dawn
Member of DD Central
Posts: 308
Likes: 275
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Post by dawn on Jan 10, 2018 17:12:17 GMT
Same borrower as Moneything loan MTAS713 etc
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Post by Badly Drawn Stickman on Jan 10, 2018 17:38:26 GMT
That just has to be the most comprehensive valuation report I have ever read.
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mouse
Posts: 55
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Post by mouse on Jan 10, 2018 17:39:17 GMT
Also same valuation company as MTAS_etc. Get about don't they, plymouth one month, stockport the next.
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Post by dan1 on Jan 10, 2018 17:39:25 GMT
The loan has been added to the following: - Travel Guide on public forum link- Travel Guide on DD Central link- Google Earth KMZ on DD Central link (includes link to the planning application property history)
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Post by Collateral Rep on Jan 10, 2018 18:11:14 GMT
Hi cooling_dude, Yes any development loans will rank behind the bridge loan. Many thanks, Gordon
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Post by Badly Drawn Stickman on Jan 10, 2018 18:20:04 GMT
That just has to be the most comprehensive valuation report I have ever read. Really? It is pretty standard stuff for a VR - in fact, teh layout is the is one of the common copy/paste layouts they all seem to use (Edit: ironically, there is a PP ref in the VR that points to a different, and withdrawn, COL loan...)You must be used teh BS on FS! For reference, the surveyor hasn't got a good track record for VRs, so the large buffer is nice to have Collateral Rep / collateral - apologies if it has been noted (haven't had time to take all the info in yet); will the future teachers rank behind this loan, or will it be Pari-passu ? I am easily impressed, and there was a lot of pictures.
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sarahcount
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Post by sarahcount on Jan 10, 2018 21:20:32 GMT
will the future teachers rank behind this loan, or will it be Pari-passu ? Well I read the VR very carefully to see where the future teachers came into the equation and whether they were spending their student loans wisely but found nothing. Anyway on a separate subject I do like bridge loans that rank ahead of development tranches so will be dipping my toe into this one.
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Post by Badly Drawn Stickman on Jan 10, 2018 22:24:33 GMT
will the future teachers rank behind this loan, or will it be Pari-passu ? Well I read the VR very carefully to see where the future teachers came into the equation and whether they were spending their student loans wisely but found nothing. Anyway on a separate subject I do like bridge loans that rank ahead of development tranches so will be dipping my toe into this one. Superficially it does seem to be quite a solid looking offer, with many advantages over some recent very borderline proposals. However I have a few issues nagging at my mind. The MT loan being quite a big one, I cant see how that would not have some impact on the smooth flowing of this one. I would also wonder if MT were offered the chance to 'fund' this and declined, or were not offered the chance which would raise other questions. On your initial point. I blame the education standards decline, tranches just don't have the passion they once did.
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seeingred
Member of DD Central
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Post by seeingred on Jan 10, 2018 22:54:10 GMT
" I would also wonder if MT were offered the chance to 'fund' this and declined, or were not offered the chance which would raise other questions."
Good point. COL might have made a better (lower) offer or not known as much about the borrower's recent performance as did MT.
Two of this borrowers current loans on MT (two lots of some student flats down south and some half completed houses up north?) seem to running into problems of cash flow and/or getting finished on time. It may be significant that on the appropriate threads MT have recently been silent when asked for updates.
This loan has some attractive photos and in principle might be a good bet. But factor the borrower and his recent history into the equation and you might feel less certain.
However, if the longstanding (and unfilled) loan on COL gets pulled that will release some cash - as would repayment of the now overdue freehold loans for H******field student flats. Taken together, almost anything might get funded, even at 12% and no cashback.
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oik
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Post by oik on Jan 10, 2018 23:07:00 GMT
Land Registry: Sold 2 Feb 2007 for £600,000 Permission for the current development granted 6 Jan 2015 Sold again 13 Nov 2015 £1,050,000 Major fire destroying development in Oct 2016 (treated as arson) and deserted for more than a year without too much seeming to happen, apart from penetrating damp appearing in the house that will need to be dealt with, but current value now £2,880,000 apparently. Hmm.
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Post by df on Jan 10, 2018 23:57:54 GMT
Looking at the progress on Primary Market - another one has joined the queue. It is £1,708,153 available now (+ plenty on SM) - too much for lenders' demand.
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hazellend
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Post by hazellend on Jan 11, 2018 7:30:17 GMT
My gut feeling is that this borrower will probably come good. Here’s hoping!
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sirius
Member of DD Central
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Post by sirius on Jan 11, 2018 9:12:12 GMT
My gut feeling is to steer well clear of this one.
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jcm9000
Member of DD Central
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Post by jcm9000 on Jan 11, 2018 9:18:45 GMT
Mmm i have too much sitting in MT with this borrower in ‘default’. Why do i feel they are funding one thing to pay off another = house of cards. As much as i like Coll, i have to pass.
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seeingred
Member of DD Central
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Post by seeingred on Jan 11, 2018 9:50:23 GMT
It is all very well liking bridge loans that rank ahead of further development tranches: "I do like bridge loans that rank ahead of development tranches" sarahcount But this only makes for a good and safe investment if A. The valuations are sound (or at least acceptable) - all the way from site purchase to final GDV B. Work actually gets underway on site to a meaningful degree, on schedule, and within budget (Exeter loan on Lendy failed on the last point) C. Other people have sufficient confidence in the outcome to fund the later development tranches - even at 15% and with CB. There are several loans on COL at the moment where we were assured of A (but we didn't quite believe it). There are several where were are told work will start on site in January (we are waiting for the photos). Finally, if this borrowers other projects (those on MT) are not put back on the straight and narrow very shortly then C. might well be in doubt on this project. EDIT - Crossed with Magenta14 above - I have far too much in the MT loans to want this one as well.
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