a) The street name on the loan listing and in the MS report is mis-spelt, it ends _ton not _tern
b) Google streetview footage of the area is significantly out of date, but the 2009 view of the terraces running west of the site is of boarded up abandoned properties. Would it be possible to obtain more recent photographs of the surrounding area ?
There are no records of any sales since 2008 on either C. St or W. St which tends to imply these terraces haven't been renovated back into use in the intervening years. EDIT: The bing maps satellite view suggests they have been demolished.
Last Edit: Jan 14, 2020 14:43:12 GMT by mrclondon: Edit thread title
Disclosure: I'm a shareholder in Assetz Capital Limited
great DD in above post Very sad to see but as mentioned there are rows of empty and abandoned terraced housing - I wonder if this is an ex Pit village and/or there is subsidence due to mining. But why would somebody build houses next to a railway line when you could buy 2 bed habitable houses in area for £10K in 2017 and I guess an empty house for nearly nothing.
I just can't see how this one is going to be profitable
Must drive up to this village as it may offer long-term potential but needs a lot more research.
This looks like one of the better loans on FS. The new tranche on this loan is filling very slowly. Any reason why?
Lots of earlier tranches- although they rank equally, a lot of people will already have had their fill. Also, anything on the secondary market is directly competing with this new loan for attention.
I agree that this looks a well managed project (for once)
All of my four figure holding (which is in tranche 2 ) is for sale on the SM at a discount that just covers the basic rate tax liability that has accrued to date. Any that sells will get reinvested in the new tranche 3 on the PM. Why ? For non-taxpayers/ISA the discounted SM pricing is more attractive than the PM picing, and I'm not losing out by switching to the newer tranche.
When a loan is funding on the PM, the level of sale requests on the SM for previous tranches can not be taken as representing a level of disatisfaction regarding the loan.
That said, my total sales to date of tranche 2 have been zilch. EDIT: Now all sold (and ploughed back into T3)
Can anyone point me in the direction of where the GDV £1,315,000 comes from, its not from CBRE which is just the build out monitoring
This is another Co Durham mining village a few miles east of Roddymoor where not one of the townhouses has yet sold at the asking £125k
As far as this development is concerned, the borrower's corporate website (link has been on DDC for months) is advertising the semis as prices from £190k, and the terraces as prices from £180k, but note 2 * 190 + 5 *180 = £1.28m
If you do a rightmove search on 3 bed properties in a 3 mile radius asking price £170k-£200k you get 48 results which suggests the targeted pricing point is inline with the local market.
EDIT: As to Roddymoor, there is on Zoopla a listing that went live in January 2019 for one of the properties that is now marked sold STC at just under £130k (link on DDC for those with access). I suspect the story is more complex here than simply a lack of buyer demand.