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Post by mrclondon on Nov 29, 2018 13:53:10 GMT
As far as I can tell there has never been a thread for this project, the original loan from the end of 2017 was renewed in June and falls due for renewal again next month. The 2nd tranche was listed on 16th Nov and is after 2 weeks just 20% full, with close to £300k of availability.
I've been watching this one from some distance, not wishing to get involved until there was clear signs of construction progress - which the recent photos on the file tab confirm is indeed now the case. I also wanted to see the revised planning application approved (which it was in April) and some evidence of planning applications to discharge conditions (which there is).
The accounts for y/e December 2017 were filed on time in month 9 (Sept 18), and whilst I do have one question mark in my mind concerning them, they do imply a very substantial loan from the director(s).
Researching Scottish projects is much harder work those in England & Wales, and undoubtably puts off some professional investors. EDIT There are good grounds to believe there is a connection to the Wood**** Farm loan, and that in effect the Wood**** Farm loan has funded the directors loan into this project.
I wonder if the size of the overall facility (some three times the value of the current two tranches) is offputting - loans of that size are no longer able to be filled on most p2p platforms. On the other hand the loan details do say the first sales are expected at Easter. fundingsecure - is it possible to provide a better appraisal of when the calls on the facility are likely to materialise, and how the sales impacts on this, i.e a cashflow forecast as it impacts us.
This loan now ticks a lot of the boxes for me, but is clearly not popular. Thoughts, anyone ?
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r00lish67
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Post by r00lish67 on Nov 29, 2018 14:40:56 GMT
Well, I can only speak for my own reasons for not seriously considering investing. They're pretty generic, but the (my) truth. 1) Broadly. it's a multi-million pound development loan financed by P2P. When I sit and think of any project of this type and magnitude and how they've fared recently, I really honestly struggle to think of successes. That's perhaps a cognitive bias, but the road to success seems littered with half-built sites that have run out funding or are even completed but sale/refinancing not forthcoming. 2) More specifically, it's a P2P loan that needs multi-millions spending on it in this P2P landscape. There were more investors willing to play before, less now, and no matter what its merits, this project could fail due to simple lack of investor interest. (See Lendy's current loanbook). 3) The Fundingsecure secondary market is not set up to allow anyone to seriously play the game of "buy in, wait and see, sell out if you don't like the look of how it's going". Multi-tranche loans quickly go to -1.00% discount and become unsellable. 4) Whilst the chances of Plan A succeeding feel slimmer than they should be, the Plan B of recovery for DFL's can also be very lightweight. Once the site is very well progressed, there's clearly value, but in the first 75%-ish of development, a failure could yield very little return indeed. So, I might be interested towards the end, or certainly in any higher-ranking land loan. But not now. I know the above is like answering "Crypto is rubbish" to your request for views on an ICO, but thought I'd go for it I think some combination of the above is probably why it's proving unpopular, anyway.
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number5
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Post by number5 on Jan 7, 2019 12:40:44 GMT
Loan ref - 8434260588
The investment in this loan seems to be significantly increasing hour by hour today, however I can't see these amounts in the recent list of amounts invested
Anyone know what is happening here?
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baldpate
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Post by baldpate on Jan 7, 2019 22:44:09 GMT
Like you, I noticed some significant increases earlier today and was surprised that the 'Investments' tab did not display any recent really large investments.
However, before shutting up shop for the night, I have just pasted the individual amounts from the 'Investments' tab into Excel & summed them, and the sum agrees with the displayed total 'Funded' amount. The largest individual amount funded is 25K, followed by a small number of bids of £10K or more. No mysterious mega-bids at all. It looks like it's all down to a sudden influx of funds after the weekend spread over a number of lenders.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 8, 2019 1:13:13 GMT
This one is just down the road from me so I might keep an actual eye on it. I have some financial interest and made a little on it so far.
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trium
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Post by trium on Feb 7, 2019 14:28:21 GMT
Tranche 1 is 49 days late. IMHO that should be renewed before any further tranches are drawn down
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trium
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Post by trium on Feb 8, 2019 8:08:30 GMT
Tranche 1 is 49 days late. IMHO that should be renewed before any further tranches are drawn down As you were - it's renewing now
[Admin Note]
I've split the discussion regarding 12 month loan terms and tranche renewal order into a sepaarte thread given its wider significance, however this has meant other responses to tuim's post have been moved to the other thread. Sorry for the short term confusion.
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Godanubis
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Post by Godanubis on Feb 8, 2019 19:09:53 GMT
I think this one will work out the developers seem to know what they are doing.
I would not be surprised if this pays off early when more mainstream (way cheaper) finiance is obtained as work progresses and the switch to C&I repayment is possible.
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Post by dan1 on Feb 15, 2019 18:56:02 GMT
I know little of this loan and I'm not registered with CL but they appear to have a 1st charge loan on the same development currently being funded (£170k of £200k as of today).
I'm conscious of the relationship between CL and FS through the new majority shareholder of FS - RK. Should we now consider these as co-platforms, at least on their loan offerings (CL also offer equity offerings)?
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Post by mrclondon on Feb 15, 2019 19:35:25 GMT
I know little of this loan and I'm not registered with CL but they appear to have a 1st charge loan on the same development currently being funded (£170k of £200k as of today). I'm conscious of the relationship between CL and FS through the new majority shareholder of FS - RK. Should we now consider these as co-platforms, at least on their loan offerings (CL also offer equity offerings)? Like the new Stockport loan this listing is open about it being in partnership with FS.
fundingsecure - I think it important that you clarify the exact legal structure of the co-participation of CrowdLords in loans offered to FS lenders.
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Godanubis
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Post by Godanubis on Feb 18, 2019 14:37:50 GMT
Now selling for less than part price.... £700 part with 69p interest selling for £697.19 lots more buy now before it all goes
P.S It's not me selling
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adrian77
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Post by adrian77 on Feb 18, 2019 15:08:12 GMT
if this is such a wonderful deal then why aren't you buying them ?
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trium
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Post by trium on Apr 27, 2019 13:07:14 GMT
As with the W**dhead Farm loan, the SM appears to be allowing parts which were bought while a £250 minimum investment was in force to be broken up into £25 fragments for resale.
Perhaps they shrank away from having both restricted and unrestricted parts on offer at the same time and we have yet to see what will happen when a loan comes onto the market which is entirely funded with restricted bids, but if the current situation continues the stated intention behind the introduction of minimum investments seems undermined
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Post by mrclondon on May 1, 2019 13:22:10 GMT
The charge against the borrowing company as filed at CH has been marked as 'Satisfied' as of 26th April 2019.
fundingsecure - an update on the loan tranches might be sensible ....
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benaj
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Post by benaj on May 3, 2019 9:50:20 GMT
Someone invested 147,000.00 on tranche 2. FS update: 2/05/2019 "We have been in discussions with our solicitors who have been able to confrim that this was a clerical error on behalf of Companies House, whereby a different charge against the company was satisfied but incorrectly updated. "
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