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Post by andrewholgate on Dec 19, 2013 17:53:10 GMT
A development loan for a property in Westward Ho!. A total of £2.65m is required for this loan, and to give you comfort, we have it underwritten.
Now that is a way to end the year!
Andrew
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agent69
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Post by agent69 on Dec 19, 2013 19:18:09 GMT
A development loan for a property in Westward Ho!. A total of £2.65m is required for this loan, and to give you comfort, we have it underwritten. Now that is a way to end the year! Andrew I live in Devon. For £2.65m I assume you are getting most of Westward Ho? Still, if it looks interesting I might pop around to have a look.
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mikes1531
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Post by mikes1531 on Dec 19, 2013 20:53:07 GMT
I live in Devon. For £2.65m I assume you are getting most of Westward Ho? Still, if it looks interesting I might pop around to have a look. A view from a local would be very useful, so I would -- and I expect others would -- appreciate it if you would take a look and report back here.
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Post by batchoy on Dec 23, 2013 9:32:11 GMT
I see the underwriting has gone on for this one now. It will be interesting to see how quickly it fills and gets drawn down
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Post by mrclondon on Dec 23, 2013 12:11:04 GMT
Its relatively easy to identify this development with the help of google, and google maps (satellite + street view) helps makes sense of the location. The holiday let business is using booking.com (amongst others), and that website has a good set of photos for the development and area. Not so good though are some of the customer reviews. Most of the critcism is directed at the holiday lettings company (poor management, poor quality furniture pack etc) but some at the builders (general snagging issues, but the hot water system seems particularly poor and is mentioned by many of the reviewers).
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Post by henders on Dec 23, 2013 12:31:40 GMT
Its relatively easy to identify this development with the help of google, and google maps (satellite + street view) helps makes sense of the location. The holiday let business is using booking.com (amongst others), and that website has a good set of photos for the development and area. Not so good though are some of the customer reviews. Most of the critcism is directed at the holiday lettings company (poor management, poor quality furniture pack etc) but some at the builders (general snagging issues, but the hot water system seems particularly poor and is mentioned by many of the reviewers). Yep; had a good look. I agree reviews are a bit iffy (but not terrible) but location looks excellent. I tried a test booking (for March then April then June then August) and each time it said only 5 apartments left (i'm assuming that only 5 apartments are bookable and there have been no bookings as yet). Not sure if this is a problem for the investment or not. I am quite keen on this one though.
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Post by mrclondon on Dec 23, 2013 13:03:29 GMT
Attempting to workout the corporate structure behind this is not so easy though. I've thrown 3 more questions into the Q&A. Attempting anonimity on this one not looking such a clever move.
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Post by henders on Dec 23, 2013 13:06:05 GMT
I agree, the anonimity issue is a major one for me. Why? Could probably find out with some clever googling so why try and be anonymous?
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Post by henders on Dec 23, 2013 14:02:13 GMT
I have located who, I believe, the proprietor to be through google; not sure why it needs to be so secret.
Best leave others to work it out for themselves.
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Post by mrclondon on Dec 23, 2013 14:11:32 GMT
My questions seem to be a bit slow to appear so before I lose them, I'll drop a copy of them here.
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Post by batchoy on Dec 23, 2013 14:18:49 GMT
Attempting to workout the corporate structure behind this is not so easy though. I've thrown 3 more questions into the Q&A. Attempting anonimity on this one not looking such a clever move. Not that difficult when the rating service does it for you 
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agent69
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Post by agent69 on Dec 23, 2013 18:24:24 GMT
18 months interest is being retained at drawdown. That amounts to over £400k.
Where is this held during the course of the loan?
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Post by mrclondon on Dec 23, 2013 19:20:10 GMT
18 months interest is being retained at drawdown. That amounts to over £400k. Where is this held during the course of the loan? AIUI it is held by Assetz Capital Trust Company Limited which is managed by Grant Thornton (not Assetz Capital)
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Post by andrewholgate on Dec 23, 2013 21:00:24 GMT
My questions seem to be a bit slow to appear so before I lose them, I'll drop a copy of them here. I'll get david on them.
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Post by andrewholgate on Dec 23, 2013 21:00:55 GMT
18 months interest is being retained at drawdown. That amounts to over £400k. Where is this held during the course of the loan? AIUI it is held by Assetz Capital Trust Company Limited which is managed by Grant Thornton (not Assetz Capital) Correct.
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