ped
Member of DD Central
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Post by ped on Apr 20, 2016 16:44:36 GMT
I'm bored, so I made a video of the build from January to today. Enjoy!  PBL092 time lapseVery nice, didn't rain much in Jan did it....
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 20, 2016 16:52:27 GMT
( Currently Updating...... I haven't actually read the valuation report yet, and what with the 131 page QS report, this could take a while  ) What! All this eulogising over your contributions and youve actually been slacking off. I was expecting a least a 1 page analysis ready to go. Pull you're finger out man. bigal would have done his by now  Guys. I think he's an imposter, possibly the former Hull valuer in disguise  PS just dont ask me to do any maths ... or picture analysis!l  Well, believe it or not, I do have a day job
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ilmoro
Member of DD Central
'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 Apr 20, 2016 17:06:13 GMT
Normal cool, try a google search on 'Off Plan' It may be typical, but using deposit money toward the development costs rather than putting it into a client account would appear to put buyers' money at a significant risk. If the project/developer collapses for some reason, where do the buyers come in the creditors' ranking? Is it fair to presume they'd be behind us in the payout queue because we have a registered charge against the property? I do hope so. Perhaps savingstream would care to clarify the situation. Wonder what this means exactly (from overview)? SS will control the flow of exchange funds and will only release them to the borrower on receipt of a satisfactory QS report which will be made visible to SS investors whenever possible.
Seems to imply that SS will be dolling out any money they make from sales as well
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Apr 20, 2016 17:09:37 GMT
It may be typical, but using deposit money toward the development costs rather than putting it into a client account would appear to put buyers' money at a significant risk. If the project/developer collapses for some reason, where do the buyers come in the creditors' ranking? Is it fair to presume they'd be behind us in the payout queue because we have a registered charge against the property? I do hope so. Perhaps savingstream would care to clarify the situation. Wonder what this means exactly (from overview)? SS will control the flow of exchange funds and will only release them to the borrower on receipt of a satisfactory QS report which will be made visible to SS investors whenever possible.
Seems to imply that SS will be dolling out any money they make from sales as well Makes it sound like a DFL
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Liz
Member of DD Central
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Post by Liz on Apr 20, 2016 17:17:13 GMT
Wonder what this means exactly (from overview)? SS will control the flow of exchange funds and will only release them to the borrower on receipt of a satisfactory QS report which will be made visible to SS investors whenever possible.
Seems to imply that SS will be dolling out any money they make from sales as well Makes it sound like a DFL Exactly what I was thinking. Surely it's a DFL, and the security as mentioned above is far stronger than the 70 LTV quoted.
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Post by earthbound on Apr 20, 2016 17:27:51 GMT
From what i can see on SS particulars, it says.......
Purpose Of Loan
Repayment of existing charge holders and to raise funds for continued development.
Raising fund for continued development is a DFL in my book.
edit .. the continued development would seem to be here.
This application is for a bridging land loan to repay back existing charge holders who lent funds to acquire the site in 2014. Also, the borrowers need to raise the advanced deposit payment for a curtain wall from China for the development which will save £1m on the overall construction costs.
it does seem to me that at least some of the funds are being used for development.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Apr 20, 2016 17:27:57 GMT
Makes it sound like a DFL Exactly what I was thinking. Surely it's a DFL, and the security as mentioned above is far stronger than the 70 LTV quoted. No, DFLs are valued against GDV, this is valued against the residual value of the land. Its not our funds that are being released in tranches its any funds the borrower gets from exchanging on sales. Whether we have any direct claim on those funds is not clear. The boundaries seem to very blurry but what it is valued against seem to be the clear differential. SS have confirmed this. p2pindependentforum.com/post/97428/thread
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Apr 20, 2016 17:34:59 GMT
Exactly what I was thinking. Surely it's a DFL, and the security as mentioned above is far stronger than the 70 LTV quoted. No, DFLs are valued against GDV, this is valued against the residual value of the land. Its not our funds that are being released in tranches its any funds the borrower gets from exchanging on sales. Whether we have any direct claim on those funds is not clear. The boundaries seem to very blurry but what it is valued against seem to be the clear differential. SS have confirmed this. p2pindependentforum.com/post/97428/threadFair enough. Just about getting my head around this one...
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Liz
Member of DD Central
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Post by Liz on Apr 20, 2016 17:41:44 GMT
We need a poll, does it sound like a DFL or not  |
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Post by earthbound on Apr 20, 2016 17:44:29 GMT
No, DFLs are valued against GDV, this is valued against the residual value of the land. Its not our funds that are being released in tranches its any funds the borrower gets from exchanging on sales. Whether we have any direct claim on those funds is not clear. The boundaries seem to very blurry but what it is valued against seem to be the clear differential. SS have confirmed this. p2pindependentforum.com/post/97428/threadFair enough. Just about getting my head around this one... You might be ready for a small tincture.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Apr 20, 2016 19:38:06 GMT
Good to see you back on the job CD. Took a look at this one the other week. Notice the residual value after deducting costs and the developers profit is £2.5m, so the £1.75m loan has a 70% LTV However the exit details additionally mention that 'SS investors will receive the completion funds before the borrower receives any profits' and 'after all costs, completion funds will amount to over £6m to cover the £1.75m loan.' Does this effectively mean that the LTV will probably be lower than the 70% stated ? Yes, that is is the way that I read it. If so, in the next 12 months the LTV will in theory decrease as and when deposits are paid (adding to the borrowers completion funds), and backed up by the fact that SS seem to hold priority on any completion funds. If the above is correct, it would make this a safe looking investment
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am
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Post by am on Apr 20, 2016 19:43:54 GMT
Can any explain how Sefton are the planning authority for a development located well to the south of Liverpool city centre?
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am
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Post by am on Apr 20, 2016 19:48:19 GMT
Off topic - at my cousin's birthday bash on the 9th there was a folksinger performing a song about the [redacted], and the folks that moved from the Potteries to operate it, which I speculate was located in the close vicinity. en.wikipedia.org/wiki/[redacted] |
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am
Posts: 1,495
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Post by am on Apr 20, 2016 19:52:24 GMT
Most of the "QS report" is showing up garbled on my computer. Is everyone else seeing this? (Not being a civil engineer I was wondering what the implications of leaving structural steel exposed to the elements for the best part of 10 years were.)
Update: an F5 fixes it.
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am
Posts: 1,495
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Post by am on Apr 20, 2016 20:00:36 GMT
According to the "QS report" the organisation providing the report is also the Project Manager for the development. Should I be concerned about possible conflicts of interest?
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