Sharing of IMS reports for development loans
Mar 16, 2018 8:02:27 GMT
treeman, james100, and 1 more like this
Post by SteveT on Mar 16, 2018 8:02:27 GMT
Kudos to fundingsecure for starting to share Independent Monitoring Surveyor reports in full for its development loans (see the Frenchay, Bristol scheme updates), something that's been standard practice by stuartassetzcapital for ages. I guess FS have learned some lessons from the Whitehaven fiasco...
Hopefully this will encourage other platforms to do the same with their own development loans (Paul64, SophieThing). In particular, Lendy's argument that IMS reports are too technical to be shared and would give rise to needless lender questions is farcical. Frankly, most IMS reports are much more straightforward than the initial Valuation Reports such schemes rely on to project a future residual value from crude assessments of GDV, build costs, financing, developer profit, etc !!
Hopefully this will encourage other platforms to do the same with their own development loans (Paul64, SophieThing). In particular, Lendy's argument that IMS reports are too technical to be shared and would give rise to needless lender questions is farcical. Frankly, most IMS reports are much more straightforward than the initial Valuation Reports such schemes rely on to project a future residual value from crude assessments of GDV, build costs, financing, developer profit, etc !!