Post by cooling_dude on May 19, 2016 13:55:36 GMT
This Loan is LIVE
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks
> This is the second charge aginst the security with an existing loan (1.2million) taking first charge. As such it is important to note that the actual LTV is 60%.
> The borrower has had multiple problems with this site over the last couple of years; it seems that he was developing the site and not applying for planning permission (much to the annoyance of the locals). It was (and currently still is) discussed on a forum for locals in the area; the following is the initial post...
> On the same thread (April 1, 2016), it was noted by a poster that the site was for sale; one of the comments in regards to this was the following...
> The borrower, an architect, is building houseboats with the intention to sell them with a long term lease in the marina and requires short term funding to complete at least 3 new builds which has proven quite capital intensive. All 3 of these boats have sold and are ready to refinance once completed and in situ in the marina with the long term leases in place.
> The valuation report indicates that two 25-meter moorings that had been ‘sold’ off on the basis of a premium of £250,000 each and a term of 25 years, effectively, in lieu of an annual rent. The Borrower advised the valuation company that he had cancelled these ‘sales’. The valuation report indicates that the lender should make appropriate enquiries to satisfy themselves of the accuracy of the information that has been provided to us in respect of the tenure.
> A quick search of the borrower, brings up an article in the telegraph that discusses the borrowers houseboats; "One for sale for £850,000 has a “garden” which consists of a wild meadow covering the roof and entire back of the houseboat".
Exit Strategy
> Refinance of the marina onto a longer term mortgage or repayment through forward boat sales
> The security has been up for sale since at least 01/04/16, but the loan didn't go live until 20/05/16; there is no mention via the SS exit plan about the current sale of the security...
| Loan Amount | : | £540,000 |
| Security Value | : | £2,900,000 |
| SS Indicated LTV | : | 19% |
| Actual LTV (see below) | : | 60% |
| 90 Day Valuation | : | £2,175,000 |
| LTV Based on 90 day Market Valuation | : | 80% |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks
> This is the second charge aginst the security with an existing loan (1.2million) taking first charge. As such it is important to note that the actual LTV is 60%.
> The borrower has had multiple problems with this site over the last couple of years; it seems that he was developing the site and not applying for planning permission (much to the annoyance of the locals). It was (and currently still is) discussed on a forum for locals in the area; the following is the initial post...
<September 1, 2014> The owner, <our borrowr>, doesn't bother with planning consent, he has done exactly what he has wanted to do and now applies for planning permission. He clearly sees nothing wrong in removing, from 'us', our historic amenities for his own personal use and gratification.
> On the same thread (April 1, 2016), it was noted by a poster that the site was for sale; one of the comments in regards to this was the following...
As soon as any potential buyers get wind of the various court appeals, planning irregularities and other legal challenges that will be highlighted doing the usual property searches they will run a mil.
> The borrower, an architect, is building houseboats with the intention to sell them with a long term lease in the marina and requires short term funding to complete at least 3 new builds which has proven quite capital intensive. All 3 of these boats have sold and are ready to refinance once completed and in situ in the marina with the long term leases in place.
> The valuation report indicates that two 25-meter moorings that had been ‘sold’ off on the basis of a premium of £250,000 each and a term of 25 years, effectively, in lieu of an annual rent. The Borrower advised the valuation company that he had cancelled these ‘sales’. The valuation report indicates that the lender should make appropriate enquiries to satisfy themselves of the accuracy of the information that has been provided to us in respect of the tenure.
> A quick search of the borrower, brings up an article in the telegraph that discusses the borrowers houseboats; "One for sale for £850,000 has a “garden” which consists of a wild meadow covering the roof and entire back of the houseboat".
Exit Strategy
> Refinance of the marina onto a longer term mortgage or repayment through forward boat sales
> The security has been up for sale since at least 01/04/16, but the loan didn't go live until 20/05/16; there is no mention via the SS exit plan about the current sale of the security...
| Code Number Assigned | : | 19/05/2016 |
| Loan went live @ | : | 20/05/2016 |
| Allocation | : | £300 |
| Amount of Investors @ Live | : | 2026 |
