lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Jan 29, 2018 9:11:17 GMT
Does anyone have any information about this loan, I’m contemplating investing?
|
|
badersleg
Member of DD Central
Posts: 180
Likes: 78
|
Post by badersleg on Jan 29, 2018 11:43:01 GMT
Nothing more than what's on the FS site. I sold all mine on the secondary market, if that's any measure of it's popularity.
Tim
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jan 29, 2018 11:52:42 GMT
My gut reaction was high LTV = Not even bothering to research. However, I'm close to there and I know a property developer from the area. If convenient, I'll pop in and have a chat with him and see what he thinks, but I'm not going out of my way on this one.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jan 29, 2018 11:52:52 GMT
Does anyone have any information about this loan, I’m contemplating investing? Ive invested quite a bit over several tranches....second application in for a further 4 houses Durham Planning Portal DM/17/****/FPA...comment from one local resident of lack of parking spaces but I see the developer has allowed for 1 per house...1 sale (STC) 4 more under offer...of 9...decision on secondary build of 4 as yet unknown..but latest valuation (see link) suggests builders profit comes out of getting 4 more built
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Mar 21, 2018 11:05:29 GMT
personally I am not comfortable with the very high LTV - the houses need finishing, signing off by building control and then to be bought -this facility is now £861K which at 30% is £129K interest over 6 months i.e. a house.
Tranche 2 is due to be repaid 31/07/2018 which is not very far away.
This is too risky for me to even have a nibble. If this developer hits a problem or the UK housing market cools or even if these houses are slow to sell , then what...
FS the following is in black and white
so interesting one to follow.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Mar 21, 2018 17:49:48 GMT
Rising above 70% on a no doubt over blown valuation report.! So maybe the LTVis closer to 100% than 70%.😱
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Mar 22, 2018 8:26:56 GMT
I heard something on the radio about falling house prices in the north east (along with London and somewhere else, don't remember), something that only confirms my suspicion as a house hunter myself. In fact the do-up job I have just bought near Washington was initially priced at £240,000, now mine for £196,000.
And since I bought, which is just over a month ago, nearly all the estate agent and Rightmove emails I'm getting are price reduced properties. Obviously nothing scientific there so do your own research, but I don't fancy this loan.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 22, 2018 17:56:47 GMT
I heard something on the radio about falling house prices in the north east (along with London and somewhere else, don't remember), something that only confirms my suspicion as a house hunter myself. In fact the do-up job I have just bought near Washington was initially priced at £240,000, now mine for £196,000. And since I bought, which is just over a month ago, nearly all the estate agent and Rightmove emails I'm getting are price reduced properties. Obviously nothing scientific there so do your own research, but I don't fancy this loan. Fair point but the most recent update 20th March says that the block of 5 have all been sold at full asking price..block of 4 well advanced and developer has now 4 additional plots to make his money on..a bit of an incentive for him maybe
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Apr 26, 2018 16:20:12 GMT
These houses look a bit wonky!
|
|
rgog
Member of DD Central
Posts: 95
Likes: 70
|
Post by rgog on Apr 27, 2018 15:08:37 GMT
These houses look a bit wonky!
Wot's wrong with wonky houses, the supermarkets sell wonky veg!
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 25, 2018 16:39:18 GMT
Final..10th.. tranche tomorrow (26/06) @10am 2571408501
£55.5K @ 13%..LTV 79% ..temporarily In quite a few but not all of these..however I note theres no mention of Tranche 5 being overdue.. at 234 days in my LB Update on Tranche 5..16/05/2018 "We carried out a site visit w/c 7/05/2018 and can confirm the work on site is progressing well in conjunction with previous updates. A further tranche of funds will be released shortly to continue the development, at which point this loan will be renewed"
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jun 26, 2018 7:40:30 GMT
79% LTV and that is before selling costs etc - FS are having a laugh at 13%! All it needs is FS to overvalue this one as per other valuations and the LTV will be well over 100%. I note these houses are on shallow mine workings so if nothing else no competent solicitor would allow a sale to proceed without the remedial work being verified.
Also looks to me as if this applicant is running out of money and is heading for major cash flow problems as I can't see him finishing and selling to completion within 6 months.
Time for daily thrashing with my friendly Smutty Stick - I also note that the recent uptake of newly listed loans seems to have greatly slowed not that I am interested in ny of them...
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jul 10, 2018 17:58:24 GMT
Smutty stick anybody - am currently looking at the cashflow etc on this one - will post comments later this evening but I guess it will have filled by then!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jul 10, 2018 19:29:10 GMT
Had a quick look at this one : assuming my maths are correct this applicant owes £786K before the end of the year and £600.5k before end October. The block of 4 is nowhere near finished - Crook seems a lovely part and very cheap part of the world so must visit! The houses have no garage and are on a main road and seem expensive to me. Given the various states of completion the LTV seems well over 100% to me.
The title contains restrictive covenents! But the valuer has no idea what they are - brilliant
The land had former shallow mine workings - so that is something for any purchasing solicitor to check...all takes time. However how on earth is the applicant going to repay the £275K before the end of the month - the current renewal is not going to last long is it?
Given this applicant is paying interest at 20% or whatever pa I just can't see any completed sales before October at the earlies so looks an inevitable cash-flow horlicks to me.
Looks like yet another disaster to me but what do I know.
Time for my daily thrashing with Mr Smutty!
Roddy Hell!
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 10, 2018 20:22:19 GMT
Had a quick look at this one : assuming my maths are correct this applicant owes £786K before the end of the year and £600.5k before end October. The block of 4 is nowhere near finished - Crook seems a lovely part and very cheap part of the world so must visit! The houses have no garage and are on a main road and seem expensive to me. Given the various states of completion the LTV seems well over 100% to me. The title contains restrictive covenents! But the valuer has no idea what they are - brilliant The land had former shallow mine workings - so that is something for any purchasing solicitor to check...all takes time. However how on earth is the applicant going to repay the £275K before the end of the month - the current renewal is not going to last long is it? Given this applicant is paying interest at 20% or whatever pa I just can't see any completed sales before October at the earlies so looks an inevitable cash-flow horlicks to me. Looks like yet another disaster to me but what do I know. Time for my daily thrashing with Mr Smutty! Roddy Hell! an update I read somewhere dated 20/03/18 "Sales have now been agreed at full price on all properties in the block of five units."..Of course that doesn't mean completed but...
|
|