michaelc
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Say No To T.D.S.
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Post by michaelc on May 30, 2017 20:38:10 GMT
The general information says that it is about 2 weeks from completion of the build.
Meanwhile the assets tab says that the building isn't even watertight yet.
Perhaps those more knowledgeable than I could comment about whether 2 weeks to finish the water tightness (does that mean a roof?) and then add internal walls, plasterboard and plastering, plumbing and central heating, electrics, decoration, bathrooms, kitchen and external landscaping etc is reasonable in that time-frame?
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SteveT
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Post by SteveT on May 30, 2017 21:26:21 GMT
No, it isn't. 2 months, more like.
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ashtondav
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Post by ashtondav on May 31, 2017 11:29:37 GMT
No surprise there, then!
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rs
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Post by rs on May 31, 2017 21:55:28 GMT
No, it isn't. 2 months, more like. do fs have a duty to report truthful information as they were approved by fsa?
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mikes1531
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Post by mikes1531 on Jan 23, 2018 12:24:23 GMT
Today's renewal is a consolidation of five tranches of a £550k facility against a £800k GDV project. It is well on the way to completion, but the numbers provided by FS don't seem to be supported by the photos shown. Perhaps the photos are old. In any case, FS say the project is within £30k of completion and that the borrower has the funds to finish the job. But if there's still work to be done, how can the project be worth the full GDV? At best, its value should be £30k less than the GDV, which would be £770k. That would make the LTV 71.4%. If worked stopped now, however, ISTM that there's no way a buyer could be found who'd pay that for it, so the actual LTV is bound to be higher than that, possibly a lot higher. Perhaps fundingsecure would care to clarify the published value and LTV? |
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bernard
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Post by bernard on Jan 23, 2018 12:30:15 GMT
Also the inital caveat from the valuer was that end value needs to be reappraised at or near completion. Now would have seemed like a good time to do that, especially when there are decent 5 bed detached just around the corner on rightmove in the 600-700k bracket.
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Post by choupica on Jun 11, 2018 10:30:44 GMT
Hello, my first post but hopefully the first of many.
This property is for sale at 750k vs valuation at 800k. Ltv at 73%.
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r00lish67
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Post by r00lish67 on Jun 11, 2018 11:32:14 GMT
Hello, my first post but hopefully the first of many. This property is for sale at 750k vs valuation at 800k. Ltv at 73%. Welcome choupica , and thanks for a useful first post. I suppose on the plus side, it's good to see it fully finished and to a high specification (if not all to my taste). But the LTV is a concern, and that's just the initial sale price too (looks to have been on for 6 weeks now). Unless the borrower stumps up funds from elsewhere, I can't see FS wanting to renew this one given that they'll have to downgrade the valuation.
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steve11523
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Post by steve11523 on Aug 15, 2018 16:21:37 GMT
In the light of choupica's note above, it's something of a surprise to that the house is valued at £1.4m on completion in today's renewal
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steve11523
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Post by steve11523 on Aug 15, 2018 16:34:13 GMT
I've seen a house in the same road marked as "Under offer at £699,950" but this is a different property.
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Post by df on Aug 15, 2018 18:13:29 GMT
I've seen a house in the same road marked as "Under offer at £699,950" but this is a different property. Sounds about right. If you half "valuation" figure you get some idea of what the property can be sold for 
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james21
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Post by james21 on Aug 15, 2018 18:27:58 GMT
Some of you seem to be on a separate page; the loan is planned to be refinanced onto BTL according to the lender and not for sale. TBH I am not seeing a problem here
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Post by df on Aug 15, 2018 19:32:52 GMT
Some of you seem to be on a separate page; the loan is planned to be refinanced onto BTL according to the lender and not for sale. TBH I am not seeing a problem here I tend to measure my risk not by the borrower's plans, but by the fire sale value of asset.
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rogerthat
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Post by rogerthat on Aug 15, 2018 21:52:34 GMT
Already paid out ..mail 22.18 |
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TheDriver
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Post by TheDriver on Aug 16, 2018 3:02:53 GMT
Today's renewal is a consolidation of five tranches of a £550k facility against a £800k GDV project. It is well on the way to completion, but the numbers provided by FS don't seem to be supported by the photos shown. Perhaps the photos are old. In any case, FS say the project is within £30k of completion and that the borrower has the funds to finish the job. But if there's still work to be done, how can the project be worth the full GDV? At best, its value should be £30k less than the GDV, which would be £770k. That would make the LTV 71.4%. If worked stopped now, however, ISTM that there's no way a buyer could be found who'd pay that for it, so the actual LTV is bound to be higher than that, possibly a lot higher. Perhaps fundingsecure would care to clarify the published value and LTV?
Rather strange that in the renewal 7 months later there is now £50 - £60k left to be done! Did the demolition crew come back ? And forgive me for being sceptical about GDV increasing from an optimistic £800k to an astronomic £1.4M! Financing this on a BtL to even repay the monies owed would need a rental income of about £1.5k a WEEK! or £6.5k/month in my world - although admittedly the scale of this is way out of my league - and comfort zone! adrian77 , stick please?!?
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