I agree that a dedicated DD board would be a good thing, but Proplend's terms and conditions prohibit the sharing of loan-specific information on a public forum and as PL appear to define 'loan-specific' and 'public' in very broad terms, it is near to impossible for lenders to share DD.
I have previously contacted PL directly with questions and requests for more information about individual loans and I have always found them helpful and responsive, but no matter how helpful they are, information from the platform can never replace crowd DD. And as I am being denied the ability to hear and share other lenders' opinions/information, my investment in PL will always be small.
The next coming loan will be probably the Norfolk Land With Planning loan Any ideas about the loan? Looks like a little bit risky, especially when I see the interest rate for the tranches B and C. To create a dedicated PL DD board as suggested by mrclodon in another thread could be a good idea.
Be careful what you wish for! Proplend loans have recently filled quickly, so increasing their visibility might one day mean that you lose out on a loan you want....
I've been impressed by the documentation which accompanies each loan offer and with the option for the lower risk Tranche-A loans, the necessity to compare thoughts on DD doesn't seem so pressing, to me at least. Those with a greater appetite for risk can do their own DD if they want 20% on a Tranche-C loan!
With c. 6 weeks to maturity, now is a good time to decide whether to continue holding this loan or to sell before the 30 day deadline later this month. All interest for the loan term was retained plus an additional 3 month buffer.
PL's T-3 month report had some positive comments regarding refinance, but at an early stage in the process.
The original intent was during the loan term to apply for revised planning for additional units. However, there is nothing obvious on the planning portal to indicate that this is underway. In the meantime, the original planning permission which gained approval in May 2016 stated as condition 4 that development must commence within 1 year of the approval of the reserved matters application, which gained approval in October 2018. It is therefore possible that there is no current planning approval for the site, although any application for a time extension would likely succeed.
The discussion of planning issues in the T-3 report is superficial, and I recommend a more detailed analysis of the relevant permissions is undertaken to form a view of the risks here. The T-3 report also fails to mention the departure of 1 of the 3 directors / shareholders listed in the original FLR pdf.
The relatively high rates offered on this loan are perhaps indicative that it's not a low risk loan.
Picking up on the some of the posts from the beginning of this year, it is a shame PL's draconian confidentiality clauses preclude lenders from having a sensible discussion on loans as happens with almost all other self select platforms. DDC was created to facilitate such discussions without being publicly visible or indexed by Google/Bing, primarily as a means of providing information such as links to the planning applications to support posts such as this one. Unfortunately I am unable to do so for PL loans.
Stating the obvious, it is important to realise that the minimal discussion of PL loans on here does not not in itself imply anything positive regarding the risks of the individual loans.
Last Edit: Dec 9, 2019 1:39:34 GMT by mrclondon: typo
Disclosure: I'm a shareholder in Assetz Capital Limited
I'm no longer in this (I sold out immediately before making above post), but I did spot that a new charge was registered against the site on 20th December according to CH records. No idea of the implication thereof, I suggest downloading the pdf from CH for more details ... at a quick glance it may be security for a fund raise for another group company and hence may be a 2nd charge behind PL.