Post by scooter on Mar 9, 2024 17:08:06 GMT
Before I throw my notes away I thought I would share what I know about this one.
I actually thought that "Extending Planning" was a positive thing to do when I read it in Kuflink Loan comments so I backed off on this one.....
However, I realised that the valuation of 10/02/22 was based on the land having planning permission. The valuation was set at £850k OMV.
The planning permission was granted a year before that on 12/02/21 with a condition that the work was to start within 3 years...... Kuflink spent a whole year messing about and being messed about and let the Planning permission expire!
The loan was for £526,828, the Property is up for auction guide price £500k with planning permission expired. So they never got it extended and payback will be tight I would think.
If there is not a loss on this one, it will be luck not judgement. What were they thinking....
I actually thought that "Extending Planning" was a positive thing to do when I read it in Kuflink Loan comments so I backed off on this one.....
However, I realised that the valuation of 10/02/22 was based on the land having planning permission. The valuation was set at £850k OMV.
The planning permission was granted a year before that on 12/02/21 with a condition that the work was to start within 3 years...... Kuflink spent a whole year messing about and being messed about and let the Planning permission expire!
The loan was for £526,828, the Property is up for auction guide price £500k with planning permission expired. So they never got it extended and payback will be tight I would think.
If there is not a loss on this one, it will be luck not judgement. What were they thinking....
