andy2001
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Post by andy2001 on Apr 5, 2014 15:17:40 GMT
New bridging loan with an attractive interest rate. I wonder if this one will need an underwriter.
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duck
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Post by duck on Apr 5, 2014 15:25:55 GMT
I note that the question that sprang into my mind has already been asked. Why £XXXX to obtain planning permission?
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2014 15:32:49 GMT
"which is intended to pay off existing lending she has secured against the property"
It isn't to pay for the planning permission.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Apr 5, 2014 15:32:53 GMT
I note that the question that sprang into my mind has already been asked. Why £XXXX to obtain planning permission? I think the borrower has a loan against the property already. The AC loan will cover that loan & more & allow time to apply for planning permission. We'll need to ask AC when draw down expected as we don't want another Eppy on our hands, considering it's only for 6 months. EDIT: PS I see OG beat me to the answer by seconds. One banana for you sir! 
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Apr 5, 2014 15:43:51 GMT
New bridging loan with an attractive interest rate. I wonder if this one will need an underwriter. Might need a bit of UW, but doubt it will be a high level as the rate is quite attractive. Shame it's only for 6 months only.
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2014 15:44:55 GMT
"One banana for you sir!"
Ta! 
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duck
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Post by duck on Apr 5, 2014 16:51:10 GMT
"which is intended to pay off existing lending she has secured against the property"
It isn't to pay for the planning permission.
.... ahh like the original question poser I only saw 'page 1' earlier, I was beginning to think a new pair of specs should be my next investment!
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koba
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Post by koba on Apr 5, 2014 16:57:22 GMT
Am I the only one put off by anonymous borrowers (even if the identity can be easily discovered)?
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2014 16:57:41 GMT
Duck...
Well the first page wording doesn't exactly inform us that the loan is (mainly) to repay another existing one.
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Post by Ton ⓉⓞⓃ on Apr 5, 2014 23:00:36 GMT
With the phase after the bridging loan when/if the 8 lodges are built; if I owned one I'm not sure I'd want a mini golf course next to it if it had cost £220k. Perhaps they'll be sold to holiday companies who will then rent them out?
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Post by Ton ⓉⓞⓃ on Apr 5, 2014 23:04:39 GMT
Am I the only one put off by anonymous borrowers (even if the identity can be easily discovered)? No not overly, after all they probably are simply people who have never done this before, they do have a right to privacy. It would be nice to know, as someone has said it wouldn't be too hard to find out. The people who need to know I imagine do.  IN EDIT Our id is hid...
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andy2001
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Post by andy2001 on Apr 5, 2014 23:22:44 GMT
With the phase after the bridging loan when/if the 8 lodges are built; if I owned one I'm not sure I'd want a mini golf course next to it if it had cost £220k. Perhaps they'll be sold to holiday companies who will then rent them out? "She is marketing these lodges for sale off plan to investors at £220k each"
I take that to mean the investors will then let them out as holiday homes given the location.
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koba
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Post by koba on Apr 6, 2014 7:13:58 GMT
Am I the only one put off by anonymous borrowers (even if the identity can be easily discovered)? No not overly, after all they probably are simply people who have never done this before, they do have a right to privacy. It would be nice to know, as someone has said it wouldn't be too hard to find out. The people who need to know I imagine do. IN EDIT Our id is hid... Maybe. On the other hand, the first anonymous loan was from a developer with a recent involuntary bankruptcy and this borrower has some sizable CCJs against her. None of this was included in the IP. Also, I would tend to include myself (and every other lender) in the category of "those who need to know."
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Post by Ton ⓉⓞⓃ on Apr 6, 2014 10:52:28 GMT
No not overly, after all they probably are simply people who have never done this before, they do have a right to privacy. It would be nice to know, as someone has said it wouldn't be too hard to find out. The people who need to know I imagine do. IN EDIT Our id is hid... Maybe. On the other hand, the first anonymous loan was from a developer with a recent involuntary bankruptcy and this borrower has some sizable CCJs against her. None of this was included in the IP. Also, I would tend to include myself (and every other lender) in the category of "those who need to know." I've changed my mind, ideally we should know their identity. You are right, at the moment we are relying on AC to get everything right while systems are being set up, corrected, trialled etc we should know for us to do our own DD. Of course we will not be given the info, but still, as has been said, we can find it out if we want. Are you 'pricing' in this extra risk? How will you do that?
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Post by Ton ⓉⓞⓃ on Apr 6, 2014 11:00:15 GMT
With the phase after the bridging loan when/if the 8 lodges are built; if I owned one I'm not sure I'd want a mini golf course next to it if it had cost £220k. Perhaps they'll be sold to holiday companies who will then rent them out? "She is marketing these lodges for sale off plan to investors at £220k each"
I take that to mean the investors will then let them out as holiday homes given the location.
Whilst I must've read 'off plan' I didn't quite take it in, thanks, I'll recheck it.
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