mikeymike
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Post by mikeymike on Jan 29, 2018 20:13:46 GMT
26.01.18 This additional info posted under the assets tab:
*NOTE: To clarify - the revised GDV of £950,000 is based upon amended planning with the properties now being upgraded to 6 bedroom houses. These are already being marketed for £500,000 each - see attached details.
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rogerthat
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Post by rogerthat on Jan 31, 2018 17:26:10 GMT
26.01.18 This additional info posted under the assets tab: *NOTE: To clarify - the revised GDV of £950,000 is based upon amended planning with the properties now being upgraded to 6 bedroom houses. These are already being marketed for £500,000 each - see attached details.
I note there is a supplemental loan on the platform for £40K....part of a £70K facility to 'finish' the development... I got an 'New Loan Coming Shortly' email at 15.58 today...as it went live 2minutes later at 16.00 I feel that 2minutes warning is far too much time to do any worthwhile DD  ..be that as it may, I'm struggling to understand how FS arrive at the quoted LTV of 69.5%..ive been round the dart board trying to agree..anyone help ?
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Post by fundingsecure on Jan 31, 2018 17:33:58 GMT
Loans - 512 + 78 + 70 = 660
660 / 950 = 69.5%
HTH
FundingSecure
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r00lish67
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Post by r00lish67 on Jan 31, 2018 17:45:02 GMT
26.01.18 This additional info posted under the assets tab: *NOTE: To clarify - the revised GDV of £950,000 is based upon amended planning with the properties now being upgraded to 6 bedroom houses. These are already being marketed for £500,000 each - see attached details.
I note there is a supplemental loan on the platform for £40K....part of a £70K facility to 'finish' the development... I got an 'New Loan Coming Shortly' email at 15.58 today...as it went live 2minutes later at 16.00 I feel that 2minutes warning is far too much time to do any worthwhile DD ..be that as it may, I'm struggling to understand how FS arrive at the quoted LTV of 69.5%..ive been round the dart board trying to agree..anyone help ? I had exactly the same issue in calculating the LTV of this one a few days ago for the renewal of the first facility, and yes I agree it still looks off to me too. My calculation: Current Value of assets: £755k (part built site) + £195k house - £78k mortgage = £872k FS borrowing to date: £512k (existing facilities) + £40k (this tranche) = £552k £552k/£872k = 63.3% LTV as opposed to FS stated 69.5% LTV. Re: DD, well it's not DD as such, but it's my view. If this development goes totally pear shaped (doesn't seem likely, but always my starting assumption), then that £755k becomes a nonsense figure, which no-one will pay. Meanwhile, the other part of the security is a second charge. If I was sitting in a loan behind both the mortgage on the other house plus £552k of other FS loans and accrued interest in that scenario, I would be feeling exceedingly uncomfortable. Edit: Crossed with fundingsecure . Funding secure, there's 2 things about that calculation I don't understand. 1) Why are you adding £70k to the loans value when only £40k of this new facility has been released - shouldn't we be using current values? On reflection, you have said you've added the whole facility to the description, so, ok, although you normally use current LTV and state a maximum LTV for future tranches in the facility. 2) I'm less sure about this, but doesn't adding the mortgage loan to the loans value distort the LTV? It's not "our" loan, so I would have thought this should just be deducted from the security value, no?
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rogerthat
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Post by rogerthat on Jan 31, 2018 17:46:15 GMT
Loans - 512 + 78 + 70 = 660 660 / 950 = 69.5% HTH FundingSecure Thanks...the calculators fine..its me that needs a replacement battery 
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rogerthat
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Post by rogerthat on Jan 31, 2018 17:48:00 GMT
I note there is a supplemental loan on the platform for £40K....part of a £70K facility to 'finish' the development... I got an 'New Loan Coming Shortly' email at 15.58 today...as it went live 2minutes later at 16.00 I feel that 2minutes warning is far too much time to do any worthwhile DD ..be that as it may, I'm struggling to understand how FS arrive at the quoted LTV of 69.5%..ive been round the dart board trying to agree..anyone help ? I had exactly the same issue in calculating the LTV of this one a few days ago for the renewal of the first facility, and yes I agree it still looks off to me too. My calculation: Current Value of assets: £755k (part built site) + £195k house - £78k mortgage = £872k FS borrowing to date: £512k (existing facilities) + £40k (this tranche) = £552k £552k/£872k = 63.3% LTV as opposed to FS stated 69.5% LTV. Re: DD, well it's not DD as such, but it's my view. If this development goes totally pear shaped (doesn't seem likely, but always my starting assumption), then that £755k becomes a nonsense figure, which no-one will pay. Meanwhile, the other part of the security is a second charge. If I was sitting in a loan behind both the mortgage on the other house plus £552k of other FS loans and accrued interest in that scenario, I would be feeling exceedingly uncomfortable. I'm usually on the ball with these..but as you can now see FS have made it look so simple I'm embarrassed  Its total borrowed to date ..add his outstanding own house mortgage..add the total of last facility..divided into GDV (hopefully)..lets hope they sell for the valuation. After all that I'm not going to bid as the facility ranks behind the others
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r00lish67
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Post by r00lish67 on Jan 31, 2018 17:57:20 GMT
Its total borrowed to date ..add his outstanding own house mortgage..add the total of last facility..divided into GDV (hopefully)..lets hope they sell for the valuation. After all that I'm not going to bid as the facility ranks behind the others Almost, but it's not actually divided by the GDV (£955k) but the current value of the part built property plus the value of the second house (£755k + £195k = £950k). Fun here, isn't it? 
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rogerthat
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Post by rogerthat on Jan 31, 2018 18:03:34 GMT
Almost, but it's not actually divided by the GDV (£955k) but the current value of the part built property plus the value of the second house (£755k + £195k = £950k). Fun here, isn't it? Yes..and no..your calculation is wrong..if I might be so bold..well according to what FS put above ?
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r00lish67
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Post by r00lish67 on Jan 31, 2018 18:08:45 GMT
Almost, but it's not actually divided by the GDV (£955k) but the current value of the part built property plus the value of the second house (£755k + £195k = £950k). Fun here, isn't it? Yes..and no..your calculation is wrong..if I might be so bold..well according to what FS put above ? You may be so bold indeed, and at the risk of swamping the forum with this  ......The difference in approach between what FS did and I did is that they added on the (non-FS) mortgage to the total loan value, whilst I deducted it from the net asset value. Given that FS didn't issue that loan, I still lean towards thinking it should be the latter really, but it's a pretty minor difference. Re: counting the whole of the new facility in the calculation, well FS did actually say the new LTV "will be" 69.5% rather than is, so happy to hold my hands up there. I was busy calculating the current LTV, which I'm surprised FS didn't mention, as it paints it in rather a better light!
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rogerthat
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Post by rogerthat on Jan 31, 2018 18:18:56 GMT
You may be so bold indeed, and at the risk of swamping the forum with this ......The difference in approach between what FS did and I did is that they added on the (non-FS) mortgage to the total loan value, whilst I deducted it from the net asset value. Given that FS didn't issue that loan, I still lean towards thinking it should be the latter really, but it's a pretty minor difference. Re: counting the whole of the new facility in the calculation, well FS did actually say the new LTV "will be" 69.5% rather than is, so happy to hold my hands up there. I was busy calculating the current LTV, which I'm surprised FS didn't mention, as it paints it in rather a better light! Shall we call it a draw ?..I admit it does seem an odd way to do it ..but from our perspective I'm slightly encouraged by the fact that the chap wont want to lose his own house so the incentive will be on him to finish the development and sell for as much as he can get..anyway ive got enough squids in the loan already...onward and upward what 
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adrian77
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Post by adrian77 on Jan 31, 2018 18:23:46 GMT
So would I!
I think I have found these houses on the internet - there are for sale at 500K offers in the region of. To me this is not a valuation but an opening gambit by an estate agent.
There is no garage (unless I have missed it) and I wonder if they are timber framed
Personally they seem like doll houses to me and totally lack any character whatsover.
The £950K for the pair seems very optimistic to me as there is a fantastic detached 5 bedroom house nearby for o.i.r.o. £380K which to me, at least, is worth more than these houses
What happens if these houses aren't finished with the £70K extra funds - yet another loan and then they need to be signed off by building control, marketed and bought (possibly as part of a chain) so it could easily be 6 months before they are sold so maybe yet another loan?
methinks smutty stick - it may be OK but not for me...
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rogerthat
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Post by rogerthat on Jan 31, 2018 18:33:03 GMT
So would I! I think I have found these houses on the internet - there are for sale at 500K offers in the region of. To me this is not a valuation but an opening gambit by an estate agent. There is no garage (unless I have missed it) and I wonder if they are timber framed Personally they seem like doll houses to me and totally lack any character whatsover. The £950K for the pair seems very optimistic to me as there is a fantastic detached 5 bedroom house nearby for o.i.r.o. £380K which to me, at least, is worth more than these houses What happens if these houses aren't finished with the £70K extra funds - yet another loan and then they need to be signed off by building control, marketed and bought (possibly as part of a chain) so it could easily be 6 months before they are sold so maybe yet another loan? methinks smutty stick - it may be OK but not for me... These are 6 bedroomed ..seen em on Zo*pla ?..no garage if theyre the ones..presume identical..so asking £475K
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Post by mrclondon on Jan 31, 2018 19:21:09 GMT
If my records are correct, I make todays new loan a 4th rank: As is normal, some of the tranches listed on the new loan refer to loans that have been renewed, and hence the quoted loan id is out of date. |
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rogerthat
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Post by rogerthat on Jan 31, 2018 19:37:55 GMT
If my records are correct, I make todays new loan a 4th rank: As is normal, some of the tranches listed on the new loan refer to loans that have been renewed, and hence the quoted loan id is out of date. That's good then...I have 5 of the 6 1st ranking charges...smug look  939..501..212..322..483..no cold cabbage and lard for tea tonight
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mikeymike
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Post by mikeymike on Feb 1, 2018 0:43:46 GMT
If my records are correct, I make todays new loan a 4th rank: As is normal, some of the tranches listed on the new loan refer to loans that have been renewed, and hence the quoted loan id is out of date. That's good then...I have 5 of the 6 1st ranking charges...smug look 939..501..212..322..483..no cold cabbage and lard for tea tonight I think the confusion over loan numbers is why I mistakingly tried to post the initial post on the wrong thread. ISTM that by pushing this latest (and? unexpected) loan to the back of the queue that FS have unintentionally initiated some unwanted extra dd. Lets hope it all goes swimmingly for all.
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..be that as it may, I'm struggling to understand how FS arrive at the quoted LTV of 69.5%..ive been round the dart board trying to agree..anyone help ?
......The difference in approach between what FS did and I did is that they added on the (non-FS) mortgage to the total loan value, whilst I deducted it from the net asset value. Given that FS didn't issue that loan, I still lean towards thinking it should be the latter really, but it's a pretty minor difference.
939..501..212..322..483..no cold cabbage and lard for tea tonight