cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
|
Post by cooling_dude on Jun 23, 2016 14:55:36 GMT
Not quite sure I would trust the valuers to much as they say that the borrower has agreed to purchase it for less then what they say the 90 day quick fire sale should be. So even the 90 day value is a work of fiction. If you basing it on the 90 day value I would suggest it would be less then the £600,000 probably closer to the lending amount. Yep - noted in my post (in red). I make the LTV 81%...
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Jun 23, 2016 15:11:50 GMT
Why is the valuation for Amicus Finance PLC? Does this means that we have no recourse to the valuer if the valuation turns out to be incorrect?
|
|
|
|
Post by geraldine1210 on Jun 23, 2016 15:13:51 GMT
I would like to be assured that the owner of the hotel group Mr T*** B******ham (or any of his "associates") is not one of the syndicate of "local people" trying to buy the hotel. That thought had more than crossed my mind; it had marched up and down very loudly.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jun 23, 2016 15:14:02 GMT
Why is the valuation for Amicus Finance PLC? Does this means that we have no recourse to the valuer if the valuation turns out to be incorrect? SS will be having the valuation report rewritten. That company is either an introducer or a competing finance company.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jun 23, 2016 15:15:58 GMT
I would like to be assured that the owner of the hotel group Mr T*** B******ham (or any of his "associates") is not one of the syndicate of "local people" trying to buy the hotel. That thought had more than crossed my mind. I've had a good look, and I can't find any connection with the new LLP company (our borrower) and the previous hotel group.
|
|
|
|
Post by panache on Jun 23, 2016 15:16:25 GMT
Quite a lot of articles about the hotel group. One article says that the w******* h**** had recently been converted into 20 units. I thought this conversion hadn't started yet. Will not be touching this loan. A local newspaper getting it's facts wrong. Whatever Next? 😊 An estate agent perhaps? If you search for the agents listing there are more pics of the 'converted property'
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jun 23, 2016 15:18:08 GMT
I don't like the look of the proposed development and would probably steer clear of any future DFL. At the moment the concern is whether the current valuation is realistic for a PBL. Unsurprisingly the open market valuation has been set as the current asking price, is this realistic? If the quick finance required to secure the property because there are other serious interested parties then it possibly is a reasonable valuation. If however, as I suspect may be the case, the PBL is for the full purchase price on condition of a quick sale as the vendor needs to liquidate their assets then I suspect the 90 day valuation might be rather optimistic. Think the valuation is probably optimistic as well, aslo parking will be a nightmare 4 parking spots for 20 flats.
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jun 23, 2016 15:20:53 GMT
A local newspaper getting it's facts wrong. Whatever Next? 😊 An Estate agent perhaps? More pics of the 'converted property' here Read the rules dude... you're naming and shaming (I would remove that link or you will feel the full wrath of the mods  )
|
|
|
|
Post by panache on Jun 23, 2016 15:27:11 GMT
An Estate agent perhaps? More pics of the 'converted property' here Read the rules dude... your naming and shaming (I would remove that link or you will feel the full wrath of the mods ) Thanks.
|
|
|
|
Post by GSV3MIaC on Jun 23, 2016 16:42:33 GMT
The mods are most pleased when y'all sort it out sensibly without us having to reach for the big hammer manually edit dozens of posts and re-quotes (which star dust just finished IIRC). Naming the hotel or posting links to the estate agent may not be =exactly= naming the borrower, or giving out his street address, phone number, and inside leg measurement, but it is a bit too close to 'disclosure' for comfort. Thanks again. 8>. |
|
|
|
Post by geraldine1210 on Jun 23, 2016 17:19:29 GMT
The mods are most pleased when y'all sort it out sensibly without us having to reach for the big hammer manually edit dozens of posts and re-quotes (which star dust just finished IIRC). Naming the hotel or posting links to the estate agent may not be =exactly= naming the borrower, or giving out his street address, phone number, and inside leg measurement, but it is a bit too close to 'disclosure' for comfort. Thanks again. 8>. I have an egg sized lump on my head from stardust's hammer. Innocent mistake, but innocence/doziness is no excuse. I shall cover my lump with my dunce's cap.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Jun 23, 2016 17:40:02 GMT
Well it was on sale for Offers in region of £750,000 so i guess they are buying it cheaper
RARE OPPORTUNITY TO PURCHASE A PIECE OF W******** HISTORY PREVIOUSLY THE A**** HOTEL WITH ENVIOUS VIEWS OF THE IMPRESSIVE W******** ABBEY THIS TOWN CENTRE PROPERTY COMES TO MARKET FOR THE FIRST TIME SINCE BEING CONVERTED INTO SERVICED APARTMENTS. THE CURRENT OWNER HAS GOT PLANNING TO CONVERT INTO THREE LUXURIOUS RESIDENTIAL DWELLINGS WITH PARKING OFFERING APPROXIMATELY 2000 SQ FT OF LIVING SPACE PER PROPERTY. ONCE COMPLETED THESE DWELLINGS HAVE AN ESTIMATED VALUE OF BETWEEN £350,000 TO £400,000 DEPENDING OF THE QUALITY OF FINISH DUE TO THEIR SOUGHT AFTER LOCATION.
Does that mean it requires further permission for more conversion ?
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Jun 23, 2016 17:56:09 GMT
Well it was on sale for Offers in region of £750,000 so i guess they are buying it cheaper RARE OPPORTUNITY TO PURCHASE A PIECE OF W******** HISTORY PREVIOUSLY THE A**** HOTEL WITH ENVIOUS VIEWS OF THE IMPRESSIVE W******** ABBEY THIS TOWN CENTRE PROPERTY COMES TO MARKET FOR THE FIRST TIME SINCE BEING CONVERTED INTO SERVICED APARTMENTS. THE CURRENT OWNER HAS GOT PLANNING TO CONVERT INTO THREE LUXURIOUS RESIDENTIAL DWELLINGS WITH PARKING OFFERING APPROXIMATELY 2000 SQ FT OF LIVING SPACE PER PROPERTY. ONCE COMPLETED THESE DWELLINGS HAVE AN ESTIMATED VALUE OF BETWEEN £350,000 TO £400,000 DEPENDING OF THE QUALITY OF FINISH DUE TO THEIR SOUGHT AFTER LOCATION. Does that mean it requires further permission for more conversion ? AFAICS (I'm still doing the DD) there is no current planning permission in place to turn this property from a hotel to a residential property.
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jun 23, 2016 18:09:06 GMT
Turning it into three flats is a much better idea then 20. Can't see them getting permission for 20 as unless there is a carpark just around the cornor where are they all going to park.
|
|
|
|
Post by savingstream on Jun 23, 2016 18:14:57 GMT
Well it was on sale for Offers in region of £750,000 so i guess they are buying it cheaper RARE OPPORTUNITY TO PURCHASE A PIECE OF W******** HISTORY PREVIOUSLY THE A**** HOTEL WITH ENVIOUS VIEWS OF THE IMPRESSIVE W******** ABBEY THIS TOWN CENTRE PROPERTY COMES TO MARKET FOR THE FIRST TIME SINCE BEING CONVERTED INTO SERVICED APARTMENTS. THE CURRENT OWNER HAS GOT PLANNING TO CONVERT INTO THREE LUXURIOUS RESIDENTIAL DWELLINGS WITH PARKING OFFERING APPROXIMATELY 2000 SQ FT OF LIVING SPACE PER PROPERTY. ONCE COMPLETED THESE DWELLINGS HAVE AN ESTIMATED VALUE OF BETWEEN £350,000 TO £400,000 DEPENDING OF THE QUALITY OF FINISH DUE TO THEIR SOUGHT AFTER LOCATION. Does that mean it requires further permission for more conversion ? AFAICS (I'm still doing the DD) there is no current planning permission in place to turn this property from a hotel to a residential property. 11.2 Online enquiries have confirmed that the property has consent for use as an hotel, falling within Class C1 of the Use Classes Order 2013. The proposed use as serviced apartments would also fall within this category.
|
|
)
