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Post by earthbound on May 20, 2016 9:24:39 GMT
Personally I think I would like a bit more info on what our money is actually going to be spent on, I know it's a miners club... That's it. how old,, valuation, state of repair etc etc . I suppose to some it may not matter what the money is spent on, but me personally, I'd like to know a bit more.  |
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homes119
Member of DD Central
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Post by homes119 on May 20, 2016 9:26:30 GMT
I have the opposite view in terms of risk: From loan description (bold is mine): Our borrowers would like to raise some funds to refurbish a former Miners Welfare Hall which is on the site. Once completed, they intend to rent out the hall to create a further income stream for the charity.From valuation document: In the event of a sale there will be little demand for the property other than
from other leisure centre operators. This is a specialist building in a
predominantly residential area. As such we are of the opinion that demand
will be limited and it is unlikely that a sale could be achieved in less than 12
months. This is a community asset with unsecured boundaries and whilst
utilised by the local community and busy at the time of the inspection it will
become prone to vandalism in the event it became vacant. We have also
noted that the former Miners Welfare building located at the northern end of
the site is not included within the area over which your Bank is to take a
charge.
I don't think the valuation report market value includes the Miners Welfare building, so I don't think there is any issue there ( might be wrong; I'm on a phone, so unable to recheck the report). It doesn't, so there is no issue on that front. But, ideally, it would have been good for the Miners Welfare building to be included as part of the security for the same loan amount reducing the LTV. It was just to highlight that the money will be used to enhance an asset independent from the security. The issue is that it will take a long time to recover the security in case of default/sale and given the limited demand for such assets, any potential buyers will be in a favourable position to negotiate the price down. I know the valuation should normally cover this but I just think that this is a hard asset to value and it would be prudent to be more conservative with the valuation. It is not an income generating asset after all so it will either be bought as a charity to continue operation of the centre or by someone who is going "to take the community centre away" from the community.
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jimbob
Member of DD Central
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Post by jimbob on May 20, 2016 9:34:54 GMT
The welfare provided is normally of the liquid variety  |
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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 May 20, 2016 9:44:23 GMT
Personally I think I would like a bit more info on what our money is actually going to be spent on, I know it's a miners club... That's it. how old,, valuation, state of repair etc etc . I suppose to some it may not matter what the money is spent on, but me personally, I'd like to know a bit more. If it was a DFL yes, but as a PBL we as investors should mainly be concerned with the security.
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Post by earthbound on May 20, 2016 10:01:28 GMT
Personally I think I would like a bit more info on what our money is actually going to be spent on, I know it's a miners club... That's it. how old,, valuation, state of repair etc etc . I suppose to some it may not matter what the money is spent on, but me personally, I'd like to know a bit more. If it was a DFL yes, but as a PBL we as investors should mainly be concerned with the security. One other little thing , a conflict of dates ... Just a typo I hope. date of instruction 1.1 18 December 2015 inspection date 3.1. 8 January 2015 Edit and 16.3 Quoting Q3. 2015 seems to to me this valuation and inspection report may have been used previously, maybe elsewhere.?
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Post by earthbound on May 20, 2016 10:17:47 GMT
TBH.. Not sure why I'm worrying about this PBL , it's not my criteria cup of tea.  |
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Liz
Member of DD Central
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Post by Liz on May 20, 2016 10:32:41 GMT
TBH.. Not sure why I'm worrying about this PBL , it's not my criteria cup of tea. This about the best you will get with the riskier end of the bridging market. You could always try the bank This loan is so small even if there was a shortfall in a distresses sale situation, the PF would easily be able to step in.
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Post by earthbound on May 20, 2016 10:35:23 GMT
TBH.. Not sure why I'm worrying about this PBL , it's not my criteria cup of tea. This about the best you will get with the riskier end of the bridging market. You could always try the bank No need Liz.. I don't invest in the riskier end... Well.. Not since came to my senses.  Edit... Actually I do, I like £100 smile factors, old cars, watches and amusing jewellery.
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on May 20, 2016 10:39:13 GMT
Wonder how much we'll all get ?
Under/over line at £120 ?
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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 May 20, 2016 10:41:19 GMT
Wonder how much we'll all get ? Under/over line at £120 ? My best guess is £200ish. However; considering this loan (098) had £0 pre-fund as default, I wouldn't be surprised to see it a tad higher (with some disgruntled posts on this forum coming through in the next couple of days )
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registerme
Member of DD Central
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Post by registerme on May 20, 2016 10:41:34 GMT
TBH.. Not sure why I'm worrying about this PBL , it's not my criteria cup of tea. This about the best you will get with the riskier end of the bridging market. You could always try the bank This loan is so small even if there was a shortfall in a distresses sale situation, the PF would easily be able to step in. Whilst that's true you're assuming that it would. We don't know on what basis the provision fund might be employed, it's down to the discretion of the directors / trustees. I can think of at least one reasonable, rational, way that the provision fund would only pay out a pittance.
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Post by p2plender on May 20, 2016 13:51:37 GMT
going live today?
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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 May 20, 2016 14:14:58 GMT
That's what the e-mail said; "97 & 98 will be going live on Friday (20/05/2016)". Still no go-live e-mail for 99 or 100. They do always end the go live emails with "N.B. We reserve the right to cancel or extend this go live date if required", and they have used that right quite often recently  .
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treeman
Member of DD Central
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Post by treeman on May 20, 2016 14:22:01 GMT
Plenty of time left yet today - not like they'll take too long to divvy up ! Or tomorrow .. Or not .....  |
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Post by dodgeydave on May 20, 2016 14:47:47 GMT
Maybe they are still checking Hulls valuation  |
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