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Post by davidricketts1 on May 7, 2015 15:47:34 GMT
Needed slightly rewording so I've reposted it. Do you mean you are re-writing investor's questions? I have to say some of the phraseology in the Q strongly reminded me of a very frequent contributor to this forum (not you!). I hope the anticipated draw-down timescale is robust, be good to have a 'fast' one.
Sort of. We did have the agreement from the investor to do so.
Should hopefully have a couple of drawdowns tomorrow.
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Post by Deleted on May 7, 2015 16:16:15 GMT
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Post by Ton ⓉⓞⓃ on May 11, 2015 13:30:00 GMT
Upcoming Loan #171 has just appeared
£530k, 12months (9month min), 10%, ltv60% of GDV.
It's in a village in Bedfordshire I think it best we avoid the village name as it seems small and maybe easy to id the borrower. I suggest the name Beds Property Development?
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sqh
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Post by sqh on May 11, 2015 17:42:19 GMT
Upcoming Loan #171 has just appeared £530k, 12months (9month min), 10%, ltv60% of GDV. It's in a village in Bedfordshire I think it best we avoid the village name as it seems small and maybe easy to id the borrower. I suggest the name Beds Property Development? It is not clear what LTV is permitted based on monitoring surveyor report. As it stands the LTV at drawdown is 162%, and I don't see it dropping much below 100% until completion.
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Post by Ton ⓉⓞⓃ on May 11, 2015 20:16:17 GMT
Upcoming Loan #171 has just appeared £530k, 12months (9month min), 10%, ltv60% of GDV. It's in a village in Bedfordshire I think it best we avoid the village name as it seems small and maybe easy to id the borrower. I suggest the name Beds Property Development? It is not clear what LTV is permitted based on monitoring surveyor report. As it stands the LTV at drawdown is 162%, and I don't see it dropping much below 100% until completion. In knocking down the previous house they have had to destroy some of the value, but as I understand it and I'm often wrong, the final standing should be (about) 60%ltv.
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mikes1531
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Post by mikes1531 on May 12, 2015 18:01:52 GMT
It is not clear what LTV is permitted based on monitoring surveyor report. As it stands the LTV at drawdown is 162%, and I don't see it dropping much below 100% until completion. In knocking down the previous house they have had to destroy some of the value, but as I understand it and I'm often wrong, the final standing should be (about) 60%ltv. : That's fine as long as the developer finishes the job. But if they stop part of the way through and the outstanding loan divided by the value of the part-completed property is too high, then the lender is in trouble and unlikely to recover their capital just by repossessing the property and finding another developer to finish the job. That's why it's common for the amount of the loan that can be drawn down to be limited to some sensible proportion -- maybe 60-70% -- of the value estimated by the monitoring surveyor.
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ilmoro
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Post by ilmoro on May 20, 2015 10:52:35 GMT
New loan
#175 M******h*** Dev, 9mnths, 10% interest at term, 62% LTV.
replaces #159, first tranche of 3, £472k total, drawdown end of May, no migration of existing holdings
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SteveT
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Post by SteveT on May 20, 2015 12:51:11 GMT
Looking forward to loans 163, 166 and 171 all drawing down on Friday... !
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bg
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Post by bg on May 20, 2015 14:55:44 GMT
Looking forward to loans 163, 166 and 171 all drawing down on Friday... ! No chance 166 drawing this week. Funds not even been called yet. I wish they would put in a more realistic projection.
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ilmoro
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Post by ilmoro on May 22, 2015 12:27:02 GMT
Another new loan
#177 SE L*****n 2ndC - 9mths 11% 75% LTV
Also this has appeared
#173 expat BTL 1 -5yrs 6.75% 70% LTV
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Post by Ton ⓉⓞⓃ on May 22, 2015 18:21:46 GMT
Another new loan #177 S.E. L****n 2ndCharge - 9mths 11% 75% LTV #177 S.E. London 2ndCharge - 9mths 11% 75% LTV Why is this loan not being called a "Bridging Loan"? If that's not a silly question, are those words so painful now?
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agent69
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Post by agent69 on May 22, 2015 18:32:08 GMT
Another new loan #177 S.E. L****n 2ndCharge - 9mths 11% 75% LTV #177 S.E. London 2ndCharge - 9mths 11% 75% LTV Why is this loan not being called a "Bridging Loan"? 75% LTV on a second charge! I could think of a different name for it
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Post by Ton ⓉⓞⓃ on May 22, 2015 19:01:07 GMT
Another new loan #177 SE L*****n 2ndC - 9mths 11% 75% LTV Also this has appeared #173 expat BTL 1 -5yrs 6.75% 70% LTV I can see the 6.75% being about as popular as the 6.50% :-( There is no spoon. That's true of course, but the front page of the CR does say 6.5% rather than 6.75% (I think) so clearly that was their first thought on the matter. I guess the overseas nature, rent being less than AC interest. Have pushed it up a smidgen to 6.75%.
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agent69
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Post by agent69 on May 23, 2015 12:45:09 GMT
176 Construction company - £250k, 10%, 60 months, 60%LTV
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agent69
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Post by agent69 on May 23, 2015 12:46:23 GMT
Another new loan #177 SE L*****n 2ndC - 9mths 11% 75% LTV Predicted drawdown next Friday?
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