Post by mrclondon on Aug 20, 2015 9:33:16 GMT
Having some time to kill yesterday before a meeting in Manchester, I decided to have a nosy at a few projects I'm lending on in the area (for those with loans to Mr B. on TC via F&P, I'll post on the old TC forum later today or tomorrow regarding two of his projects).
The credit report for loan 182 which was renewed in July this year states "The strategy is to complete the conversion of the commercial unit into c.50 small managed offices. Work is well underway with this project, with completion fully expected within August. In addition to raising local awareness, the borrower is to market and let the new units via ******** – who are national specialists in the managed office sector."
Yesterday, late morning on a Wednesday just 12 days before the end of August the premises had no signs of life. All the ground floor units had metal shutters down, some covered in grafitti, one looks as if it has been forced during an attempted break-in. There is no name-plate or similiar, and there is no promotional hoarding or advertising board announcing "Coming soon is ...." - it is situated alongside a busy-ish road so drive by advertising would be effective.
A similiar picture is readily available to all on Google Streetview, which was last updated in May this year, although a couple of the units have workmen visible inside, and office accomodation is visible through the windows of others.
The credit report also gave details and a url of a managed office portal that is to be used in the marketing of these new office units. I am unable to identify this development on that portal, as well as stating "[the borrower] advise that their confidence is further underpinned by a large number of enquiries already received from potential tenants, with an established waiting list from interested parties looking to move when the project is completed." and "With tenants in place, the Manchester property will start generating a regular income. In turn, this will provide [the borrower] with options on where to refinance the property, repaying the AC loan."
Something doesn't feel quite right. I'll ask a Q on the loan regarding this but as its only my opinion that the premises is unlikely to be open for business in the near future, there is a risk that my Q will be deleted.
The credit report for loan 182 which was renewed in July this year states "The strategy is to complete the conversion of the commercial unit into c.50 small managed offices. Work is well underway with this project, with completion fully expected within August. In addition to raising local awareness, the borrower is to market and let the new units via ******** – who are national specialists in the managed office sector."
Yesterday, late morning on a Wednesday just 12 days before the end of August the premises had no signs of life. All the ground floor units had metal shutters down, some covered in grafitti, one looks as if it has been forced during an attempted break-in. There is no name-plate or similiar, and there is no promotional hoarding or advertising board announcing "Coming soon is ...." - it is situated alongside a busy-ish road so drive by advertising would be effective.
A similiar picture is readily available to all on Google Streetview, which was last updated in May this year, although a couple of the units have workmen visible inside, and office accomodation is visible through the windows of others.
The credit report also gave details and a url of a managed office portal that is to be used in the marketing of these new office units. I am unable to identify this development on that portal, as well as stating "[the borrower] advise that their confidence is further underpinned by a large number of enquiries already received from potential tenants, with an established waiting list from interested parties looking to move when the project is completed." and "With tenants in place, the Manchester property will start generating a regular income. In turn, this will provide [the borrower] with options on where to refinance the property, repaying the AC loan."
Something doesn't feel quite right. I'll ask a Q on the loan regarding this but as its only my opinion that the premises is unlikely to be open for business in the near future, there is a risk that my Q will be deleted.
