ptr120
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Post by ptr120 on Aug 29, 2018 15:00:13 GMT
Starting off a new thread for the loan going live on Friday 31st August 2018. The first thing I'd like to know please MoneyThing is an indication of the value of the PG. |
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coop
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Post by coop on Aug 29, 2018 15:20:02 GMT
Seems decent. Only issue for me is if it's been say 70% built to a very specific spec and the dev goes under - what value would it have to other potential developers who might just want to turn it into a more straight up and down country resort/golf club? Food for thought.
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sj
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Post by sj on Aug 29, 2018 15:20:24 GMT
I'm put off this loan by several factors -
1) we're lending to a SPV - which could easily be declared bankrupt and we're left with nothing else to go after. Company debenture therefore means nil to me.
2) Planning permission is not even granted yet - who is to say that it will be granted? This seems like a massive gamble. If rejected, the site will be worth less than it is now because buyers will know that future PP applications are also likely to be rejected, thus limiting the usage and value of the land. We might end up suddenly with a loan near/over 100% LTV (and that is using a RICS "valuation", not even a more realistic figure!). If this happens then there is no incentive for the borrower to pay the loan back.
3) PGs do not count as any kind of security, we have seen too many times how borrowers wriggle out of these ("it's all in my wife's name, i've got no money" blah blah blah).
4) Is the valuation accurate? No, because it does not consider a distressed sale, and who wants to buy a golf course in the middle of nowhere? We could be waiting years for a buyer. Smells a bit like a Welsh castle to me!
5) MT do not exactly have a shining record of sorting out defaults at the minute - with what looks like a complete wipeout on one tranche of a failed development, and long delays and mistakes (lease/free) on what should have been a simple default (LStA) my confidence is at a low.
So, i'm most definitely out of this.
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sj
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Post by sj on Aug 29, 2018 15:23:38 GMT
Also, please note the "180 day" valuation in the RICS document of 1.35m. So that is more than 100% LTV already, even by RICS standards. I make that more like 150-200% LTV by a more realistic method...
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dovap
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Post by dovap on Aug 29, 2018 15:54:42 GMT
deffo thinking of sinking all my Birko Tranche B refund into this one
(when the postal order turns up obv)
hmmm
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hazellend
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Post by hazellend on Aug 29, 2018 16:16:20 GMT
deffo thinking of sinking all my Birko Tranche B refund into this one (when the postal order turns up obv) hmmm Me too!
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sj
Member of DD Central
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Post by sj on Aug 29, 2018 16:21:38 GMT
This loan looks like it might be really popular - look at how many people are selling their loans on the SM so that they can have a piece of this one!  |
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oldtimer
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Post by oldtimer on Aug 29, 2018 16:36:34 GMT
MoneyThing This loan has a prefix of MTBH as does loan 946. I thought the prefixes were unique to a borrower or have I got that wrong?
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Post by MoneyThing on Aug 29, 2018 16:44:49 GMT
MoneyThing This loan has a prefix of MTBH as does loan 946. I thought the prefixes were unique to a borrower or have I got that wrong? Thanks oldtimer. Now corrected. Regards, Ed.
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withnell
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Post by withnell on Aug 29, 2018 19:02:09 GMT
The VR doesn't add up
For the unrestricted MV, 1,575+425 = 2,000
For the 180day assumption, 1,200+375 = 1,575, not the combined 1,350 figure quoted. I understand there will be a slight differential for 2 sales vs one combined, but this seems quite a lot
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78
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Post by 78 on Aug 31, 2018 7:33:14 GMT
Notice another company with the same sole director is accounts months overdue with charges outstanding. Any director who fails to file their other company account(s) on time is a big warning sign to me.
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hazellend
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Post by hazellend on Aug 31, 2018 7:50:55 GMT
This loan is connected with an ABL loan , I’m trying to piece it together but not sure if I’m investing anyway.
I’m sure somebody more fastidious will hopefully comment on DD forum
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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 Aug 31, 2018 9:25:12 GMT
This loan is connected with an ABL loan , I’m trying to piece it together but not sure if I’m investing anyway. I’m sure somebody more fastidious will hopefully comment on DD forum Frankly I think you might be barking up the wrong tree there.
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Post by dan1 on Aug 31, 2018 9:28:07 GMT
I've not accepted the new terms so won't be investing in this loan but I'd recommend those considering investing to look at CH. Try searching for the sole directors first name & surname and investigating those matching the DoB. There appear to be several active and resigned directorships.
Oh, and please report your findings in DDC, thanks!
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coop
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Post by coop on Aug 31, 2018 9:52:27 GMT
I've not accepted the new terms so won't be investing in this loan but I'd recommend those considering investing to look at CH. Try searching for the sole directors first name & surname and investigating those matching the DoB. There appear to be several active and resigned directorships. Oh, and please report your findings in DDC, thanks! I'm curious as to why not? Apologies if you've explained this before elsewhere.
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