webwiz
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Post by webwiz on Feb 23, 2016 9:31:17 GMT
I am totally flummoxed. Firstly the valuation for the Y*** Mill site alone is £1,068,125 not £1.4m. The separate letter gives no explanation. Secondly the value for the two sites combined is said to be enhanced compared to them taken individually but the figure for the combined sites is actually lower than the total of the two.
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Post by gaspilot on Feb 23, 2016 9:35:05 GMT
I saw that and was a bit puzzled initially.
I think the Y*** Mill site has been revalued at £1.4M.
I wonder if this was after planning permission was given.
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webwiz
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Post by webwiz on Feb 23, 2016 9:42:37 GMT
The main valuation is dated Jan 2016. The valuation has been done on a residual basis so even if planning was obtained after the valuation was done last month it would not affect the valuation figure, as there is no "hope" value included. None of it makes any sense, it's as if the valuer has just changed his mind (or had it changed). Or the letter refers to the combined site value.
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rookey123
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Post by rookey123 on Feb 23, 2016 10:04:45 GMT
Having had a quick look on rightmove I would suggest that the £180k average valuation for the 32 houses looks a bit strong imo.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 23, 2016 10:51:06 GMT
Having had a quick look on rightmove I would suggest that the £180k average valuation for the 32 houses looks a bit strong imo. I know the area very well, and agree it's more than a bit strong. That's the sort of price being asked for completely done-up (fancy new kitchen extensions etc) 3 bed semis in the more desirable parts of the town. I'ts possible they are planning much more luxurious units than I am imagining here, but I doubt it - the site is slap bang in the middle of the typical rows of terraced housing that are associated with a run-down mill town. All the old mills in the surrounding towns are being gradually bulldozed for housing. I happened to be in a show house in one in a neighbouring town with more amenities than rishton just last weekend, and a new build 4 bed detached house with double garage and fairly private garden is being sold for £200K there, so that valuation is not stacking up in my mind with what I have to go on at the moment. Edit: Should have added that terraced houses on that same new development in the neighbouring town are selling at around £100K (2bed) to £120K (3 bed).
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locutus
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Post by locutus on Feb 23, 2016 10:53:53 GMT
Will be interesting to see how this goes given the launch of a couple of loans on SS today.
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Steerpike
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Post by Steerpike on Feb 23, 2016 11:14:42 GMT
The valuation shows comparables at between 140k and 180k but gives no explanation as to why 180k has been used in calculations.
Worrying.
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Monetus
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Post by Monetus on Feb 23, 2016 13:38:27 GMT
It seems nearly all of the sizeable upcoming loans on FS are property these days.
With SS and MT also focusing heavily on property does anyone fear getting a bit too exposed to a single investment channel?
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Post by fundingsecure on Feb 23, 2016 13:46:03 GMT
The main valuation is dated Jan 2016. The valuation has been done on a residual basis so even if planning was obtained after the valuation was done last month it would not affect the valuation figure, as there is no "hope" value included. None of it makes any sense, it's as if the valuer has just changed his mind (or had it changed). Or the letter refers to the combined site value. Apologies for the lack of clarity. The increase in residual value arose as a result of revised estimates of construction costs particularly infrastructure, section 106 and professional fees, which the valuer felt were overly conservative. Hope this helps FundingSecure
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webwiz
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Post by webwiz on Feb 23, 2016 14:02:45 GMT
That's a hell of a reduction. Together with the possibly optimistic estimate of completed development value it does not fill me with confidence. I hope this will not be another "Scottish Boatyard".
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locutus
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Post by locutus on Feb 23, 2016 15:37:16 GMT
Seems to be taking a while to fill. If this were SS, it would have been gobbled up in seconds.
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daveb4
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Post by daveb4 on Feb 23, 2016 16:05:11 GMT
Seems to be taking a while to fill. If this were SS, it would have been gobbled up in seconds. yep, but being cynical it does not make it right  The numbers look a little tight admittedly however from reviewing many valuations over my lifetime I have only seen one based on a development whereby a valuer has 'over' valued I think that was by about 0.5% based on builders real estimate! house prices went up over the build and voila! What the valuation says - again not 100% as slightly confusing Not sure though whether this is someone making a quick buck or seriously going to undertake the development - hopefully the latter as should put us in a better position re my confidence in the deal eg if renewal requested later (personal opinion) Have I put in my normal cash on this, nope - fortunately i only have a little spare at the moment so only small amount of investment.
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sand2880
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Post by sand2880 on Feb 23, 2016 18:35:05 GMT
I've recently come back to this platform for additional diversification but can't seem to find if interest is held upfront or if it's reliant upon sale/refinace at the end of the term. Anyone confirm the position for me?
Cheers
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SteveT
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Post by SteveT on Feb 23, 2016 18:37:29 GMT
I've recently come back to this platform for additional diversification but can't seem to find if interest is held upfront or if it's reliant upon sale/refinace at the end of the term. Anyone confirm the position for me? Cheers No interest retained. We all live in hope it will be paid at the end ...
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locutus
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Post by locutus on Feb 24, 2016 8:00:45 GMT
This doesn't seem to be budging much at all. Is this the prompt FS needs to change tack.
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