sam i am
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Post by sam i am on Jul 25, 2016 23:36:06 GMT
I cycled past this building on Sunday morning, I can confirm the pics do look like what is currently there, although I'm not to fussed on the area of the building. It's not an area I would want to live, other would probably disagree. The area has a lot of commercial space, a few office blocks not far away, a restaurant about 20-30 meters away, a car show room very close by and a go kart track a few hundred meters away. The area doesn't look run down, but in my opinion doesn't look nice either. Some of the apartments will have a view over the dark and dirty waters of the river Mersey and over to the Wirral, on a nice day, over to the Welsh hills. It is probably 10-20mins walk to the Albert Dock, the main dock and 1 of the main tourist places in Liverpool, there is a path that runs along the side of the river next to this building. Otterspool prom is 10-20mins walk in the opposite direction, it is basically a big park on the water front that gets jam packed on nice days, also popular with male dog walkers late at night. I have a loan part in this loan, and after having a good look round on Sunday, this is one that I'll be off loading long before the end date. Although I liked your post for its content (always good for a lender to get up close and personal) I'm not sure I agree with the conclusion. This is a development with a PBL loan. We lent on the value of the land and works at the time the loan went live. Since then there has been significant construction work which should be adding to the value. Therefore the LTV should be improving unless you are of the opinion that property values are falling faster than the work improves it or maybe you think the valuation was incorrect in the first place. Your opinions may be valid. But generally I quite like this type of loan. At least I can see what my money is being spent on, how this improves the value and what the exit strategy is. The biggest risk is the developer going bust in which case we would have to sell a half constructed building, but I don't perceive any significant risk assuming the project reaches completion. The finished properties will be worth more than the construction site we started with.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 26, 2016 16:18:24 GMT
Today's update... No mention of the new PP submitted by the borrower... 
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jul 26, 2016 16:42:14 GMT
I cycled past this building on Sunday morning, I can confirm the pics do look like what is currently there, although I'm not to fussed on the area of the building. It's not an area I would want to live, other would probably disagree. The area has a lot of commercial space, a few office blocks not far away, a restaurant about 20-30 meters away, a car show room very close by and a go kart track a few hundred meters away. The area doesn't look run down, but in my opinion doesn't look nice either. Some of the apartments will have a view over the dark and dirty waters of the river Mersey and over to the Wirral, on a nice day, over to the Welsh hills. It is probably 10-20mins walk to the Albert Dock, the main dock and 1 of the main tourist places in Liverpool, there is a path that runs along the side of the river next to this building. Otterspool prom is 10-20mins walk in the opposite direction, it is basically a big park on the water front that gets jam packed on nice days, also popular with male dog walkers late at night. I have a loan part in this loan, and after having a good look round on Sunday, this is one that I'll be off loading long before the end date. Why would people only walk MALE dogs at night? 
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 26, 2016 19:51:35 GMT
Why would people only walk MALE dogs at night? I don't know. Is it because they are too busy delivering the Post during the day ?
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Post by harvey on Jul 26, 2016 20:16:02 GMT
People with bitches that haven't been spayed might not want to take them out after dark because they won't be able to see what they are getting up to and they might not want to end up with a litter of pups.
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dan83
Posts: 243
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Post by dan83 on Jul 30, 2016 12:58:35 GMT
I cycled past this building on Sunday morning, I can confirm the pics do look like what is currently there, although I'm not to fussed on the area of the building. It's not an area I would want to live, other would probably disagree. The area has a lot of commercial space, a few office blocks not far away, a restaurant about 20-30 meters away, a car show room very close by and a go kart track a few hundred meters away. The area doesn't look run down, but in my opinion doesn't look nice either. Some of the apartments will have a view over the dark and dirty waters of the river Mersey and over to the Wirral, on a nice day, over to the Welsh hills. It is probably 10-20mins walk to the Albert Dock, the main dock and 1 of the main tourist places in Liverpool, there is a path that runs along the side of the river next to this building. Otterspool prom is 10-20mins walk in the opposite direction, it is basically a big park on the water front that gets jam packed on nice days, also popular with male dog walkers late at night. I have a loan part in this loan, and after having a good look round on Sunday, this is one that I'll be off loading long before the end date. Although I liked your post for its content (always good for a lender to get up close and personal) I'm not sure I agree with the conclusion. This is a development with a PBL loan. We lent on the value of the land and works at the time the loan went live. Since then there has been significant construction work which should be adding to the value. Therefore the LTV should be improving unless you are of the opinion that property values are falling faster than the work improves it or maybe you think the valuation was incorrect in the first place. Your opinions may be valid. But generally I quite like this type of loan. At least I can see what my money is being spent on, how this improves the value and what the exit strategy is. The biggest risk is the developer going bust in which case we would have to sell a half constructed building, but I don't perceive any significant risk assuming the project reaches completion. The finished properties will be worth more than the construction site we started with. My opinion was based on that I don't consider that to be a desirable area, not worth the premium that will be expected for a waterfront property. I'm no property expert, but it's not a place I would want to live. They have supposedly all sold now, so shows what I know. Now they have full sold, are they likely to repay the loan back early? I'm assuming they will have the money to Finnish the build.
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adrianc
Member of DD Central
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Post by adrianc on Jul 30, 2016 13:10:14 GMT
Now they have full sold, are they likely to repay the loan back early? I'm assuming they will have the money to Finnish the build. All that will have been taken at this stage is a reservation deposit. A 10% deposit will come nearer the time, with full payment only on completion of the sale - after the property has been finished and signed-off by building regs, NHBC etc. Now, where're the threads about the FC fiasco where sale completion for an entire development (and therefore repayment of umpty-seven tranches of loan) got held up at the very last minute because they hadn't connected the drains...?
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pom
Member of DD Central
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Post by pom on Aug 4, 2016 9:02:35 GMT
Interesting that the camera seems to think it's on the other side of the pond  |
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Post by wildlife2 on Aug 10, 2016 13:38:08 GMT
What happened to Bob, Dizzy and Dusty? Are they all on holiday too 
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Post by yorkshireman on Aug 10, 2016 17:11:27 GMT
What happened to Bob, Dizzy and Dusty? Are they all on holiday too Possibly on strike, remember it's Merseyside. 
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Liz
Member of DD Central
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Post by Liz on Aug 10, 2016 17:52:31 GMT
What happened to Bob, Dizzy and Dusty? Are they all on holiday too Someone put them under the foundations.
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dan83
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Post by dan83 on Aug 10, 2016 20:45:38 GMT
I just drove past this about 8:30 pm, was going to stop an take some pics but it was starting to rain.
From the road you can't see anything other then the steel building, there is a big yellow crane next to it, but suppose it could be a concrete pump? It's a big yellow thing what ever it is.
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Post by retired2005 on Aug 25, 2016 12:16:28 GMT
Are they offering free Brandy? Coolly Diligent might get there........
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dan83
Posts: 243
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Post by dan83 on Aug 25, 2016 17:59:36 GMT
I can't think of the top of my head where there is a leisure centre near this, there is how ever 2 car show rooms, a car park (for 1 of the show rooms, some office blocks, a big post office building and a go kart track all with in 500m. I can try and be in the area, if you let me know what you want me to find out, I'll try to get there.
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dan83
Posts: 243
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Post by dan83 on Aug 26, 2016 10:41:34 GMT
Ok, I'm not promising anything, but I'll try and get there after work.
There isn't a ford dealership there, there is a jag and land/Range Rover dealership. Anyway it can't be that hard to find.
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