adrianc
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Post by adrianc on Nov 11, 2015 8:36:51 GMT
Even when there's nothing material to update?
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Liz
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Post by Liz on Nov 11, 2015 9:20:13 GMT
Even when there's nothing material to update? Exactly. If there is nothing to update, then nothing will be updated. We should leave SS to do their work.
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freddy
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Post by freddy on Nov 11, 2015 9:47:54 GMT
Even when there's nothing material to update? Exactly. If there is nothing to update, then nothing will be updated. We should leave SS to do their work. Agreed. Although relatively new to SS I have been surprised at some of the involvement in running the business, that some expect. Quality loans will benefit us all and I'm more than happy to wait whilst thorough DD is conducted. Assuming that the current pipeline loans go live it is pleasing to see that 4 out of 5 have LTVs below 70% providing further security. From my limited exposure I have been impressed with SS to date and let's face it, it's hard to get these sort of returns these days. SS.......keep up the thorough DD and go through as many legals as possible. Good for you and good for us!!
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Post by Deleted on Nov 11, 2015 9:57:23 GMT
The good thing is that FS does not make promises it consistently fails to achieve. AC insists on giving target dates that are just guesses which is no use for planning. FS just says "we have this lot in the pipeline" and that's it. It is all about the message and how it is delivered. One over promises and under achieves, the other under promises and over achieves. But, the actual activities under the surface are probably exactly the same. So you could argue that SS's strengths are in sales and operations while AC's are in IT. It shows.  |
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Investboy
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Post by Investboy on Nov 11, 2015 11:36:34 GMT
Even when there's nothing material to update? Exactly. If there is nothing to update, then nothing will be updated. We should leave SS to do their work. Agree but... SS has a stages on the pipeline: "Stages : 1. Issued 'Offer in principle' | 2. Signed 'Offer in principle' | 3. Valuers instructed | 4. Solicitors instructed"To me personally they do not mean much. But my reptile brain still comprehends that stage 1 is means longer wait than stage 4. And changing in stages (hopefully up) gives some sense of progress happening. Maybe it would be worth to revise that stages and amend, add more to reflect the progress. But I understand this may be asking for too much.
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niceguy37
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Post by niceguy37 on Nov 11, 2015 15:39:26 GMT
So, I'm going away next week and there'll be NO internet. The question is: How much to fund my account, in case some of the loans come through next week, and I'm not able to pay for my pre-funded loans? Enough for 1 loan out of five?
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micky
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Post by micky on Nov 11, 2015 18:38:02 GMT
I would default the pipeline to £2000 just in case. However I cant really see any of these coming through during next week.
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SteveT
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Post by SteveT on Nov 11, 2015 18:55:52 GMT
My suggestion would be to drop SS an email explaining that, in the absence of any other indication, you've funded your account to cope with 1 pre funded loan and will deal with any others that might occur as soon as you return. That said, I suspect they now know this already  |
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mikes1531
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Post by mikes1531 on Nov 12, 2015 4:47:14 GMT
Assuming that the current pipeline loans go live it is pleasing to see that 4 out of 5 have LTVs below 70% providing further security. It would be nice if this were to turn out to be the case. But until we see some more info we don't even know if the SS loans will be first charges or second charges. And until the valuations are verified, the LTVs still are changeable.
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ilmoro
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'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 Nov 15, 2015 13:10:54 GMT
So first question that springs to mind relating to the northern development loan is whats the planning situation as it appears to have expired in 2013! Cant find any more recent amendments on the planning site However goggling the name of the former building reveals that demolition work started in April, with the hotel due to open late 2017 or even next year. Developers seem to have multiple sites in the area. Students clearly not considered as posh as in Liverpool - no infinity pool for them |
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jonah
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Post by jonah on Nov 15, 2015 13:42:40 GMT
The larger loan has a value of 8m according to page 19 of the survey, but is on the site at 9.5m. Am I missing something here?
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Post by ladywhitenap on Nov 15, 2015 17:42:40 GMT
Waiting to see the docs. However there is a line of land along that road which never seems to be developed, not sure if the issue is flooding (always a Hull issue), pollution costs etc. This road (CSW) is the main arterial for traffic in and out of Hull and more development in this area just makes it worse. Hull struggles to grow and certainly the amount of brown field land is large with very little demand. It's a tough place to make money developing land. However it may be a completely different piece of land. So, let's see the docs.... According to the valuation document (even though it's location map is missing) the land appears to be a couple miles from the end of Clive Sullivan Way. LW
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Post by Deleted on Nov 16, 2015 8:31:03 GMT
Thank goodness not Clive Sullivan Way, may be interested. The area is a bit heavy on cr@p car show rooms and a lead-shot tower. However you may all feel this website is one worth checking while reading the valuation report. maps.environment-agency.gov.uk and the flooding map. There have been some good little developments in the area including a Radisson (I think) and a couple of Victorian mills converted into flats on the other side of the river Hull (note the big river is called the Ouse). This building is a slab and brick thing so less attractive than the previous one and on the wrong side of the river Hull from a gentrification point of view. However it is close to the bridge crossing to access the nicer town side. EditA few more thoughts 1) the University is far to the west 2) the river Hull is a bit sluggish 3) to get anywhere out of Hull you have to go west or north, from a car point of view this is a tough place to be based (I know I used to drive it) 4) the Victorian bits of Hull that dodged the German bombs are just of the river Hull to the west (after a block or so) so could be worse. 5) the Marina and its shops restaurants are across the river Hull and on the Ouse (5-10 minutes walk) 6) a lot of money has been spent between the river Hull and the docks (to the east) to make the place better for tourists coming in by ship, little spent this far inland. 7) Hull city of culture 2017 Edit valuation £9.5m or £8m? |
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Post by savingstream on Nov 16, 2015 10:09:00 GMT
Assuming that the current pipeline loans go live it is pleasing to see that 4 out of 5 have LTVs below 70% providing further security. It would be nice if this were to turn out to be the case. But until we see some more info we don't even know if the SS loans will be first charges or second charges. And until the valuations are verified, the LTVs still are changeable. They are all 1st charges.
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Post by chielamangus on Nov 16, 2015 12:27:58 GMT
Having read the three valuation reports of the current pipeline loans, I'm beginning to wonder whether I also should not become a valuer. After all, one does not seem to need to know anything about the value of residential land (for care homes, or otherwise) or even development values. The Hull development sounds a complete dog's breakfast with casinos, student accommodation and residential units side by side. Planning permission appears to be unimportant, and what buildings will be pulled down seems to be unknown. It's all speculation, as is the value for which no justification is given. As for the Welsh care homes - one would have expected some figures on the known profitability of similar ventures and the value of the land to have been derived from that, but no sign of that. Instead, we are treated to a load of information about the size and spec of the future homes, nothing on building costs or revenue streams and timing. It might be sufficient for a dissertation at some lower order academic institution, but the basis for investment? Not from me, obviously, but no doubt the loans will be filled since the crowd is now very large and hungry for anything. It all sounds quite bubbly to me, and, unfortunately, not of the champagne type.
My point of view, of course, and there will be many dissenters. I will be interested in the counterview.
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