steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Jan 3, 2018 12:33:51 GMT
Looks like a loan to refinance Funding Secure loan. Value is same as on FS but loan is £40,000 higher and interest rate 1% lower.
|
|
snowmobile
Member of DD Central
Posts: 230
Likes: 448
|
Post by snowmobile on Jan 3, 2018 12:43:43 GMT
|
|
|
Post by snowdrop800 on Jan 3, 2018 12:45:49 GMT
The purchase price was also only £525k on 6/1/2017. There are also numerous Unilateral Notices already registered, which will presumably rank in front of this loan (thus giving a much higher real LTV figure)?
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Jan 3, 2018 13:01:15 GMT
Perhaps MoneyThing can comment on the existence and status of unilateral notices which are not mentioned in the borrowing proposal?
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Jan 3, 2018 13:49:20 GMT
I'm not too enthusiastic about this loan. There appears to be a small clique of developers in Liverpool with fingers in many pies.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Jan 3, 2018 15:41:13 GMT
Perhaps MoneyThing can comment on the existence and status of unilateral notices which are not mentioned in the borrowing proposal? I assume these unilateral notices are something in addition to the existing company house charges for FS? Can anyone say here who they are to? Hopefully not misunderstanding but these would be the individual property buyers for the pre-sales registering their ownership interest. Priority is chronological ie UNs registered before the platform first charge rank ahead of us. Edit - post by CD re priority.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Jan 3, 2018 15:59:47 GMT
I think that I will take the repayment on FS and think again before reinvesting. Once I saw the number of loans from CD's research I think a more balanced and cautious approach would best for anything Liverpool based and linked to these guys.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Jan 3, 2018 16:05:49 GMT
I assume these unilateral notices are something in addition to the existing company house charges for FS? Can anyone say here who they are to? Unilateral notices don't need to be registered at CH, only on the Title, largely used when somebody has paid a deposit on a property during development Un's are strange little blighters that have nowhere near the same priorities of any charge no matter when they are placed on the LR; they are a note as opposed to a restriction; they can be removed without the consent of the UN party and they don't restrict the sale of the property. Platforms can't quite agree on how to handle UN's; one platform old me (not MT), after speaking to his legal team, that UNs where nothing more than a legal nuisance and any doesn't affect the LTV; at the time of that comment they didn't even mention UN's, and my belief is there are several platforms that don't. LY also had numerous cases where there was UNs and they failed to mention them but started to show them after DFLs. Unilateral Notices: Exploding The Myths
God thats written with some serious solicitor speak!
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Jan 3, 2018 17:20:01 GMT
I did see this plot on a local developers website a few months ago. Sorry, after a quick check I couldn't find it again. Anyone know the developer?
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jan 3, 2018 19:15:31 GMT
I did see this plot on a local developers website a few months ago. Sorry, after a quick check I couldn't find it again. Anyone know the developer? Both the borrower and the contractor (not sure which you mean) are detailed on the loan details on Moneything's website.
|
|
|
Post by funkymonkey on Jan 3, 2018 20:31:43 GMT
Seems like a high LTV for a relatively low interest rate
|
|
|
Post by woodyalan on Jan 3, 2018 22:54:45 GMT
Impressed by the number of contracts signed but how much construction work has actually been carried out? Anyone in the area with a camera?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
Likes: 11,097
|
Post by ilmoro on Jan 3, 2018 23:37:20 GMT
I assume these unilateral notices are something in addition to the existing company house charges for FS? Can anyone say here who they are to? Unilateral notices don't need to be registered at CH, only on the Title, largely used when somebody has paid a deposit on a property during development Un's are strange little blighters that have nowhere near the same priorities of any charge no matter when they are placed on the LR; they are a note as opposed to a restriction; they can be removed without the consent of the UN party and they don't restrict the sale of the property. Platforms can't quite agree on how to handle UN's; one platform old me (not MT), after speaking to his legal team, that UNs where nothing more than a legal nuisance and any doesn't affect the LTV; at the time of that comment they didn't even mention UN's, and my belief is there are several platforms that don't. LY also had numerous cases where there was UNs and they failed to mention them but started to show them after DFLs. Unilateral Notices: Exploding The MythsAIUI Depends what the UNs relate to. If, as is likely to be the case here, they are to protect the agreed sales of the flats then they are are an issue as they dont disappear (overreached) if the security is sold so would complicate any recovery as buyers would have to factor them in. Needs consent or legal ruling to clear the title.
|
|
eeyore
Member of DD Central
Posts: 746
Likes: 737
|
Post by eeyore on Jan 4, 2018 10:41:12 GMT
I'm confused by these sentences in Moneything's description of the proposed loan:
"The works are being carried out by a third-party contractor, Rou****e B**** C****** Limited, on a fixed price JCT and work has begun at site. Rou****e is a new SPV set up by the developer to build out the sites specific to our client. The contractor has been working in construction since 1980 and has completed numerous projects for third party developers as well as building their own projects."
Are "Rou****e" (the new SPV) and "Rou****e B**** C****** Limited" (the third-party contractor) the same entity? Surely they can't be if one has only been set-up recently and the other has been in existence since 1980? And the former has been set up by the developer whilst the latter is stated to be a "third party"?
I'd like to see much more precise details of the proposal before I invest.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jan 4, 2018 10:53:01 GMT
I'm confused by these sentences in Moneything's description of the proposed loan: "The works are being carried out by a third-party contractor, Rou****e B**** C****** Limited, on a fixed price JCT and work has begun at site. Rou****e is a new SPV set up by the developer to build out the sites specific to our client. The contractor has been working in construction since 1980 and has completed numerous projects for third party developers as well as building their own projects."
Are "Rou****e" (the new SPV) and "Rou****e B**** C****** Limited" (the third-party contractor) the same entity? Surely they can't be if one has only been set-up recently and the other has been in existence since 1980? And the former has been set up by the developer whilst the latter is stated to be a "third party"? I'd like to see much more precise details of the proposal before I invest. I presume it should really read "Rou****e is a new SPV set up by the contractor to build out the sites specific to our client". Rou****e B**** C****** Limited was incorporated on 29th August 2017 and has one Director, A****** Rou****e, who was appointed the same day and controls at least 75% of the shares. Quite why he feels the need to conduct this particular development through a limited company is unclear (he appears to have no other Directorships).
|
|