DFL001

Maybe, but I was going on SS statement further up this thread 'and have finally offered to this borrower in Exeter to provide the construction costs on top of the original land loan' which ties in with the latest comments on these two loans. There is also this bit in the valuation for 4b ' your customer has proposed a scheme which on part of the site will consist of 10 executive style detached homes' p5 which given the title of the DFL001 loan seems a coincidence.

If I remember correctly the post referred to was a straight value/10 calc but that wouldnt take into account any value for the rest of the land/scheme and the existing dwelling (might not be included this time) Just google mapped the area referred to by the original post & its 2k from this site so not sure the original post is accurate

Time will tell

lmoro, adrianc

Sorry if my post in the pipeline loan page has led you off the scent. I was not suggesting that the land was near Burnthouse Lane, it was just a comment on the inequality between the haves (£850k per house) and the have nots (http://www.exeterexpressandecho.co.uk/Careless-tenants-push-council-pound-200-000-red/story-15919274-detail/story.html and www.exeterexpressandecho.co.uk/Burnthouse-Lane-axeman-claimed-son-Lucifer/story-26442034-detail/story.html).

Using Ilmoro's assertion that DFL 001 was the next stage after PBL 4a, 4b, I was passing by this afternoon so had a look at the site of B's bungalow. It's accessible from a short private access  road off of O.. R.. L.. There is a big set of gates on the private road so you can't get down to the bungalow itself.

Had a rummage around the internet and found some advertising blurb from the agent that sold the land (sale by informal tender no later than Tuesday 15th September 2015). The site has outline planning for 63 dwellings, split into 2 plots. The posh plot has 10 houses on the site of the old bungalow, the not so posh plot has 53 houses / flats in the field beyond. Full planning was granted for construction of 4 x 5 bed houses at the site of the old Bungalow on 2nd July 2015. The guide price for the posh plot was £2m and £1.2m for the mass market plot.

The site is wedged in between the motorway and the main railway line. I wouldn't have thought it an obvious flooding candidate, as opposed to land on the other side of the motorway, which is always under water.

Artists impression.pdf (115.32 KB)

Maybe thats where MT hides his cars

Thanks for the eyewitness views pom agent69. I cheated and just drove around the area on Streetmaps from the comfort of my armchair

The flooding assessment from the original application is on the planning site

Now we just need SS to get the loan launched so my speculation can be validated (or not) plus the minor point of having something to invest in

DFL001 itself seems to have disappeared as a reference in the pipeline but I've been looking at the Exeter Quayside DFL which seems to be the most mature at stage 3.

This states that the loan will be released on a first come first served basis. How will this work - implies something different from the usual prefunding model that we are normally offered?

It is a couple of month since the DFL was mentioned by SS so perhaps overdue for an update on the process for these class of loans?

TIA

LW

ladywhitenap

Seeing as I have prefunded ExeterQ, and from various information given by SS I understand the DFL loans will be drawndown in tranches as the work progresses, I think the first tranche (size of which is not given) will be as usual, then subesequent tranches released on the SM as and when they are drawn - first come first served according to the SM rules of the day. It appears that DFL1 will be the first DFL to "float" (ahem... ), which has surprised SS, and the other one (formerly DFL1) will be renumbered when it is ready.