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Post by mrclondon on Apr 16, 2019 17:55:44 GMT
1st renewal is today a month overdue, and I took a look at the site earlier today - I've posted some photos in DD Central for those with access.
The view is largely unchanged from the May 2015 google streetview, but the hoarding now contains an advertising banner which names the borrower (a community interest company) and provides a mobile number. I guess that gives some comfort that the borrower is comfortable being associated with the project.
Behind the hoarding is a steep drop to the ground level, with the railway line across the back of the plot which is a narrow rectangle of cleared land. No signs of recent activity, beyond the advertising banner. Its what might be termed a "low value" area, with at least some of the nearby properties in use as HMOs.
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adrian77
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Post by adrian77 on Jun 26, 2019 18:34:12 GMT
well won't argue with that - may even have a fun punt.
That said this won't be an easy site to develop - it is on one hell of a slope and the neighbours aren't going to like major foundation work etc next to their houses!
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iRobot
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Post by iRobot on Jun 26, 2019 18:58:10 GMT
well won't argue with that - may even have a fun punt. That said this won't be an easy site to develop - it is on one hell of a slope and the neighbours aren't going to like major foundation work etc next to their houses! The re-valuation has reduced the MV from £79k to £50k having stated when launching Sep '18: " For the purpose of this renewal we have kept the value of the property at £79,000 (which was the original purchase price) but anticipate a new value of £150,000 now that planning has been approved." Something doesn't stack up so come renewal, barge pole time -- if it ever gets to that point. fundingsecure -- at what point were you made aware of the reduction in security cover leaving investors in 6655123992 were collectively lending £48k against an £50k asset, an LTV of 96%? (I actually wondered if today's update was attached to the correct loan but the sums re: the loan amount make it almost a certainty.)
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sarahcount
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Post by sarahcount on Jun 26, 2019 19:34:59 GMT
- may even have a fun punt.Please don't.
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arby
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Post by arby on Oct 22, 2019 16:08:05 GMT
Very good (and slightly unexpected) news on this loan. The borrower has repaid ~40% of the capital (plus interest on that amount) to reduce the balance of the loan while the full security remains in place for the residual borrowing.
Given the downward asset revaluation this looked precarious, but it's clear the borrower still thinks there is value in the security otherwise they would surely not have volunteered to pay down the loan.
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r1200gs
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Post by r1200gs on Oct 22, 2019 16:36:36 GMT
ANY good news around here is a welcome change.
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Post by mrclondon on Nov 13, 2019 13:22:19 GMT
Loan defaulted on the website.
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arby
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Post by arby on Feb 20, 2021 14:48:20 GMT
As a welcome surprise from the seeming hundreds of loan updates showing no progress at all, this loan has recently paid back in full (7.4% interest after usual fees).
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iRobot
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Post by iRobot on Feb 20, 2021 16:18:06 GMT
As a welcome surprise from the seeming hundreds of loan updates showing no progress at all, this loan has recently paid back in full (7.4% interest after usual fees). Yep, it had gone so quiet after that batch update, I'd stopped checking... Breakdown as follow: At the risk of getting boring; this is yet another example of lenders being disproportionately penalised for the asset returning more than the loan value once disposed and with 'headline costs' deducted. Ignoring my view that CG&Co's fee should come out of FS' fees, had the loan returned just the amount of capital and interest owed to lenders (£37.2k) then CG&Cos fee would have been £1.1k and a further £1.4k would have been returned to lenders. That both CG&Co and FS receive significant recompense for zero risk is doubly irksome.
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adrian77
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Post by adrian77 on Feb 20, 2021 18:16:15 GMT
I am not bored with such statements - can't argue with the above.
. Well this makes a change and I am surprised that this one so late on after the loan was taken out it has basically come good. Pleased for the investors in it. This equates to close to £2m per acre - and for a poor area and next to a railway line with a steep drop I think that is a pretty good result Funny old game this developing lark - should have taken a fun punt when tempted...
I will be surprised if many more or any of the defaulted loans come good but never say die.
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