ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 3, 2018 22:26:35 GMT
Interest: 13% Loan amount: £365,000 LTV: 63% Bonuses: Yes Cashback: No Restrictions: No Overview: A 6 month loan secured by a first legal charge against a plot of development land that is already owned by the client. They require the funds to clear existing debt and will then refinance onto longer term development funding. The site has planning in place for the construction of 22 no 3 br homes across three parcels of land.
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Post by routlep on Jan 4, 2018 7:42:15 GMT
Thanks Ozboy. Land looks relatively cheap vs development potential, though there is the question of the disused coal mines close by. And why would Redrow sell the plots - too small for them?
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oldgrumpy
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Post by oldgrumpy on Jan 4, 2018 10:33:58 GMT
routlep My post showing an aerial view has been moved to DD-C. Have a look at the 3D view on google, and also streetview. It is quite odd that the three plots were not built on while the rest was done. The two on P****lock Ave are particularly small. All the rest of the estate looks very smart.
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Post by zeverare on Jan 4, 2018 10:56:27 GMT
on one of the plots was the temporary office of redrow until a few years ago
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on Jan 4, 2018 11:05:41 GMT
26% @ 15:58 / 21% @ 13:02 / 20% @ 12:16 / 19% filled @ 11:59 / 17% @ 11:20 / 12% invested by 11:08
Agree with *oldgrumpy (and thanks for the pic) that it's odd Redrow didn't maximise their profits and build themselves.
* and routlep
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Post by routlep on Jan 4, 2018 11:58:13 GMT
Thanks a lot old grumpy - this one is not exactly flying off the shelf
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Post by badboyyardy on Jan 4, 2018 12:04:10 GMT
Think thats the key we are missing - why did Redrow exit? Rightmove sold prices for the postcode aren't great but can't see any similar newbuilds sold recently
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duck
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Post by duck on Jan 4, 2018 12:19:53 GMT
My post showing an aerial view has been moved to DD-C. ..... Why, I didn't see any banana skins? Perhaps the Mod who moved it could enlighten me ......
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on Jan 4, 2018 12:38:59 GMT
Most on here are now VERY cautious with the platforms these perilous days, and very concerned about what information is consistently withheld/we are not told. We always have to find out for ourselves and the monotonously regular "surprises" are tiresome..
And this Loan appears to have that "whiff" about it?
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adrian77
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Post by adrian77 on Jan 4, 2018 13:23:44 GMT
exactly - I would not touch this one with the smutty stick - it may be OK or it may not and I am not risking it especially as I am worried about extant mine shafts...
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rogerthat
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Post by rogerthat on Jan 9, 2018 13:18:40 GMT
exactly - I would not touch this one with the smutty stick - it may be OK or it may not and I am not risking it especially as I am worried about extant mine shafts... I'm sure you've already seen FS's comment regarding the mine shafts and the 'perceived' action taken by R*d*ow. Does that alleviate your concerns at all ? Also, for 2/3bed houses, if the plots are valued @ £26K is there enough margin/incentive for the plots to be built out based on the sale price ranges given ?..ive been through S.O.T countless times over the last few years, so I'm aware of how relatively 'cheap' new builds are because in part the areas were industrial wastelands which are now being regenerated. And with regard to the extant mine shafts, im presuming all new builds will have an accredited new build warranty ?
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adrian77
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Post by adrian77 on Jan 10, 2018 12:03:27 GMT
The report says they don't know why R__w did not build on them. We have...."understood... .....apparently...." Well for my money this is not good enough - I have dealt with R----w in the past and they clearly weren't stupid!
Too many problems with other property loans for me to risk this one.
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rogerthat
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Post by rogerthat on Jan 10, 2018 21:43:43 GMT
From DD-C Do we know who the borrower is who reputedly owns these 3 plots and whether they have any past history of development ? Sub-charge is online @ C****** BRIDGING FINANCE SOLUTIONS LIMITED which has a rather prominent P2P Borrower (P*** D*****) at the helm. The sub-charge points to the actual borrower, which is a company in Gibraltar, L***** Management Limited As a Gibraltar based company, very little information available, but possibly connected to many loans (past & present... and most likely future) on FS, COL and MT. Thankyou...
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Post by mrclondon on Nov 12, 2019 16:14:58 GMT
Loan has been defaulted on the website.
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Post by multiaccountmanager on Nov 22, 2020 11:33:37 GMT
This one appears overdue for an update?
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