sd2
Member of DD Central
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Post by sd2 on Dec 9, 2019 12:48:43 GMT
Failing to keep up payments and A3 loan to boot. Bought 7th tranche. LTGDV 44% so looks low risk BUT "refurbishment and conversion of the security into 4 self-contained assisted living flats" limited market if defaulted??
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on Jan 28, 2020 10:32:31 GMT
Failing to keep up payments and A3 loan to boot. Bought 7th tranche. LTGDV 44% so looks low risk BUT "refurbishment and conversion of the security into 4 self-contained assisted living flats" limited market if defaulted?? I am not absolutely sure about the limited market. Some areas are very short others have plenty. Seems less efficient to have only 4. Alternatively uses would suggest to me that we stand a decent chance, that at auction we of getting our money, capital and interest back. Depending on how far he is from finishing. Are self contained assisted living flats significantly different from an ordinary flat? If he is at the stage of renting them out then that could be the problem. No commercial mortgage until he can prove they have been rented out for a while. A3 loan? Are kufflink going down the road of expansion before quality?
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on Jan 28, 2020 10:40:10 GMT
"The security is a large semi-detached building which was built in the early 1950s as a semi-detached dwelling, before being heavily extended in order to accommodate the care home use, which ceased around 2 years ago."
Looks like somebody else couldn't make a go of it?
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