rocky1
Member of DD Central
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Post by rocky1 on Dec 13, 2019 19:41:49 GMT
brick tribe are also trying to raise £1.8 millionfor this same project.their spiel is HNW and sophisticated lenders only with min invest of £50k and over 2 years.paying 14% interest pa. their security is a PG from the director and a 2nd charge.there is a brilliant disclaimer at the end. CP rep you are usually straight on here when loans are filling quickly.i noticed you logged in the past few days but seem to have ignored this thread.a bit more clarity about this loan and borrower might help to get this first tranche filled at least. i for got to mention that their GDV for the completed project is under £10 million.look forward to your reply.
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Post by CrowdProperty Representative on Dec 14, 2019 18:24:56 GMT
Hi all
Many thanks for your comments.
This project has, as always, met our rigorous standards of due diligence undertaken by our team of property experts. The project page on our website explains a lot of this thoroughly validated detail.
Headlines are a 33.8% initial loan to value, 58.9% LTGDV (exc interest) and 65.7% owed at exit including interest rolled up. Initial loan against the existing asset is £1.15m, then monthly draws to take the facility up to £7.1m. RICS assessed GDV is £12.115m (which, as always, we have thoroughly challenged and validated the constituent parts and assumptions therein) and the project is showing a 39% profit on cost with contingency built in to those figures. The borrower’s experience is also strong, background thoroughly checked and the programme well devised. Security is, as always, the First Charge against the asset (RICS valued at £3.4m with an initial release of £1.15m against that value), plus Personal Guarantee, Company Debentures, Collateral Warranties from the Consultants and a Cost Overrun Guarantee. These make for a strong project that passed our strict, only ever tightening criteria (as mentioned before, we’ve seen £2.1bn of projects so have both a broad view of the market and a very strong relative data set).
Regarding information on the Brick Tribe website, in 2018 the borrower had preliminary enquiries with Brick Tribe, before any RICS valuation had been carried out and prior to an accurate accommodation schedule for the scheme. The high-level information that is viewable with specific googling is high-level place-holding information from 2018 which was neither formalised nor pushed live - no campaign was initiated. The developer does not recognise the GDV figure which is on those draft pages on the beta site.
Not all projects will fund in minutes (in fact that’s what you asked from us – more high quality, thoroughly due-diligenced, well-secured origination) and we have provisions in place, as discussed on another thread, should raises/phases not fund in reasonable time.
Best regards,
The CrowdProperty Team
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Post by gravitykillz on Dec 23, 2019 14:18:51 GMT
Wow. Been a while an Weymouth is still only 62% funded.
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rocky1
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Post by rocky1 on Dec 23, 2019 17:22:58 GMT
not due to start till early january and CP have underwriters in place already for any shortfall on this first tranche.another 12/13 tranches to go so will probably need them all the way on this project.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 23, 2019 17:28:43 GMT
not due to start till early january and CP have underwriters in place already for any shortfall on this first tranche.another 12/13 tranches to go so will probably need them all the way on this project. They are not exactly underwriters, I am not sure if they are actually getting a fee, they are just "friends with deep pockets". Ironically investors in phase 1 will be best suited if these quasi underwriters have to put a large amount in, as that gives the best chance of them seeing the project through to conclusion.
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Post by gravitykillz on Jan 12, 2020 17:17:43 GMT
Over a month and still only 77% filled. Are we really going to have 14 tranches of these? Could take until 2023 to fill them at this rate.
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zlb
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Post by zlb on Jan 12, 2020 23:18:12 GMT
I've found that with auto invest on (at minimum per tranche), I've had two emails thanking me for my pledge to the same Weymouth project just two days apart 11th and 12th December.
For a start I only want to invest once per project, not per tranche. Can this only be achieved by my manually setting this per loan? (The miss the next investment setting)
Secondly why was it auto invested two days in a row?
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archie
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Post by archie on Jan 13, 2020 5:45:28 GMT
I've found that with auto invest on (at minimum per tranche), I've had two emails thanking me for my pledge to the same Weymouth project just two days apart 11th and 12th December. For a start I only want to invest once per project, not per tranche. Can this only be achieved by my manually setting this per loan? (The miss the next investment setting) Secondly why was it auto invested two days in a row? Are you sure? For most loans you normally get an email with your autoinvest allocation on launch day. A second email 24 hours later confirms that amount has now been taken. Both emails have the same title 'Thank you for your pledge'. This is because you have 24 hours to cancel the investment.
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zlb
Member of DD Central
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Post by zlb on Jan 13, 2020 14:32:07 GMT
I've found that with auto invest on (at minimum per tranche), I've had two emails thanking me for my pledge to the same Weymouth project just two days apart 11th and 12th December. For a start I only want to invest once per project, not per tranche. Can this only be achieved by my manually setting this per loan? (The miss the next investment setting) Secondly why was it auto invested two days in a row? Are you sure? For most loans you normally get an email with your autoinvest allocation on launch day. A second email 24 hours later confirms that amount has now been taken. Both emails have the same title 'Thank you for your pledge'. This is because you have 24 hours to cancel the investment. you are right. Thanks! So I just need to switch off investing for every single tranche of this now... given my past experience with large projects on another platform.
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Post by CrowdProperty Representative on Jan 22, 2020 9:44:18 GMT
Dear all,
Given there's a thread on this project, we'd like to update you on it. We have been in discussions on a number of outstanding final stage requirements before completing, which had not been satisfied by the borrower. We have this morning just heard that the borrower completed a funding deal with another lender meaning our loan will not be required.
The project is a good one and we wish the borrower every success with completing it but all loans supported by CrowdProperty need to always satisfy our exacting requirements in the best interests of our lenders.
We are returning any funds that have been submitted to platform project wallets back to accounts and have removed the offering from our platform.
We apologise for any inconvenience caused if you were wishing to participate in this loan and want to reassure you all that our lenders' best interests are core to everything we do and that we have a strong pipeline of projects meeting our rigiorous due diligence processes coming up.
Kind regards,
The CrowdProperty Team
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Nomad
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Post by Nomad on Jan 22, 2020 10:00:54 GMT
Interesting how the borrower obviously liked to play the field, even after doing a deal with CP!
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rocky1
Member of DD Central
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Post by rocky1 on Jan 22, 2020 11:31:54 GMT
never did trust the geezer,CH details of his previous failed companies put me off straight away.interesting one to follow though.lots of multi phase development projects coming up now.the LTGDVs done by these RICSs valuers seem to favour the borrowers requirement for the max 70% LTV and leave lenders with all the risk.and as we all know now that risk is much higher and comes from all over the place.
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Post by gravitykillz on Jan 24, 2020 14:03:34 GMT
Good riddance.
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Ukmikk
Member of DD Central
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Post by Ukmikk on Jan 24, 2020 19:15:30 GMT
Dear all, Given there's a thread on this project, we'd like to update you on it. There's also a thread on the important improvements that lenders would like to see implemented to the auto invest function. Perhaps you would like to update us on that also? Thanks.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Sept 7, 2020 12:39:56 GMT
Does anybody have any updates on how this project is going ?
I got an email saying the company is being struck off & disolved.
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