rocky1
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Post by rocky1 on May 16, 2018 10:44:19 GMT
not for me i'm afraid i am in to deep already with this borrower who's SPV'S have already had millions from us.it is the same borrower for 6 other DFL'S that are already running dfl 003 dfl006 dfl013 dfl020 dfl022 dfl033. a pbl that will soon turn into a big long running dfl my own comments a while back.all iam trying to say is this borrower is into lendy[us] for circa £30 million across all these DFLs.and with a GDV of circa £116 million across same DFLs these valuations and legals were all done by the same 2 companies and provided by the borrower.so i suspect lendy did not do much DD or anything else here. i have looked through all lendy updates on these loans.SPVs/ltd companies/PGs/etc. DFL020 is still a tarmac car park fenced off but the latest computer pic gives a great impression.the young borrower should concentrate on getting something finished and paid back to us or will we going down part/payment route for a couple of years.diversify we are told.
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sl75
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Post by sl75 on May 16, 2018 14:59:10 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge. The other lender must have a very high appetite for risk. Hobbies may include tightrope walking without a safety net and sleeping with tigers. On closer inspection, the update doesn't say the other lender is relying SOLELY on a second charge on this property - for example, they may also have other charges on other properties that are not relevant to us.
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zlb
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Post by zlb on May 16, 2018 17:03:19 GMT
This loan is a pbl so “safer” Yep, in the same way that a pre-built sandcastle is a safer bet when the tide is coming in. The tide was going out in the last update.
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Post by mrclondon on May 25, 2018 13:08:40 GMT
According to Cardiff's planning portal approval has been granted today (as usual subject to conditions) for the the proposed demolition and redevelopment as student accomodation. (Previously believed to have been approved at Feb's planning committee subject to a S106 agreement being signed)
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empirica
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Post by empirica on May 25, 2018 14:22:07 GMT
The minutes from that February meeting concluded with a 'recommendation to approve' _ so this is that recommendation being carried out?
I see that the decision notice states (in nice big caps lock) OUTLINE PLANNING PERMISSION and that point 1A of the conditions is: "Approval of the details of the layout, scale and appearance of the buildings,
the means of access thereto and the landscaping of the site (hereinafter called
"the reserved matters") shall be obtained from the Local Planning Authority in
writing before any development is commenced."
So, to my inexpert eye, it appears that there are still some hoops to jump through before 'full' planning permission is achieved? (It would also tie in with the valuation report stating "A further planning submission is required in respect of
building detailing nd construction elements.")
Lastly in the above minutes, there was mention of around about £550,000 worth of community levies, but nothing on the decision notice. I suspect they aren't really relevant to a non-development loan, but might they be considered onerous? (And potentially affect the viability of a development?)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 25, 2018 14:34:39 GMT
The minutes from that February meeting concluded with a 'recommendation to approve' _ so this is that recommendation being carried out? I see that the decision notice states (in nice big caps lock) OUTLINE PLANNING PERMISSION and that point 1A of the conditions is: " Approval of the details of the layout, scale and appearance of the buildings,
the means of access thereto and the landscaping of the site (hereinafter called
"the reserved matters") shall be obtained from the Local Planning Authority in
writing before any development is commenced." So, to my inexpert eye, it appears that there are still some hoops to jump through before 'full' planning permission is achieved? (It would also tie in with the valuation report stating " A further planning submission is required in respect of
building detailing nd construction elements.") Lastly in the above minutes, there was mention of around about £550,000 worth of community levies, but nothing on the decision notice. I suspect they aren't really relevant to a non-development loan, but might they be considered onerous? (And potentially affect the viability of a development?) Yes, this is the formal decision notice. The applicant is the seller who has sought outline planning to enhance the value of the site. They havent gone for full planning as that would involve extra cost which they probably dont consider worth it. The purchaser (ie our borrower) will then finalise the design specs etc , conclude S106 agreement & get reserved matters signed off to achieve full permission. Theyve got 3 years to do that, 5 to start building, cash permitting. Probably easier for purchaser to get development finance if they can show theyve added value.
Community levies etc will be the subject of negotiation for the S106 & will likely form part of any development funding
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rocky1
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Post by rocky1 on May 25, 2018 16:09:32 GMT
i still think that this borrower and lendy should concentrate on finishing the other 6 DFLs that are just being extended and dragging on.maybe the borrower will use the funds raised on this scheme to complete some of the others. lendy do not mind where our money goes as long as they get their fees at the start. this one will go on for years just like the one that is still a tarmac car park .
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r00lish67
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Post by r00lish67 on May 28, 2018 8:04:54 GMT
I noticed last night that this one seems to have drawn down, still with £900k to go from the revised (x2) target. I guess £3.1m was enough. Will be interesting to see whether or not the suggested 2nd charge pops up in due course.
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hazellend
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Post by hazellend on May 28, 2018 8:39:08 GMT
Has Lendy funded the other 900k then?
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trevor
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Post by trevor on May 28, 2018 9:06:54 GMT
I note that the 2% cash back offer is still available even though it has drawn down.
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treeman
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Post by treeman on May 28, 2018 9:18:58 GMT
I note that the 2% cash back offer is still available even though it has drawn down.
"At the end of the month cash back will be paid along with interest to whoever is holding the fully paid for loan part at the time."
Not much chance doing anything else though .............. 
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sl75
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Post by sl75 on May 28, 2018 9:22:14 GMT
Has Lendy funded the other 900k then? ... or is it possible that around £900k was already put up for sale by the original investors, ensuring they've reserved a reasonably good place in the sales queue, beating the rush when cashback is paid? (I've not checked in detail whether the cashback T&Cs require the fully paid loan part to be not for sale...)
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r00lish67
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Post by r00lish67 on May 28, 2018 9:23:37 GMT
I note that the 2% cash back offer is still available even though it has drawn down. Yes, although it also states that "the loan has yet to draw but is expected to complete shortly" so I wouldn't place too much trust in the particulars at present. I suspect this is a 'we'll tidy it up after the bank holiday' job..
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r00lish67
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Post by r00lish67 on May 28, 2018 9:25:54 GMT
Has Lendy funded the other 900k then? ... or is it possible that around £900k was already put up for sale by the original investors, ensuring they've reserved a reasonably good place in the sales queue, beating the rush when cashback is paid? (I've not checked in detail whether the cashback T&Cs require the fully paid loan part to be not for sale...) Wouldn't have thought so. It was at about £1m when they announced the PBL120 repayment, and has gradually trickled down since then.
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sl75
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Post by sl75 on May 28, 2018 11:33:49 GMT
... or is it possible that around £900k was already put up for sale by the original investors, ensuring they've reserved a reasonably good place in the sales queue, beating the rush when cashback is paid? (I've not checked in detail whether the cashback T&Cs require the fully paid loan part to be not for sale...) Wouldn't have thought so. It was at about £1m when they announced the PBL120 repayment, and has gradually trickled down since then. For all we know, when it was showing £1m, that could have been about £100k unfunded and £900k funded but loan parts for sale.
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