merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
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Post by merlin on Jul 30, 2015 13:40:59 GMT
I think I will leave this one as I already have a pot of money buried in another hotel just a bit north of this one. I note a number of other regulars who are in the AC loan are not in this one.
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Post by mrclondon on Sept 3, 2015 10:26:55 GMT
Back later today for a 2nd loan.
Since the reopening there have been five reviews on TripAdvisor, all positive, three rated it 4/5 and two 5/5.
ID Hint: The redaction of the map in the valuation report is not quite 100% !!
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stevio
Member of DD Central
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Post by stevio on Sept 3, 2015 17:02:27 GMT
What hotel is this (naming the hotel should be allowed as its the security and not naming the borrower which is likely a company or individual that owns the hotel)?
My concern is that there doesn't appear to be any details of the way the lender will payback the loan - whats the exit strategy? Are they wealthy and have reserves to adequately pay off after 6 months? We are going into the winter season for a seasonal business, so if they plan to pay from profits, this maybe lacking?
Its roughly 75% LTV, which
a) Seems to be a lot to lend for renovations
b) There is no information on the accuracy of the valuation and if this may cause difficulty if asset has to be sold and it doesn't realize it full potential due to a poor valuation
c) Property may be mid renovation when if it runs into difficulty, so not reach full valuation as someone would have to take on a 'project'
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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
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Post by ilmoro on Sept 3, 2015 17:51:32 GMT
What hotel is this (naming the hotel should be allowed as its the security and not naming the borrower which is likely a company or individual that owns the hotel)? My concern is that there doesn't appear to be any details of the way the lender will payback the loan - whats the exit strategy? Are they wealthy and have reserves to adequately pay off after 6 months? We are going into the winter season for a seasonal business, so if they plan to pay from profits, this maybe lacking? Its roughly 75% LTV, which a) Seems to be a lot to lend for renovations b) There is no information on the accuracy of the valuation and if this may cause difficulty if asset has to be sold and it doesn't realize it full potential due to a poor valuation c) Property may be mid renovation when if it runs into difficulty, so not reach full valuation as someone would have to take on a 'project' Naming the hotel would allow the borrower to be identified, age of Google & all that, and therefore is against forum rules. For example, a very small piece of info on another platform allowed me to identify a property, then the borrower & then potentially the borrowers other business. Actual enough info to do same here I suspect. Exit strategy, probably after an extension, will I guess be a refinance through a mainstream lender on a commercial loan as they will have a refurbished property of increased value& trading figures to support the application
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stevio
Member of DD Central
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Post by stevio on Sept 4, 2015 9:08:53 GMT
Why is there the rule not naming borrower anyway?
My point about the exit strategy is that we all could speculate, it should be included in the information FS provides, SS does this.
I think FS need to include more than their normal information for pawned items, particularly for larger loans
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SteveT
Member of DD Central
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Post by SteveT on Sept 4, 2015 9:14:58 GMT
Why is there the rule not naming borrower anyway? My point about the exit strategy is that we all could speculate, it should be included in the information FS provides, SS does this. I think FS need to include more than their normal information for pawned items, particularly for larger loans ... giving time for ilmoro to wind up his tablet's rubber-band again before answering ... 
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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: 11,329
Likes: 11,549
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Post by ilmoro on Sept 4, 2015 9:21:12 GMT
Why is there the rule not naming borrower anyway? My point about the exit strategy is that we all could speculate, it should be included in the information FS provides, SS does this. I think FS need to include more than their normal information for pawne items, particularly for larger loans Because it would expose the forum to potential legal action if any injudicious comments were made, this is in the public domain. Also Data Protection issues, against platform T&Cs, some platforms are sensitive about information only available to registered users being made public (FS are one). Agree, its been raised before. Some people dont invest as a result Edit Twang, go for it SteveT
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SteveT
Member of DD Central
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Post by SteveT on Sept 4, 2015 9:24:08 GMT
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tomtom
Member of DD Central
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Post by tomtom on Apr 21, 2016 11:28:37 GMT
Funding of this hotel now virtually at a stand still. Welsh hotels not very popular at the moment. There is another welsh hotel which is now over six weeks late in repaying back its loan and FC are not giving much indication when it will be repayed other than "holding comments "
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tomtom
Member of DD Central
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Post by tomtom on Apr 21, 2016 11:30:03 GMT
Funding of this hotel now virtually at a stand still. Welsh hotels not very popular at the moment. There is another welsh hotel which is now over six weeks late in repaying back its loan and FC are not giving much indication when it will be repayed other than "holding comments " Sorry should be FS and not FC.
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Post by Deleted on Apr 21, 2016 11:43:47 GMT
There is another welsh hotel which is now over six weeks late in repaying back its loan and FC are not giving much indication when it will be repayed other than "holding comments " If you are referring to South Wales Property (1442701959), updates mention that FS has proof of funds due to borrower in April, repayment should follow.
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tomtom
Member of DD Central
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Post by tomtom on Apr 21, 2016 11:49:22 GMT
If you are referring to South Wales Property (1442701959), updates mention that FS has proof of funds due to borrower in April, repayment should follow. Not sure that I agree with your remarks, last two updates are " holding comments" and not sure what you mean by FS has proof of funds which will be used to repay this loan.
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Post by earthbound on Apr 21, 2016 12:08:57 GMT
Last two updates seems to indicate updates below.
08/04/2016
Funds awaited
02/04/2016
No change
Either way its late , along with a few others on FS.
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Post by Deleted on Apr 21, 2016 12:13:48 GMT
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Post by Deleted on Apr 21, 2016 12:31:16 GMT
Delays and late settlement is quite normal on property loans for all the P2P sites, I have not invested in South Wales Property (1442701959), if you have a problem contact FS.
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