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Post by lb on Oct 14, 2015 15:18:59 GMT
We have evidence that they have been paying this rent for the previous 5 years at or near the amount mentioned in the valuation in the company that owned it previously. This new co has just been set up to manage all the groups own assets. This can be easily resolved by asking the valuer to confirm the VP value - which I am sure has already been done. So what is the VP value?
Also, has the lease been checked to ensure there are appropriate provisions for re-entry if rent gets into arrears??
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star dust
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Post by star dust on Oct 14, 2015 17:51:00 GMT
Oh, Give us a clue. Like platform loan name/number. AC/205 So this is how baseless rumours start  . In retrospect I should have kept  , I can assure anyone who is in the least bit interested that to my knowledge the two loans I was referring to have no connection whatsoever (other than being secured on commercial premises) and I wouldn't wish to cast any aspersions on either or send hares running so I'm saying nothing else. I have a personal aversion to some commercial loans, although I have lent on a number that I consider sound enough. I feel this may also be a good time to remind people that you should all do your own DD and make your own decisions about your investments, my comments on this forum are my opinions only and should not be construed as legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. Which brings me me to a rather general question, I have occasionally observed other forum members adding disclaimers to their posts, and I think there is one for the mods and admin, but is there a general disclaimer for our posts as forum members that could make individual ones unnecessary?
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grahamg
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Post by grahamg on Oct 14, 2015 18:06:52 GMT
We have evidence that they have been paying this rent for the previous 5 years at or near the amount mentioned in the valuation in the company that owned it previously. This new co has just been set up to manage all the groups own assets. The problem with the rent is the valuers report on page 7 they are assigned the opposite way round to appendix 4 needs correcting one way or the other. Next its not really an office block , its a mix of office and workshop, difficult to split up. From Companies House Records it would appear that as far as the companies associated with the property owner go: ************ ********** LTD formed 30 Jul 2014 owns the office block. There is an existing charge on this property , no accounts filed yet. **** ******* formed in 2015 and occupies part of the building on a lease signed this year . One company has a current P2P loan, no accounts filed yet. I will wait and see what the security is but maybe give this a miss. I would want to know where the money is going and i don't see where the money is coming from to repay the loan.
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Post by marek63 on Oct 15, 2015 13:05:30 GMT
So this is how baseless rumours start . In retrospect I should have kept , I can assure anyone who is in the least bit interested that to my knowledge the two loans I was referring to have no connection whatsoever (other than being secured on commercial premises) and I wouldn't wish to cast any aspersions on either or send hares running so I'm saying nothing else. I have a personal aversion to some commercial loans, although I have lent on a number that I consider sound enough. I feel this may also be a good time to remind people that you should all do your own DD and make your own decisions about your investments, my comments on this forum are my opinions only and should not be construed as legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. Which brings me me to a rather general question, I have occasionally observed other forum members adding disclaimers to their posts, and I think there is one for the mods and admin, but is there a general disclaimer for our posts as forum members that could make individual ones unnecessary?" As a non-lawyer my understanding is that 'investment advice' has to be specific to an individual not a general comment - otherwise any random FT article would be advice. I would think the more relevant worry is that of making misleading or false statements about individuals or companies based on no real evidence (I am not suggesting that anyone here is doing this) which might lead (if proven damaging) to some form of libel /slander case. We all make public comments on public forums based on our own opinions and at our own risk I would suggest. Unless you are out to deliberately damage, mislead or misdirect individuals or companies you are probably OK. just IMHO. So a disclaimer against providing advice is pointless since you are just commenting rather than advising a specific individual on an investment path.
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Liz
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Post by Liz on Oct 17, 2015 10:49:31 GMT
Anyone want to guess when this will go live? I guess end of next. I hope the supply tap is loosened a bit as promised soon.
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Post by ladywhitenap on Oct 17, 2015 11:08:50 GMT
I thought I read somewhere that it should have gone live by now but the updates seem notoriously optimistic. I'm sure there are often last minute delays in legals but maybe those could be allowed for in the updates?
Trouble is I guess we would moan about loans going live earlier than expected then lol
LW
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ilmoro
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'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 Oct 17, 2015 12:23:24 GMT
I thought I read somewhere that it should have gone live by now but the updates seem notoriously optimistic. I'm sure there are often last minute delays in legals but maybe those could be allowed for in the updates? Trouble is I guess we would moan about loans going live earlier than expected then lol LW Last update said end of this week (as in last), but it was prefaced by 'probable' so I guess they did allow for it. Pretty obvious from following upcoming loan updates on AC that lawyers have much in common with the weather - both totally unpredictable & likely to disappoint (throw banks into the mix & you might as well give up the predicting lark ).  Thats the beauty of PF, it doesnt matter if noone expects a loan launch (or the Spanish Inquisition) Surprise is no longer the chief weapon, though some ruthless efficiency would be nice
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webwiz
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Post by webwiz on Oct 19, 2015 11:00:03 GMT
What a muddle! Which is correct the rents shown on p7 or those in appendix 4? Is the comment about one of the rents being too high based on the correct figure or the incorrect figure? What are the funds needed for? How is the loan going to be repaid?
It would not surprise me if this one never took off.
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Post by jackpease on Oct 19, 2015 12:34:43 GMT
Oct 15, 2015 14:05:30 GMT 1 marek63 said >>>We all make public comments on public forums based on our own opinions and at our own risk I would suggest. Unless you are out to deliberately damage, mislead or misdirect individuals or companies you are probably OK. Libel - we should do a sticky on this! I'm afraid a libel is a libel whether or not you intended it - it's the unintentional ones that catch you out. A well intentioned libel may escape punitive damages but it's still a libel. A libel here is not strictly on your own risk - the reason the mods are cautious is that you *and* the publisher/publishing platform (essentially the mods) would be the ones sued. Jack P
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jonah
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Post by jonah on Oct 19, 2015 20:01:00 GMT
The loan particulars are now up for this loan.
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webwiz
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Post by webwiz on Oct 19, 2015 20:20:49 GMT
The loan is to repay an existing loan of £1.5m. I would be happier if the SS loan was for £1.5m rather than £2m.
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jonah
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Post by jonah on Oct 19, 2015 20:25:13 GMT
The loan is to repay an existing loan of £1.5m. I would be happier if the SS loan was for £1.5m rather than £2m. I agree that a loan to pay off another loan, to allow the migration onto a third doesn't sound great. However this is why I guess these are called bridging loans.
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mikes1531
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Post by mikes1531 on Oct 20, 2015 2:44:02 GMT
The loan is to repay an existing loan of £1.5m. I would be happier if the SS loan was for £1.5m rather than £2m. AIUI, SS retain fees and interest at drawdown. So in order for the borrower to obtain £1.5M to pay off their existing loan they'd need to borrow more than that from SS. For a 12-month loan at 12% interest to lenders and maybe 6% to SS, plus maybe a 3% arrangement fee, the borrower would receive only 79p for every £ borrowed. So they'd have to borrow £1.9M in order to receive £1.5M (£1.9M x 79% = £1.5M). And the borrower would need even more than that if they really need more than £1.5M to completely clear the existing loan because of any interest that might be outstanding or any termination fees that might be owing.
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webwiz
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Post by webwiz on Oct 20, 2015 9:04:40 GMT
The loan is to repay an existing loan of £1.5m. I would be happier if the SS loan was for £1.5m rather than £2m. AIUI, SS retain fees and interest at drawdown. So in order for the borrower to obtain £1.5M to pay off their existing loan they'd need to borrow more than that from SS. For a 12-month loan at 12% interest to lenders and maybe 6% to SS, plus maybe a 3% arrangement fee, the borrower would receive only 79p for every £ borrowed. So they'd have to borrow £1.9M in order to receive £1.5M (£1.9M x 79% = £1.5M). And the borrower would need even more than that if they really need more than £1.5M to completely clear the existing loan because of any interest that might be outstanding or any termination fees that might be owing. Good points.
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SteveT
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Post by SteveT on Oct 20, 2015 15:09:24 GMT
Email just received from SS warning that this will go live today and to set your pre-fund level (another excellent SS innovation)
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. In retrospect I should have kept 
, I can assure anyone who is in the least bit interested that to my knowledge the two loans I was referring to have no connection whatsoever (other than being secured on commercial premises) and I wouldn't wish to cast any aspersions on either or send hares running so I'm saying nothing else. I have a personal aversion to some commercial loans, although I have lent on a number that I consider sound enough.
