mikes1531
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Post by mikes1531 on Jul 26, 2016 23:09:37 GMT
Looks like this one is back for a few more pennies and planning permission has still not be obtained. If the LTV on the first loan was 77.5% based on the £1.1M recent sale price reported, then this top-up loan would bring the LTV up to 87%. It will be interesting to see how many FS investors will be blinded by the 14% on offer. Or 16% on £10+k bids. I wonder whether profunder will be adding to his investment.
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stevio
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Post by stevio on Sept 15, 2016 7:14:55 GMT
Now on the secondary market with about 40 days to go - would be good if fundingsecure could update loans to let you know if planning was successful, but as they have already funded it, guess its not worth their time
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stevio
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Post by stevio on Sept 23, 2016 17:51:36 GMT
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mikes1531
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Post by mikes1531 on Sept 23, 2016 21:36:27 GMT
Now on the secondary market with about 40 days to go - would be good if fundingsecure could update loans to let you know if planning was successful, but as they have already funded it, guess its not worth their time £38,525 !!!!!! on the SM with only 2 days of selling left. I think much more than a -1.25% discount is needed for anyone to touch this lol It's not even two days to do. AIUI, you can't sell a part that has just 30 days left, so SM time would run out at the end of Saturday -- and that's just 25 hours away. I wonder if this big chunk is profunder's?
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mikes1531
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Post by mikes1531 on Nov 3, 2016 21:34:31 GMT
We will be posting a new loan at 1pm tomorrow, 4th November Loan secured by a first legal charge on a property in Llandudno valued at £2,000,000 Loan Amount: £1,250,000 Interest: 13%pa plus bonuses for larger investments Overall LTV: 62.5% There will be no bid restriction on this loan. More info fundingsecure: The description on the 'More info' link says that the property value has increased to £2M "reflecting the work that has already been carried out." AFAIK there has been no update regarding the status of the PP application. Has the full PP been granted? Or is the borrower just proceeding on the assumption that it will be? Has anyone else who knows how to determine such things seen an official response from the relevant planning authority?
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phil
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Post by phil on Nov 3, 2016 23:56:35 GMT
fundingsecure : The description on the 'More info' link says that the property value has increased to £2M "reflecting the work that has already been carried out." AFAIK there has been no update regarding the status of the PP application. Has the full PP been granted? Or is the borrower just proceeding on the assumption that it will be? Has anyone else who knows how to determine such things seen an official response from the relevant planning authority? Using the link below, in the search criteria\site address (3rd line down) put the postcode of the property (postcode is on valuation report), then scroll down and click search, it doesn't seem to have yet received planning consent. www.conwy.gov.uk/northgate/englishplanningexplorer/generalsearch.aspx
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Post by fundingsecure on Nov 3, 2016 23:57:53 GMT
More information will be available tomorrow on the new loan - planning permission has been granted, subject only to finalising S106. THis was confirmed by the surveyor and reconfirmed by FundingSecure directly with the planning officer.
In addition new pictures will be available showing the progress to date.
FS
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michaelc
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Post by michaelc on Nov 6, 2016 14:25:42 GMT
I'm not an architect or planning professional but have spent the past year researching and ultimately gaining full planning permission for three houses where my current house stands. I did my own plans, surveys and other paperwork. Part of what prompted that was the the hotel next door putting in (now obtained) for planning to convert to around 50 retirement flats.
In my case, most of the infrastructure cash came in the form of CIL so my S106 was for a relatively tiny sum. Nevertheless and despite genuine support from the council it still took a few weeks to get it signed off ! Next door went dormant for months whilst they negotiated this "agreement" because in their case it was hugely more significant. There are also pleanty of legal uncertainties. From my research, my council did (as is very common) act "illegally" in parts of it - e.g. monitoring fees etc but I didn't engage my own solicitor because my amount was relatively small.
So whilst I do actually like this investment (although haven't done enough DD yet), what I don't like is a blase comment about it being obtained subject "only" to S106. This could: a/ Take a long time b/ Cost a lot of money and c/ Contain onerous restrictions. The borrower almost certainly has a notice issued by the council requesting S106 payments and convenants which eventually if they gain planning will become public.
How much are those S106 contributions for and are there any proposed restrictions that could affect the land value?
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vmail
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Post by vmail on Jan 12, 2017 18:57:25 GMT
This has been sitting in waiting for activation for 69 days
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mikes1531
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Post by mikes1531 on Jan 12, 2017 21:32:20 GMT
This has been sitting in waiting for activation for 69 days vmail: It's only awaiting activation because the follow-up loan has yet to be fully funded and FS have left the loan available so more investors could participate. The borrower already has most of the money via the two loans the follow-up loan is replacing, so may not even need the additional funds yet. If they don't, they're probably happy with the current state of things because they'd be accruing interest only on the money already advanced to them. If they do need the money, FS could supply it via the underwriting commitment they've arranged, so that should be of no concern either.
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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 Mar 2, 2017 14:06:30 GMT
The latest update states:
"Client's solicitor has confirmed sale of three apartments. Subject to contract the sales are due to complete in 6-8 weeks, at which time the loan will be paid down."
It looks at though the Underwriter of this loan has been selling down on the SM, (usually chunks of 10k to 20k) currently £12k available at 2% discount with only 62 days accrued interest.
There was some negative vibes about this loan when it was first released, now it looks a fairly safe bet.
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Liz
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Post by Liz on Mar 2, 2017 21:08:56 GMT
The latest update states: "Client's solicitor has confirmed sale of three apartments. Subject to contract the sales are due to complete in 6-8 weeks, at which time the loan will be paid down." It looks at though the Underwriter of this loan has been selling down on the SM, (usually chunks of 10k to 20k) currently £12k available at 2% discount with only 62 days accrued interest. There was some negative vibes about this loan when it was first released, now it looks a fairly safe bet. My buy at 2% discount looks like a shrewd move. I will sell it off at a profit at some time in the future.
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mikes1531
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Post by mikes1531 on Mar 3, 2017 4:26:18 GMT
It looks at though the Underwriter of this loan has been selling down on the SM, (usually chunks of 10k to 20k) currently £12k available at 2% discount with only 62 days accrued interest. At the moment, the biggest discount on offer is 1.25%, and there's less than £1k available at that rate. I suppose it could be underwriter selling, but looking at the list of who owns parts now, there's nobody on it that jumps out at me as looking like an underwriter. There is the expected collection of people who have invested enough to reach the various bonus thresholds -- £5k, £10k, £25k, £50k, £100k. There's one with £85k who might have sold down from £100k, and one at £35,375 who might have sold down from £50k. But there's always a chance that someone now holding £10k might have started with £100k. Or maybe the underwriter already has sold their entire holding. But IIRC the loan funding rose gradually as more people invested over the roughly two months that the underwriting was in place, so perhaps the underwriter was relieved of their obligations months ago.
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mullet
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Post by mullet on Aug 8, 2017 20:07:41 GMT
This is up for renewal tomorrow with a valuation of £2.34m for 7 flats, making an average of £334k/flat.
The attached brochure gives values between £295k to £345 for the flats so not too far off the valuation
However Rightmove is showing most of them reduced last month and now on sale between £245k and £305 (with the developer paying the stamp duty) ...so the valuation is looking a tad high
Probably still worth a punt given the low LTV
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btc
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Post by btc on Aug 9, 2017 8:24:02 GMT
Interest Paid £0.00 Actual Return -20.3% pa
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