in this thread which has now received planning approval. I could never get on with the TC platform - unable to find this loan on the platform there. Probably me - can you give a clue?
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Post by mrclondon on Jun 9, 2015 20:32:54 GMT
A partial capital redemption (just under 50%) of this loan has been processed in the last few hours, and is now available for re-investing.
For anyone that is interested, the developers behind this loan currently have a loan request active on TC for development finance for the loan I mentioned earlier in this thread which has now received planning approval. I could never get on with the TC platform - unable to find this loan on the platform there. Probably me - can you give a clue? Login Click the Big Green Invest button which will pull up the primary market "F******* Development Loan 2" is currently 2nd one down Click on the row to high light it orange THEN click the view button change to the details tab change to the documention tab click on the IP document (IP = Information Pack) click on the download button pour yourself a stiff drink as a reward for getting this far read & digest !
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