Seems to me that these re-fi deals take a lot longer than P2P platforms claim to be able to service a borrower request. Perhaps the weeks and months we typically experience through loan updates is the time it should take when proper due diligence is carried out.
(PS: adding the 2nd tranche's ref# to aid searching: 1854388210 )
I think that brummiefred was suggesting that he might be able to visit the site next week.
He's been our eyes and ears on quite a few sites and his photos and observations have been much appreciated.
Ah, yes, that makes sense. (And I guess brummiefred has confirmed as much via the 'like' button?)
My mistake was to conflate the timing of the post with that of the platform update by FS.
Definitely '+1' on the site reports wherever they are posted and whoever they are posted by. (If a loan can be crowd-funded, then it (and the platform which serves it up) can equally be crowd-monitored.)
"The risk of financial loss when investing in p2p loans is real, and relying on info posted on a chat forum to make decisions on investments is crazy." [source]
Time available earlier than expected but disappointingly can only report that my tablet images only reflect those from the August '18 surveyors report. There does not appear to have been any more site activity since then.
thanks to brummiefred for visiting - can I just ask - what is the state of this site - is there a socking big hole in it and/or what seems a huge drop at one side. This is the sort of site where you need a fully qualified and experienced civil engineer and I see no evidence of one being used. This could be a former rubbish tip or quarry or mine workings or goodness know what else and believe me removing over 200m3 of spoil is not cheap! Yet again I see no evidence of a land survey so how on earth this one can be costed defeats me - it may be OK but...
A substantial earthwork project has been started, all virgin soil....not a tip or a quarry....to create a vertical face at the rear of the site in readiness for a retaining wall but apart from the wall foundation excavation mentioned by the IMS (Aug 18) there is no progress. I presume that the plan will be to remove more soil to suit the road levels at the front of the site. Could the work so far be part of the £122k mentioned in the report in connection with Project X C.........y
Suggests they have made use of some heavy plant. Hope theyve paid for it
Minor shareholder in AC, BO, FO, CP, WA, Pfi, Ccube, Sdrs, AE, ABL. AC beta test. LAG, MTAG, FSAG
PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so posts should not be considered financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
Thanks for the photo - well there's a simple engineering challenge ! I did not realise it was such a problem and I hate to think just how much it will cost to prepare and stabilise the site before building even starts. I just can't see this site being worth £431K so I just hope this refinancing actually happens...
Last surveyors report was Aug 2018, so nothing done since. Last tranche lent a year ago. Cant refinance, no surprise given the terrain. Loss coming anyone's guess. My starter for 10, 50% recovery about start of 2020
Post by multiaccountmanager on Sept 18, 2019 11:10:32 GMT
CP has just circulated an email cancelling the launch of this project, previously scheduled for 19 September. It appears the project does not meet CP's standards for safety of investors' funds.