cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 2, 2017 19:33:05 GMT
And we have reached the ceiling. The first DFL to do so So what happens if they need more funds? Defult it and sell a part built development?; I can't see that happening. SS to fund the extra needed? A N Other? Couple of more options 1. Developer finds funds elsewhere (deposits?) 2. Get a new valuation and hope it is higher Cafe open, so some income there
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ali
Member of DD Central
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Post by ali on Mar 2, 2017 20:09:19 GMT
So what happens if they need more funds? Defult it and sell a part built development?; I can't see that happening. SS to fund the extra needed? A N Other? Couple of more options 1. Developer finds funds elsewhere (deposits?) 2. Get a new valuation and hope it is higher Cafe open, so some income there Or take out a 2nd charge loan with a higher LTV and (presumably) a higher interest rate to compensate. Probably on a different platform than SS.
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ben
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Post by ben on Mar 2, 2017 20:28:38 GMT
Couple of more options 1. Developer finds funds elsewhere (deposits?) 2. Get a new valuation and hope it is higher Cafe open, so some income there Or take out a 2nd charge loan with a higher LTV and (presumably) a higher interest rate to compensate. Probably on a different platform than SS. this is SS they will probably offer it to us at 8%
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Liz
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Post by Liz on Mar 2, 2017 21:03:08 GMT
So what happens if they need more funds? Defult it and sell a part built development?; I can't see that happening. SS to fund the extra needed? A N Other? Couple of more options 1. Developer finds funds elsewhere (deposits?) 2. Get a new valuation and hope it is higher Cafe open, so some income there Yep, my guess is that the valuation will miraculously increase in value by just enough! What would happen if the developer couldn't raise funds and the valuation didn't rise? This is always a problem with development loans. I imagine SS would be forced to step in, similar to the PBL81 situation.
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jomantha
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Post by jomantha on Mar 17, 2017 16:23:28 GMT
according to days update "Development work is almost finished! The units on site are being marketed for sale. A short extension to this facility may be required to allow the Borrower time to get the development completed and then to sell the units. We are in discussion with the Borrower about this".
Does this mean the loan term would then be extended?.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 17, 2017 16:28:45 GMT
according to days update "Development work is almost finished! The units on site are being marketed for sale. A short extension to this facility may be required to allow the Borrower time to get the development completed and then to sell the units. We are in discussion with the Borrower about this". Does this mean the loan term would then be extended?. The loan will be extended if the borrower sends interest, so this is the likely discussion that is occurring between Lendy & the borrower
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jomantha
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Post by jomantha on Mar 17, 2017 16:39:13 GMT
thanks
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pom
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Post by pom on Mar 17, 2017 17:08:25 GMT
From the loan particulars at launch (03/16): " More details to follow. This is very close to completion already." One year later, from the latest SS update: " Development work is almost finished!" You just can't rush Devonians!  It's a completely different timezone down here DMT - Devon Maybe Time
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n
Member of DD Central
Yet another Nick
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Post by n on Mar 17, 2017 18:27:16 GMT
So is that a definite maybe?
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adrianc
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Post by adrianc on Mar 17, 2017 18:57:51 GMT
It's a completely different timezone down here DMT - Devon Maybe Time Yup - watching paint dry is considered being energetic. I love it  Here in Herefordshire, we don't have anything that conveys quite that sense of urgency...
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tarq
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Post by tarq on Mar 18, 2017 9:33:07 GMT
Move to Cambridge and see how fast things happen.
Turn round and there's another huge estate built!
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pom
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Post by pom on Mar 18, 2017 13:36:50 GMT
Here in Herefordshire, we don't have anything that conveys quite that sense of urgency... I was going to come up with a pithy reply yesterday, but it will have to wait until tomorrow now. Or Monday. Yes, probably Monday. Sometime next week, anyway. Or April is looking pretty clear. Definitely April... ...ish Well you never said which April 
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Yintara
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Post by Yintara on Apr 6, 2017 11:17:21 GMT
I was in Exeter at the weekend, so stopped off to see how the development was going. I'll try and upload some photos later. The upstairs rear exterior is mostly done and cladded out, but the apartment balconies are still being finished. The downstairs restaurant looked like the windows and patio doors have just gone in. It looks like they're still working on a first fix but the steel ceiling beams and plasterboard is up downstairs. The roof looks finished. There was a retrospective planning permission notice posted for a dormer window on the roof, which is now showing as approved on the council's website. And there was a very sleepy swan on the lawn outside, who took great umbrage at my trespassing on his literal turf. |
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dp
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Post by dp on Apr 6, 2017 11:47:05 GMT
I was in Exeter at the weekend, so stopped off to see how the development was going. I'll try and upload some photos later. The upstairs rear exterior is mostly done and cladded out, but the apartment balconies are still being finished. The downstairs restaurant looked like the windows and patio doors have just gone in. It looks like they're still working on a first fix but the steel ceiling beams and plasterboard is up downstairs. The roof looks finished. There was a retrospective planning permission notice posted for a dormer window on the roof, which is now showing as approved on the council's website. And there was a very sleepy swan on the lawn outside, who took great umbrage at my trespassing on his literal turf. Excellent update. Sounds like this will need an extension for a month or two, too help them over the line.
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copacetic
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Post by copacetic on Jun 10, 2017 17:47:13 GMT
Latest update Solicitors have now finalised matters so everything should be concluded in next few days. This sounds reasonably definite. If everything goes to according to plan here it should restore some confidence seeing a loan repaying on time. Add to that it's a good size so would hopefully see a bit more liquidity to the secondary market. |
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