cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 9, 2016 9:51:20 GMT
This Loan Is LIVE
Loan Amount | : | £490,000
| Security Value | : | £700,000
| SS Indicated LTV | : | 70% | 90 Day Market Valuation | : | Not Provided | LTV Based on 90 day Market Valuation | : | N/A |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status) Observations from the valuation report & other remarks> The property comprises a match lake, two members lakes and a nursery with tree lined banks that are well maintained and have the benefit of fisherman's timber landings. To the north west side of the lakesis a newly constructed fishing lodge with shop, cafe and living quarters > This is an experienced investment company that has accomplished similar projects in the past. The borrowers bought this site as an investment and they have built a new fishing tackle shop with café and accommodation > The building has now been built and plasterers are inside right now, all should be turn-key within next 3 weeks. > A guideline MV is region of £750k once everything is finished (reducing the LTV to 65%) > There is a sitting tenant who pays rent to run the fishing lakes; they have a nomination clause with uplift in rent to £60k/annum once works have been completed. > The borrowers requires this loan to repay the existing lender and put 2 'show lodges' on the site. They will put a planning application for 200 lodges to be built in 4 phases as they sell. > Exit Strategy
There have been offers to purchase the lodges already, even before they submit the application. SS are confident that sufficient sales will accrue to repay our loan within the term.
Code Number Assigned | : | 09/06/2016 | Loan went live @ | : | 10/06/2016 | Allocation | : | £280 | Amount of Investors @ Live | : | 1910 |
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Post by jackpease on Jun 9, 2016 10:04:35 GMT
cross posted on pipeline loans but might as well keep comments in one place - next to a prison... not a picturesque area but hey ho it'll be oversubscribed! Jack P
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adrianc
Member of DD Central
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Post by adrianc on Jun 9, 2016 10:19:36 GMT
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Post by retired2005 on Jun 9, 2016 10:19:52 GMT
Am I missing something?
There is PP for a hotel but no PP, or even a mention of OPP for the lodges...... the loan is 'only' six months (how long does it take to get planning permission - assuming it is granted - and then to build and sell the lodges....??), and yet SS state 'We are confident that sufficient sales will accrue to repay our loan within the term. '
Someone correct me please......
EDIT: Money is to repay an existing loan and to build two 'show' lodges ..... if they need to borrow to build the show lodges, where is the funding coming from to build the lodges that will be sold?
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pom
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Post by pom on Jun 9, 2016 10:39:26 GMT
If they're building show lodges my guess they'll be relying on on large deposits to then build the rest
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SteveT
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Post by SteveT on Jun 9, 2016 10:46:31 GMT
If they're building show lodges my guess they'll be relying on on large deposits to then build the rest Having looked at the flood risk map (last page of the Valuation), I do hope they build them on stilts!
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mikes1531
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Post by mikes1531 on Jun 9, 2016 10:59:55 GMT
If they're building show lodges my guess they'll be relying on on large deposits to then build the rest Having looked at the flood risk map (last page of the Valuation), I do hope they build them on stilts! Is that risk insurable?
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Jun 9, 2016 11:02:28 GMT
If they're building show lodges my guess they'll be relying on on large deposits to then build the rest Having looked at the flood risk map (last page of the Valuation), I do hope they build them on stilts! Building regs should ensure they are built so that the ground floor is above expected flood levels. Flooding is not my main concern about this project.
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Investor
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Post by Investor on Jun 9, 2016 11:04:55 GMT
Having looked at the flood risk map (last page of the Valuation), I do hope they build them on stilts! The website answers that one!
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adrianc
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Post by adrianc on Jun 9, 2016 11:11:18 GMT
That looks like a positive benefit for the trout-bothering fraternity, the target market. No need to even leave your balcony to dangle your stick.
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SteveT
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Post by SteveT on Jun 9, 2016 11:26:21 GMT
That looks like a positive benefit for the trout-bothering fraternity, the target market. No need to even leave your balcony to dangle your stick. Although if it floods like that, the trout could all be many miles downstream!
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adrianc
Member of DD Central
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Post by adrianc on Jun 9, 2016 11:28:43 GMT
That looks like a positive benefit for the trout-bothering fraternity, the target market. No need to even leave your balcony to dangle your stick. Although if it floods like that, the trout could all be many miles downstream! Since when did "not catching anything" bother them...?
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Post by earthbound on Jun 9, 2016 12:21:03 GMT
Although if it floods like that, the trout could all be many miles downstream! Since when did "not catching anything" bother them...? Ahem... I assume you mean 'water licked'
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jimbob
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Post by jimbob on Jun 9, 2016 12:31:24 GMT
Sub £1m so bottom up allocation
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Post by earthbound on Jun 9, 2016 13:37:24 GMT
The company linked to ,on the SS 'property description' bit T***M was set up only a couple of weeks ago and seems to be jointly owned by two other companies, one based in the Seychelles and one based in Belize.
Not sure if this is of any relative interest.
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