kaya
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Post by kaya on Jul 28, 2016 10:21:24 GMT
Update says this will be renewed, but lacks any information whatsoever regarding the progress of this development. Furthermore, the original loan detail states that the development plan was to replace this loan with a BTL mortgage within 20 weeks, is that correct? Are further tranches still planned? Information please! Or am I missing something?
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mikes1531
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Post by mikes1531 on Jul 28, 2016 18:37:01 GMT
kaya : Did you miss the fact that there's a bit more info on the page for the 'Oldbury Property - 2nd Tranch (2846637683)' loan that went live last month? I expect the 20-week estimate was from the time work started, and I don't get the feeling that it started very long ago. EDIT: Since writing the above, I also see that the renewal loan has been added to the website, going live tomorrow. FS have put some more info there, possibly after having seen your question.
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phil
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Post by phil on Jul 28, 2016 19:36:33 GMT
The site was valued at £40k on the first tranche, it's now valued at £155k and it's still at ground level, all they've done is the footings and somehow added £115k to the value.
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kaya
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Post by kaya on Jul 29, 2016 11:05:35 GMT
Ah yes @mike1531, missed that. It can be difficult to keep track, especially when your own loan renewal gives no information. The increase in value is apparently concerning already purchased building materials.
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phil
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Post by phil on Jul 29, 2016 15:35:29 GMT
Ah yes @mike1531, missed that. It can be difficult to keep track, especially when your own loan renewal gives no information. The increase in value is apparently concerning already purchased building materials. You missed nothing, that note referring to building materials bought for the next stage wasn't there yesterday morning when you started this thread Edit: As an afterthought, an increase in value generally comes about when materials have been bought and used, it's a new one on me that the value of a site can be increased simply by purchasing the materials 
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duck
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Post by duck on Jul 30, 2016 8:54:46 GMT
Edit: As an afterthought, an increase in value generally comes about when materials have been bought and used, it's a new one on me that the value of a site can be increased simply by purchasing the materials NOT SUGGESTING IN ANY WAY THAT THIS APPLIES TO THIS LOAN the reasoning for your statement above is for a very valid reason, it is certainly very prevalent in the small building trade to have the invoice made out to one site and then the materials are used on another ..... 'cash flow' reasons Gov!
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phil
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Post by phil on Jul 30, 2016 11:04:16 GMT
Edit: As an afterthought, an increase in value generally comes about when materials have been bought and used, it's a new one on me that the value of a site can be increased simply by purchasing the materials NOT SUGGESTING IN ANY WAY THAT THIS APPLIES TO THIS LOAN the reasoning for your statement above is for a very valid reason, it is certainly very prevalent in the small building trade to have the invoice made out to one site and then the materials are used on another ..... 'cash flow' reasons Gov! Good point, I don't think I'll let too much of my cash flow in the Oldbury direction
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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 Aug 3, 2016 10:56:46 GMT
Counting unsecured building materials in the LTV is a very dangerous precedent.
It's not just a case of avoiding Tranche 3, if you are an existing lender in Tranche 1 or 2 you are equally at risk.
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09dolphin
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Post by 09dolphin on Aug 3, 2016 17:57:07 GMT
Not an investment for me as I regard it as far too risky after DD.
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Post by mrclondon on Sept 1, 2017 22:14:43 GMT
18 months after the initial loan (Feb 2016) and with 3 tranches drawn down in June 16, Aug 16 & Mar 17, all 4 are to be consolidated tomorrow with what I assume is some interest rollup. (2 were consolidated some time previously to leave 3 actual loans currently)
I have at various times been in some of these tranches but am opting out at this point. The described progress in building a single pair of semis (i.e. one physical building) is a snails pace, and the current photos show, well I'm not really sure what they show. We have two photos of an empty plot presumably to show some clearance has taken place, and a photo of a grey wall a few rows high.
Kind of reminds me of Whitehaven (and not just because I used to work for a company with offices in both Oldbury and Whitehaven)
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rogerthat
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Post by rogerthat on Sept 2, 2017 9:51:26 GMT
Info's a bit sparse to be charitable...not quite sure how anyone could invest on the 'strength' of info supplied..I expect a little more may be revealed on going live..can everyone hold off bidding please while I have a look ?  Looks nice  Last orders please |
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Post by loanstar on Sept 2, 2017 11:36:42 GMT
Just to make lenders aware. An oil pipeline is routed in land adjacent to this site. If you look at Brandon Way you will notice an open area of land running adjacent to the road. That is because of the pipeline under the ground. I am not sure if any major lender will be happy to issue a BTL mortgage for this development because of this known problem.
After re-reading this post I am ashamed to say that this is the wrong loan to make this comment against. The same developer owns another site not far away that is also being funded by FS. That is the one with the pipeline on its dooestep.
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Liz
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Post by Liz on Sept 2, 2017 12:51:16 GMT
Damn, I missed out. Good luck to those who hold to term |
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rogerthat
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Post by rogerthat on Sept 2, 2017 12:53:37 GMT
Took almost 20mins ? to fill..hardly the Klondike |
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rogerthat
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Post by rogerthat on Mar 22, 2018 16:52:19 GMT
Renewal of (1701749646) with 1081901187
Friday 23rd March 2018 at 11am
£160K @ 13% LTV 64%
UPDATE 1/9/17
Work has been delayed due to external factors over the last few months. Although further work is underway we are keeping the estimated value at £250,000
UPDATE 22/3/18
The borrower has been focussing on other projects, meanng (sic) this development has not progressed further. The interest has been paid to renew the loan, giving the borrower more time to complete the development. We are therefore continuing to use the prior estimated value of £250,000.
So..it seems that in 6 months not a lot has happened
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