PBL94 - Isle of Wight land - DEFAULT
Oct 14, 2017 18:30:28 GMT
cooling_dude and wightknight like this
Post by seeingred on Oct 14, 2017 18:30:28 GMT
Update 12 October.
"We have now received the report from the third party and reviewed it internally. As a result of this additional information (*) we are in consultations with our solicitors in respect of the options available to recover the outstanding balance owed."
Anyone able to translate this into Anglo Saxon? I tried asking Google but she was busy helping other customers.
Earlier 15 September (*) - " The report identifies issues which could adversely affect the value of the security. We are currently therefore engaging with a third party in relation to the report and will decide upon an appropriate course of action from the following; negotiating with the borrower, a build out option of the site, the marketing and sale of the security and various other legal actions. "
If it was a ransom strip issue would a build out option be considered?
It is apparently being offered for sale at £900k with full access rights from a public road. The valuation was more like 5 million?
Fascinating - especially if you are an investor
At Cowes (an upmarket area on Isle of Wight) a mere 2 acres with permission for 8 houses will set you back £1.2 million.
www.rightmove.co.uk/commercial-property-for-sale/property-51027651.html
Populated by horseshoe bats or other rare species, what can reduce the value of the loan site that was not picked up previously?
it is worth recalling that this one was pushed through at a great rate of knots (sailing pun, sorry):
on 25 April 2016 on this thread savingstream said:
As we said in another thread, the commercial expediency of being able to complete the loan i.e 24 hrs notice, 48 hrs to collect the funds etc means sometimes we need to ask for the funds from investors before we have 100% of the ducks lined up correctly.
www.savingstream.co.uk
The launch of the loan (sailing pun again, sorry) was delayed until a new VR was produced on 27 April:
We are awaiting the up-to-date fresh valuation from JLL which should be with us by 10AM this morning before we go live with the loan.
Thanks for your patience.
On March 23 2017 we have : this is the one that was bought in 2016 for £2,750,000 but there's £3.25m out on the purchase, and there isn't a valuation report (?) as the valuation company has been marketing it for sale since it was bought, its still on the website.
Anyone know what the planning issue is?
************************************************************************************************************************
Currently for sale POA on the JLL website - the same people as did the valuation. It is listed at 11.3 acres.
"Description
• RARE RETIREMENT VILLAGE DEVELOPMENT OPPORTUNITY FOR SALE ON THE ISLE OF WIGHT
Opportunity
Our Client has secured planning permission on the site for 80 assisted living apartments with associated communal facilities and 56 bungalows and 45 affordable houses with parking.
• Full planning consent for 136 unit retirement village and 45 affordable houses on a Greenfield site
• Sought after retirement location
• No other retirement villages on the Island
• Under supply of housing with care on the Island
• For sale as a whole or in lots
• Excellent demographics within the catchment"
"We have now received the report from the third party and reviewed it internally. As a result of this additional information (*) we are in consultations with our solicitors in respect of the options available to recover the outstanding balance owed."
Anyone able to translate this into Anglo Saxon? I tried asking Google but she was busy helping other customers.
Earlier 15 September (*) - " The report identifies issues which could adversely affect the value of the security. We are currently therefore engaging with a third party in relation to the report and will decide upon an appropriate course of action from the following; negotiating with the borrower, a build out option of the site, the marketing and sale of the security and various other legal actions. "
If it was a ransom strip issue would a build out option be considered?
It is apparently being offered for sale at £900k with full access rights from a public road. The valuation was more like 5 million?
Fascinating - especially if you are an investor
At Cowes (an upmarket area on Isle of Wight) a mere 2 acres with permission for 8 houses will set you back £1.2 million.
www.rightmove.co.uk/commercial-property-for-sale/property-51027651.html
Populated by horseshoe bats or other rare species, what can reduce the value of the loan site that was not picked up previously?
it is worth recalling that this one was pushed through at a great rate of knots (sailing pun, sorry):
on 25 April 2016 on this thread savingstream said:
As we said in another thread, the commercial expediency of being able to complete the loan i.e 24 hrs notice, 48 hrs to collect the funds etc means sometimes we need to ask for the funds from investors before we have 100% of the ducks lined up correctly.
www.savingstream.co.uk
The launch of the loan (sailing pun again, sorry) was delayed until a new VR was produced on 27 April:
We are awaiting the up-to-date fresh valuation from JLL which should be with us by 10AM this morning before we go live with the loan.
Thanks for your patience.
On March 23 2017 we have : this is the one that was bought in 2016 for £2,750,000 but there's £3.25m out on the purchase, and there isn't a valuation report (?) as the valuation company has been marketing it for sale since it was bought, its still on the website.
Anyone know what the planning issue is?
************************************************************************************************************************
Currently for sale POA on the JLL website - the same people as did the valuation. It is listed at 11.3 acres.
"Description
• RARE RETIREMENT VILLAGE DEVELOPMENT OPPORTUNITY FOR SALE ON THE ISLE OF WIGHT
Opportunity
Our Client has secured planning permission on the site for 80 assisted living apartments with associated communal facilities and 56 bungalows and 45 affordable houses with parking.
• Full planning consent for 136 unit retirement village and 45 affordable houses on a Greenfield site
• Sought after retirement location
• No other retirement villages on the Island
• Under supply of housing with care on the Island
• For sale as a whole or in lots
• Excellent demographics within the catchment"
