michaelc
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Say No To T.D.S.
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Post by michaelc on Apr 4, 2018 15:15:11 GMT
Why would anyone invest in this? I mean there must be some good reasons since the last renewals were subscribed but I can't understand what I'm missing?
This is about 7 or 8 acres of farming land that has been valued at £1.5M A closer read of the "valuation" report reveals :
"Our valuation assumes that planning permission will be granted in line with Local Plan policies....."
At this stage, without doing the required DD to check the planning status of the land and the planning policy of the relevant council I'm completely put off because surely that 1.5M is only that much if planning is a done deal. To be clear if it doesn't get planning, wouldn't the land then be worth around 80K at best (with a 500K loan as security...).
Knowing that it is in their local plan allocation doesn't go far enough - I'd need to do a lot of research and therefore I think I'd want a lot more than 12% How about 100% or an option for more should planning go through?
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Liz
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Post by Liz on Apr 4, 2018 15:30:46 GMT
They paid the interest, which is a positive.
People are lending, I guess because of the low LTV.
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Imothep
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Post by Imothep on Apr 4, 2018 15:31:00 GMT
i own a 5 acre field in staffordshire, its a really nice field as fields go, a mate that knows a mate says his mate thinks it will get planning , so i thinks it’s worth 600k instead of the 48k it really is worth , shall i pop in a loan app ?  |
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james21
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Post by james21 on Apr 4, 2018 15:46:38 GMT
Avoided this when it came out and still avoiding. Pure speculation on part of borrower. Valuation Aug 2016. No updates. As already pointed out full planning may not be forthcoming. If they had full planning and development was about to start it would be a different proposition
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rogerthat
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Post by rogerthat on Apr 4, 2018 15:58:37 GMT
Avoided this when it came out and still avoiding. Pure speculation on part of borrower. Valuation Aug 2016. No updates. As already pointed out full planning may not be forthcoming. If they had full planning and development was about to start it would be a different proposition Had a reasonable chunk in this so I'm relieved to see its promptly up for renewal..ive looked on various planning portals but as yet cant seem to tie this down anywhere. What concerns me is whats been already said..Speculation..and atm nothing more than last time. Has any planning been applied for and if so, for what ? FS's presentation isn't exactly encouraging me to renew. This could well turn out to be another job for Smutty..or letting it go completely and substituting a nibble in its place
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nyneil
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Post by nyneil on Apr 5, 2018 10:21:46 GMT
So in all likely-hood, this is actually c1000% LTV not 35%  |
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rogerthat
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Post by rogerthat on Apr 5, 2018 10:39:26 GMT
So..Two bids of £110K One bid of £100K Clearly I'm missing something  |
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Liz
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Post by Liz on Apr 5, 2018 10:45:06 GMT
So..Two bids of £110K One bid of £100K Clearly I'm missing something I held for 10 months, but sold out as no progress was being made and got worried about development land and the way valuers value them. I think many here expect that FS will allow at least a couple of interest roll-ups, leaving plenty of chance to jump ship.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 5, 2018 10:49:30 GMT
I've always wondered if BHs get Special Rates?  |
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rogerthat
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Post by rogerthat on Apr 5, 2018 10:53:00 GMT
So..Two bids of £110K One bid of £100K Clearly I'm missing something I held for 10 months, but sold out as no progress was being made and got worried about development land and the way valuers value them. I think many here expect that FS will allow at least a couple of interest roll-ups, leaving plenty of chance to jump ship. Plausible...but throwing multiple K's around and relying on the lifeboat before landfall aint for the faint hearted albeit 16% interest..perhaps they're good swimmers  p.s I let both ISA & Main go..but wondering if I was a tad hasty..but its money in t'bank spose
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rogerthat
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Post by rogerthat on Apr 5, 2018 10:54:28 GMT
I've always wondered if BHs get Special Rates? A rubber ring with a repair kit praps 
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Liz
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Post by Liz on Apr 5, 2018 11:01:56 GMT
I've always wondered if BHs get Special Rates? A rubber ring with a repair kit praps Yes, they earn upto 17%.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 5, 2018 11:25:31 GMT
These boys (& girls) aren't mugs, given the known risks I'd suggest much above 17%. Perhaps I should have said " Special". |
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pier2pier
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Post by pier2pier on Apr 5, 2018 19:48:55 GMT
<link removed by mod - was dead anyway and partially identified the asset>
cant be far from above
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woodland
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Post by woodland on Oct 10, 2018 16:39:26 GMT
This is up for renewal tmrw - does anyone have any more positive views on this one? I have not checked but I presume there is no progress in terms of planning. Can't see a DD thread either.
Edit : my apologies, there is some mention of planning status in the listing info.
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p.s I let both ISA & Main go..but wondering if I was a tad hasty..but its money in t'bank spose