adrian77
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Post by adrian77 on Nov 9, 2018 16:32:23 GMT
This is a fantastic project - that said it sounds horrendously complicated or to put another way expensive! Onerous lease, Grade II listed, build costs which believe me are a joke, no planning permission yet, no confirmed right of way, NO STRUCTURAL SURVEY. If this couple are so successful then why do they need to borrow £42K which believe me is not even small change for a project like this. I know a similar one was done on Grand Designs - as I remember it was in London by 2 highly successful developers who had a lot of money and expertise behind them but they still came close to a mental if not financial breakdown!
Anybody wanting the address feel free to PM me
I have never done any renovation approaching this one - it would scare me- what would I budget if I had a few mill knocking around :
As a wild guess 155m2 x 4 floors @3k per m2 x 4 = £2M if lucky
What if it needs an internal steel frame etc - granted the chap is an architect which is good but he will need a structural engineer and these boys and girls don't come cheap!
As to the scaffolding etc...
I spend about £1K/m2 on renovations vastly simpler than this one but would appreciate a second opinion from somebody who has done something comparable
On balance I would say this one is a tad speculative which may come out OK in the wash bit for me 12% is not enough for one as risky as this.
I really hope things go well for the developer but sadly it won't be with my money.
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micky
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Post by micky on Nov 10, 2018 9:48:44 GMT
I live very close to this one so will keep an eye on progress and feedback every now and then.
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adrian77
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Post by adrian77 on Nov 10, 2018 10:05:45 GMT
thanks - I tried to find details of the planning permission but could find nothing which may indicate it is not very far advanced or maybe the site it not yet updated
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Post by brummiefred on Nov 10, 2018 10:54:30 GMT
AIUI there is no PP yet, only 'favourable' discussions with relevant parties!
Development finance arranged elsewhere.
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Post by slender on Nov 10, 2018 12:15:48 GMT
The property is currently on rightmove through 'butters john bee' listed 07/08/18 as an auction site, but currently 'Sold STC £35,000'
As ever, a platform disclosing such information as actual purchase price, would be very helpful to (potential) lenders.
Edit: just read the VR and see it mention the RM marketing and goes on to state 'it is understood' the purchase price paid was £58k.
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micky
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Post by micky on Nov 10, 2018 17:24:52 GMT
According to FS, 58k inc fees.
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Imothep
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Post by Imothep on Nov 10, 2018 18:35:03 GMT
It’s a cracking site , brownfield right in between residential so it will 100% get planning ( but at what density who knows ) . I agree with Adrian , why do they need to borrow 50k , that’s a credit card job of you needed to , it’s not a big cheque to right . Looks like it’s on a decent chunk of land , I’d prob develop that if it were me and avoid the tower .... be heavy money to refurb that tower with structural work and a grade 2 listing, so you can’t even cut up the tank on top and weigh it in
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 10, 2018 23:58:22 GMT
I knew someone who bought an apartment in a converted water tower somewhat similar to this one. I even rented a room in the apartment for a short while. I don't know if the developer made a profit, but I doubt it. The problem is the windows are tall so the internal apartments need to have high ceilings, and that is wasted space. The apartment I stayed in had 12ft high ceilings. The other problem is creating openings for doors and additional windows. You need a long drill because the walls are ridiculously think, about 4ft at the base. There was also a huge square post in the centre running the full height of the building, the staircase was wrapped around it.
I can't dispute the "bricks and mortar" valuation, old second hand bricks are valuable.
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Imothep
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Post by Imothep on Nov 12, 2018 8:48:47 GMT
indeed , £2 a brick, and the iron tank on top is worth a fortune , but, it’s grade 2 listed , so you can’t knock it down ...
id say it’s valued at about what it’s worth , maybe a touch more ....
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adrian77
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Post by adrian77 on Nov 12, 2018 10:00:40 GMT
I agree with the above posts and that planning permission would boost the value. It were me I would flip it with the planning but that is not what this chap plans to do. Very interesting one to follow.
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Post by mrclondon on Sept 24, 2019 11:51:12 GMT
Appears to be being refinanced on CrowdProperty, bidding opens tomorrow (25th Sept) £262k, 1st charge, 8%
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rocky1
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Post by rocky1 on Sept 25, 2019 9:24:32 GMT
£262k funded within two minutes on CP.i remember when FS could fill loans quickly,now it takes weeks/months to raise £50/60k on more tranches of loans.where have all your [investors] gone FS.could be worth getting all our ar*ehole borrowers to try their luck with CP for refinancing and see if they can pass their DD process and maybe clear up a little bit of this disaster of a loanbook that you have inherited as until repayments start coming back we are on a downward spiral here.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 25, 2019 11:19:33 GMT
£262k funded within two minutes on CP.i remember when FS could fill loans quickly,now it takes weeks/months to raise £50/60k on more tranches of loans.where have all your [investors] gone FS.could be worth getting all our ar*ehole borrowers to try their luck with CP for refinancing and see if they can pass their DD process and maybe clear up a little bit of this disaster of a loanbook that you have inherited as until repayments start coming back we are on a downward spiral here. This loan demonstrates that the new management have made changes to the quality of the loanbook. The loan was activated recently and should repay in full very shortly, that's what we want. I've spoken to the directors and feel confident that they are taking the necessary action to get the best recovery of the old loanbook. If you need confirmation then read the INVESTOR UPDATE emailed to lenders on Aug 29th. Personally, I've continued to invest in FS loans despite having numerous loans past their sell by date, and I'm probably the largest holder of the Victorian Water Tower. Just wish it could have run longer at 12%.
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r1200gs
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Post by r1200gs on Sept 25, 2019 11:46:25 GMT
£262k funded within two minutes on CP.i remember when FS could fill loans quickly,now it takes weeks/months to raise £50/60k on more tranches of loans.where have all your [investors] gone FS.could be worth getting all our ar*ehole borrowers to try their luck with CP for refinancing and see if they can pass their DD process and maybe clear up a little bit of this disaster of a loanbook that you have inherited as until repayments start coming back we are on a downward spiral here. This loan demonstrates that the new management have made changes to the quality of the loanbook. The loan was activated recently and should repay in full very shortly, that's what we want. I've spoken to the directors and feel confident that they are taking the necessary action to get the best recovery of the old loanbook. If you need confirmation then read the INVESTOR UPDATE emailed to lenders on Aug 29th. Personally, I've continued to invest in FS loans despite having numerous loans past their sell by date, and I'm probably the largest holder of the Victorian Water Tower. Just wish it could have run longer at 12%. You're a braver man than me. Yes, I have seem some improvements but if you think fundingsecure can survive this disastrous loan book and the massive capital losses that are coming then you are truly an optimist. Warm words and an optimistic update are not going to make millions of pounds in investor losses go away, and they STILL have not responded to my official complaints. I would invest through FS now with the view that all I was ever likely to get back was the scraps the receiver eventually released. Clearly, I might be wrong.
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arby
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Post by arby on Sept 25, 2019 14:57:25 GMT
£262k funded within two minutes on CP.i remember when FS could fill loans quickly,now it takes weeks/months to raise £50/60k on more tranches of loans.where have all your [investors] gone FS.could be worth getting all our ar*ehole borrowers to try their luck with CP for refinancing and see if they can pass their DD process and maybe clear up a little bit of this disaster of a loanbook that you have inherited as until repayments start coming back we are on a downward spiral here. You accidentally answered your own question within your vitriolic statements. As you rightly say, of course FS will struggle to fill loans when there are multiple earlier tranches in which some investors already have their fill, while other investors will pick up those tranches on the secondary market at a preferential rate before funding the newest tranche. When there is a genuine new loan with reasonable outlook it still fills in minutes.
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