dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 998
Likes: 569
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Post by dave4 on Aug 4, 2021 15:14:59 GMT
We are very pleased to introduce a new Borrower to the platform. This loan will assist with the refurbishment of a property in Kingston upon Thames. The developer will be partnered on the project by an experienced mentor and co-financier, bringing a strong supporting dimension to the project. We anticipate further similar opportunities becoming available on the Platform. Full details will, as always, be available at launch. We will placing bid limits on the loan for the first two hours to allow as many Lenders as possible to participate.
Friday 6th August 2021 - Loan Launch Details:
Borrower Sector: Property
Loan Amount: £240,000.
Term: 6 months (6 months minimum term).
Rate: 13% - Interest Only.
Security: Second Ranking Legal Charge, Personal Guarantee.
Instant Returns: Enabled.
Loan Launch: 11am – 6th August 2021 (READ ONLY).
Loan Live: 2pm – 6th August 2021
Initial Bid Limit: £2,400
Bids removed: 4pm 6th August 2021
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Post by Ace on Aug 4, 2021 15:46:02 GMT
153! This one must have taken a long time to bring to the platform. 154 was listed back in Feb.
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blender
Member of DD Central
Posts: 5,719
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Post by blender on Aug 4, 2021 20:50:57 GMT
Bids removed: 4pm 6th August 2021  Yes, that's what the email says. Why bother bidding? |
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Post by brummiefred on Aug 4, 2021 21:01:39 GMT
My interpretation is that bid limits are removed at 4pm
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tony9239
Member of DD Central
Posts: 101
Likes: 202
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Post by tony9239 on Aug 6, 2021 10:33:08 GMT
Looks like we are re-financing his mentor & co-investor (a very experienced developer) who wants his cash (or part of it) out now. With only 6 months to go it makes you wonder why the mentor/co-investor is heading for the exit now? Not one for me. Only 6 months of interest, interest only, 2nd charge security - what's not to like?
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markyg61
Member of DD Central
Posts: 339
Likes: 237
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Post by markyg61 on Aug 6, 2021 10:38:18 GMT
Looks like a large no. of the properties to the left are also being re-developed but at a cheaper purchase price.
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Post by ladywhitenap on Aug 6, 2021 10:41:15 GMT
The borrower seems to have other directorships not linked to this borrower SPV via co house.
Her name seems unique enough not to be a different person so possibly just a quirk.
I understand the sequential numbering delay is due to a protracted process within land registry so the application was made some time back and only able to be released when LR had completed their work.
LW
It would appear that the delay has not been built into the proposal which states a 6 month development time and yet completion by Nov 21
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Post by ladywhitenap on Aug 6, 2021 11:22:30 GMT
Seems a little curious that the developer of the larger project would carve off this one property and resell if there were not a good reason. Is this the "runt of the litter" perhaps?
However it seems the borrower has done the groundwork - literally - of putting in foundations; a stage where possible problems could have been uncovered.
I can't get into the planning portal at the moment to have a looksee at any plans/history.
LW
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macq
Member of DD Central
Posts: 1,924 
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Post by macq on Aug 6, 2021 11:34:48 GMT
Bit confused as ABL docs say on page 4 that planning permission was granted on 4th May but if you search 43 F****** Rd it seems to show the property as being part of a wider application decided on the 6th May?
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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
Posts: 10,838
Likes: 11,067
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Post by ilmoro on Aug 6, 2021 11:42:19 GMT
Bit confused as ABL docs say on page 4 that planning permission was granted on 4th May but if you search 43 F****** Rd it seems to show the property as being part of a wider application decided on the 6th May? The planning doc is included in the doc pack and is clearly date 4th May. Search of planning gives the same result (4th entry on search return)
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blender
Member of DD Central
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Post by blender on Aug 6, 2021 11:49:47 GMT
I would be happier if the interest was borrowed and retained by Abl.
I know the area well and would not worry about it going downhill. An easy walk to Surbiton station.
Good to have a new borrower
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macq
Member of DD Central
Posts: 1,924
Likes: 1,191
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Post by macq on Aug 6, 2021 12:04:02 GMT
Bit confused as ABL docs say on page 4 that planning permission was granted on 4th May but if you search 43 F****** Rd it seems to show the property as being part of a wider application decided on the 6th May? The planning doc is included in the doc pack and is clearly date 4th May. Search of planning gives the same result (4th entry on search return) I searched the address and 2nd result was at Planningapp.org - planning ref ending in **/*****/NMA and it was mentioned within it (as decided on the 6th) but might not be relevant?
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Post by Badly Drawn Stickman on Aug 6, 2021 13:56:58 GMT
Strip away most of the details and you basically end up with Pea Two.
Its fairly obvious that the soon to be third ranked lender is the potential new ongoing borrower. Six months seems somewhat optimistic as a time scale for exit, then again I am not sure we are actually at the start maybe more joining in the middle.
I suspect this one will perform perfectly well one way or another, pretty much everybody concerned stands to benefit if it does.
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Post by Ace on Aug 6, 2021 15:06:19 GMT
All hoovered up by the big hitters once limits were lifted at 16:00.
Looks like ABLrate got this one about right.
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Post by ladywhitenap on Aug 6, 2021 15:55:00 GMT
Indeed, I'm quite a fan of the 1% limit for a couple of hours but that is easy for me to say as I can usually be online during the day. Not so good for those can't get online though. Maybe a six hour limit period would give more folk a chance.
Possibly a difficult balance for ABL to be even handed to both modest investors and big hitters/underwriters.
LW
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