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Post by Ton ⓉⓞⓃ on Mar 15, 2021 20:50:23 GMT
Bit of a trend developing (no pun intended).
Belfast (ed. actually just a few km away) refurb - just like the previous one earlier in the month, same Borrower likely?, only few details of proposal/loan - still in the pipeline. Estimated drawdown 4/2021 (ed. now 31.3.21)
9% 12mths 70.00%LtV(GDV) £227.5k, Risk Cat-Med High
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Post by Ton ⓉⓞⓃ on Mar 30, 2021 19:51:01 GMT
This loan has just had an underwriter's auction It's listed as drawing on the 31.3.21 (tomorrow) I'll update the title of the thread.
looking quickly - I'm still trying to work out if they're different Borrowers, that is this loan and the previous one.
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deltron
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Post by deltron on Mar 31, 2021 3:36:55 GMT
Hmm. This doesn't bode well for the future. Just read the CR. LTGDV of 70% based on almost doubling the value of the property by doing nothing other than modestly updating its existing features. Mutton dressed as lamb, if you will. Despite being keen to see new retail lending commence at AC this is not what I had in mind.
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ton27
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Post by ton27 on Mar 31, 2021 11:16:03 GMT
This loan has just had an underwriter's auction It's listed as drawing on the 31.3.21 (tomorrow) I'll update the title of the thread.
looking quickly - I'm still trying to work out if they're different Borrowers, that is this loan and the previous one.
It doesn't appear to be the same borrower.
As far as I can see it has not drawn yet either.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 31, 2021 11:27:46 GMT
This loan has just had an underwriter's auction It's listed as drawing on the 31.3.21 (tomorrow) I'll update the title of the thread.
looking quickly - I'm still trying to work out if they're different Borrowers, that is this loan and the previous one.
It doesn't appear to be the same borrower.
As far as I can see it has not drawn yet either.
Different borrower. The loans are linked by common constructor, who are also involved in other AC loans.
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 31, 2021 11:47:08 GMT
Hmm. This doesn't bode well for the future. Just read the CR. LTGDV of 70% based on almost doubling the value of the property by doing nothing other than modestly updating its existing features. Mutton dressed as lamb, if you will. Despite being keen to see new retail lending commence at AC this is not what I had in mind. Spend 50% of purchase cost to double value of a modest detached house, does seem a bit optimistic.
Valuers used 'assumed' no less than sixteen times in the report. 
What's the point of valuer's reports when they don't actually check or confirm anything?
Shouldn't AC employ a surveyor and solicitor to confirm the facts rather than lend based on assumptions?
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rodders
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Post by rodders on Mar 31, 2021 14:16:18 GMT
I live about a mile away from this property in Bangor. The house prices in Northern Ireland have gone up about 5% overall this year and it is a sellers market. The house is located in quite a desirable part of the town. However I am a greenhorn investor and know know nothing about the individual details of the proposal! I will be interested to see how this loan fares at AC.
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rodders
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Post by rodders on Mar 31, 2021 14:22:58 GMT
I meant in the last year and not this year....
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 31, 2021 16:24:34 GMT
Drawndown 17.15, nanopence available  |
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dead-money
Rocket to the Moon
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Post by dead-money on Mar 31, 2021 17:31:55 GMT
Drawndown 17.15, nanopence available I got my requested amount in full.
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