There is a land registry alert on this property active since 30th Nov which implies the purchaser is a SPV controlled by the same director as those for the Weston Rhyn and West Bromwich developments, and the recently incorporated company name implies there may be a longer term plan here than simply retail.
On a first read of the FS loan I dismissed it, but having discovered who the likely purchaser is, it bears a second thought.
Last Edit: Dec 4, 2019 22:01:31 GMT by mrclondon: Edit thread title
Disclosure: I'm a shareholder in Assetz Capital Limited
The signage for the previous retailer operating from the premises has been replaced by entirely anonymous grey. There are a couple of office chairs visible in the photo, and further back (its a long thin building) there are desks and other office furniture in the clearly redecorated interior. At 12 pm today, there was a guy stood up and looked to be talking to someone.
It conveys the impression that the building is indeed being used by the borrower / associates as offices for their operations as per the flings at CH over the last 9 months.
Main issue is lack of parking ... I had to circle round the back streets to find somewhere.
Latest update .... refinance due by end of the month otherwise they will renew the loan.
fundingsecure - if this loan is renewed on FS, I would like to support it, BUT will only do so if there are detailed, credible updates on the exit strategies for the borrower's two large development projects, West Bromwich and Weston Rhyn, particularly the latter for which there has been no progress nor credible updates for a very long time.
Or put another way, I don't believe a fresh credit line should be extended to this borrower at the present time given the substantial accrued interest on their other loans.