agent69
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Post by agent69 on Mar 7, 2017 13:40:02 GMT
My biggest concern is that SS don't provide a surveyors report, so we have no idea what the hell is going on. .
I'll try to pop round at lunch time to see what progress looks like.
Suffice to say that the current state of play doesn't look a lot like the advertising guff.
The site is set a little way back from the road and there is a short tarmac track that provides access at present. There is a tall hoarding alongside the road and all you can see looking down the access track is a cement silo. At great personal risk I went down the road a bit and jumped over a gate to get a look at the main body of the development from a distance. You can make out 6 or 7 houses in various stages of construction (balance probably tucked away in behind). The most advanced one appeared to have the roof slates nearly complete, while others are still having the roof trusses installed. I will post a photo when I get home later tonight.
The sign on the hoarding (which I assume I am not allowed to post photo's of) says completion Spring 17. Strangely the developments web site R****-C****.com doesn't work for me.
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Post by charles on Mar 7, 2017 13:44:01 GMT
Suffice to say that the current state of play doesn't look a lot like the advertising guff.
The site is set a little way back from the road and there is a short tarmac track that provides access at present. There is a tall hoarding alongside the road and all you can see looking down the access track is a cement silo. At great personal risk I went down the road a bit and jumped over a gate to get a look at the main body of the development from a distance. You can make out 6 or 7 houses in various stages of construction (balance probably tucked away in behind). The most advanced one appeared to have the roof slates nearly complete, while others are still having the roof trusses installed. I will post a photo when I get home later tonight.
The sign on the hoarding (which I assume I am not allowed to post photo's of) says completion Spring 17. Strangely the developments web site R****-C****.com doesn't work for me.
Some serious sleuthing going on there! Is that why they call you agent69? Bond, I presume? Property-backed Bond...  Regards Charles
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lobster
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Post by lobster on Mar 7, 2017 15:42:30 GMT
Some serious sleuthing going on there! Is that why they call you agent69 ? Bond, I presume? Property-backed Bond... And the interest rate is ...... you guessed it ............ 007% 
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agent69
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Post by agent69 on Mar 7, 2017 18:05:19 GMT
exeter 2.pdf (112.81 KB) Sorry if it's not the highest quality
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ali
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Post by ali on Mar 7, 2017 18:16:42 GMT
Sorry if it's not the highest quality Many thanks, agent69. Plenty good enough quality to see that they're actually making better progress on the six houses near to us than I had expected.
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Post by loftankerman on Mar 13, 2017 17:09:54 GMT
I have some money in these and was pondering the amount available on the SM. I had a look at estate agents in the area and found that primelocation.com has them on their site. Unlike the description on SS, they reckon that eleven houses are being built rather than ten. House prices are said to be from £795,000. I found that depressing as they also have what I regards as far more attractive properties for significantly less. I hope the local punters are less discerning than I am.
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Yintara
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Post by Yintara on Mar 13, 2017 21:46:10 GMT
Depends what part of Exeter the properties are in. Topsham is a couple of miles to the south-east of the main city, in a fairly upmarket area. Lots of financial advisers and accountants there, who tend to set up where the money is! It's also fairly near the hospital and on a rail/bus line, so it's a good worker catchment area.
There seems to be a lot of building going on in Exeter at the moment, which may mean more competition with other new-builds of the same sort of specification. Having said that, there was a similar recent development by one of the big companies (Barrett, I think?) which seemed to sell out without too much trouble.
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twoheads
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Post by twoheads on Apr 4, 2017 17:11:11 GMT
New tranche (number 7 according to LfSS) just announced (at 18:06): £276,597
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Liz
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Post by Liz on Apr 4, 2017 18:21:03 GMT
New tranche (number 7 according to LfSS) just announced (at 18:06): £276,597 Must be close to bail time on this loan, before they need to sell these overpriced dwellings.
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twoheads
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Post by twoheads on Apr 4, 2017 20:26:57 GMT
New tranche (number 7 according to LfSS) just announced (at 18:06): £276,597 Must be close to bail time on this loan, before they need to sell these overpriced dwellings. I've been out of this one for a while now; however, that's more because of my strategy of selling (well) before term.
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GeorgeT
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Post by GeorgeT on Apr 4, 2017 20:33:28 GMT
I have been selling down out of this one for the last two or three weeks but things are moving slowly again now on the secondary market now that people have spent their interest.
I never liked this one very much and I like it even less today.
In my opinion DFLs should always pay higher rates of interest than PBLs because with a Development Loan there is no as existing bricks-and-mortar asset which we can rely on. It is all subject to a hypothetical gross development value that may not materialize for a variety of reasons from the developer going bust to a fall in values in the market.
My philosophy is always to bail out of DFLs earlier than PBLs for the reasons I have stated.
I will not be partaking in the additional tranche.
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elliotn
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Post by elliotn on Apr 5, 2017 3:57:46 GMT
My philosophy is always to bail out of DFLs earlier than PBLs for the reasons I have stated. I will not be partaking in the additional tranche. Some big dfl's mid-build and some new biggies just come online. Will be interesting to see the impact on the platform if all lenders follow your strategy.
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Post by portlandbill on Apr 5, 2017 10:50:15 GMT
Currently £22k available on the SM so no need to wait for the new tranche to go live.
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Post by wonder on Apr 5, 2017 12:18:21 GMT
Is Tranche 7 a loan for just 73 days?
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vmail
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Post by vmail on Apr 5, 2017 12:24:15 GMT
Looks like it, no point in prefunding this one as most people thing about selling at the 60 days point.
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