|
Post by Badly Drawn Stickman on Apr 22, 2021 17:38:22 GMT
Friday 23rd April 2021 - #1000159 Loan Launch Details:
• Borrower Sector: Property.
• Loan Amount: £ 1,400,000.
• Term: 12 months (12 months minimum term).
• Rate: 11% - Interest Only (interest retained).
• Security: First Ranking Legal Charge, Company Debenture, Corporate Guarantee, Personal Guarantees.
• Instant Returns: Enabled.
• Loan Launch: 11am – 23rd April 2021 (READ ONLY).
• Loan Live: 2pm – 23rd April 2021.
New borrower? Given Mondays is 'also a new borrower' I might wait to confirm that. No bid limits mentioned and I suspect may not be needed on this amount.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 22, 2021 18:09:17 GMT
A first charge with interest retained on a residential development - not very 'rock and roll'. More like the old FC loans. Still, the 11% suggests there could be some excitement in the security department. LTV not yet given.
|
|
TitoPuente
Member of DD Central
Posts: 623
Likes: 655
|
Post by TitoPuente on Apr 22, 2021 19:20:43 GMT
A first charge with interest retained on a residential development - not very 'rock and roll'. More like the old FC loans. Still, the 11% suggests there could be some excitement in the security department. LTV not yet given. Yes. 11% Welsh castle comes to mind. Spooky.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 22, 2021 22:27:47 GMT
I don't think there are many Welsh castles in Essex. There's a Leeds castle in Kent.
They say this loan is offices to residential, but could be Royal offices.
|
|
|
Post by Badly Drawn Stickman on Apr 22, 2021 22:43:54 GMT
I don't think there are many Welsh castles in Essex. There's a Leeds castle in Kent. They say this loan is offices to residential, but could be Royal offices. Well all should become crystal clear soon, I think it just seems a rather 'dull run of the mill get it on any platform offer' on first reading. I sort of expect ablrate to produce the unexpected land mines, designer shoes etc. Slightly underwhelmed. Toss in Mondays 'new borrower with a track record and I suspect many will go more for the old new than the new, new.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 23, 2021 9:55:51 GMT
The borrower for 159 should be an SPV and so should be shiny and new. But will it be linked to completely new anchor points? We will know very soon.
|
|
|
Post by Ace on Apr 23, 2021 11:02:53 GMT
Can any of you expert DD'ers throw any light on the significance or otherwise of the "First Gazette notice for compulsory strike-off" dated 27 April 2021!!! for M*S C*n*r*c*i*g Ltd, for which of main man is the MD?
I also note a similar event in Dec 2020 that was discontinued the day after it was issued.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on Apr 23, 2021 11:07:09 GMT
Usual tie to ACF. Parent co has charges to an SPV
|
|
|
Post by otis71 on Apr 23, 2021 11:32:47 GMT
Can any of you expert DD'ers throw any light on the significance or otherwise of the "First Gazette notice for compulsory strike-off" dated 27 April 2021!!! for M*S C*n*r*c*i*g Ltd, for which of main man is the MD? I also note a similar event in Dec 2020 that was discontinued the day after it was issued. Typically initiated by Companies House due to late filing of documents. Edit: That being said, it's not clear what the latest one is for - nothing appears to be late. The first would have been for the late 18/19 accounts.
|
|
|
Post by overthehill on Apr 23, 2021 11:55:39 GMT
None of the TABS are working on the main Details page. No error just a cpu loop or i/o delay !
The very opposite of snappy.
|
|
|
Post by ablrate on Apr 23, 2021 12:33:33 GMT
None of the TABS are working on the main Details page. No error just a cpu loop or i/o delay !
The very opposite of snappy.
There was an error on the Creditsafe API. Fixed now sorry about that
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,191
|
Post by macq on Apr 23, 2021 12:36:26 GMT
a quick search for Basildon Eastgate Quarter brings up a report from 3 days ago about new planning for the whole area including the part where this is - plus also a search result for the architect (with slightly different photos to what's in the ABL docs)
|
|
|
Post by Badly Drawn Stickman on Apr 23, 2021 12:42:47 GMT
I am seeing no mention of the exit strategy, which presumably would be a development loan. Sounds like development would not be started until the revised planning has been considered. I suspect a development loan would be raised elsewhere. Arguably the 'value' is the planning permission more than the building (except as foundations)
Underwriters swoop in after 7 days, trickle out again slowly blocking the SM for some time.
Handy for the shops, although never having been there I am not sure if it is thriving or charity shops with the odd poundland. Competition for the 12 parking spots would be an entertaining web cam watch.
Have not yet found the purchase price.
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,191
|
Post by macq on Apr 23, 2021 12:49:43 GMT
I am seeing no mention of the exit strategy, which presumably would be a development loan. Sounds like development would not be started until the revised planning has been considered. I suspect a development loan would be raised elsewhere. Arguably the 'value' is the planning permission more than the building (except as foundations) Underwriters swoop in after 7 days, trickle out again slowly blocking the SM for some time. Handy for the shops, although never having been there I am not sure if it is thriving or charity shops with the odd poundland. Competition for the 12 parking spots would be an entertaining web cam watch. Have not yet found the purchase price. when i was searching earlier using Eastgate shopping centre development i came across a story from last summer (Essexlive i believe) which basically said the shopping centre had been hit by being dated & Lakeside etc and is being developed but with more housing and amenities.So kind of looks like this project will be slap bang in the middle?
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 23, 2021 13:02:41 GMT
They are paying 21% for this 12 month bridge. 11% to us, 10% to ABL. 11% might slow the take up but I think the poor underwriters will go hungry.
|
|