cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Jun 23, 2016 18:16:30 GMT
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. Thanks for clarifying that up for us 
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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 Jun 23, 2016 18:49:07 GMT
So basically...
The borrower is calling these apartments "living apartments" (basically the property will be classed as a hostel, which falls within class C) to get around the need to apply for PP.
Very clever.
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Post by chielamangus on Jun 23, 2016 19:09:02 GMT
Too clever by half.
If a bloke came up to you in a pub with this info and offered you a chance to get in on the deal on the ground floor, would you take it? Actually, I suspect most SS investors would.
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bloodycat
Member of DD Central
Posts: 184
Likes: 84
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Post by bloodycat on Jun 23, 2016 19:29:28 GMT
So basically... The borrower is calling these apartments "living apartments" (basically the property will be classed as a hostel, which falls within class C) to get around the need to apply for PP. Very clever. Looking at the plans my first thought was it looked like homeless/bail hostel type accommodation. Doubt that will please the locals any more than in its previous incarnation. Can't see them being particularly attractive to investors, though if they've arranged a deal with the local council / social services they might have a sufficiently reliable income source to sell the units via one of those dodgy looking 'invest in property' schemes for people who want to be completely hands off.
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scoop
New Member
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Post by scoop on Jun 23, 2016 19:51:50 GMT
I might take that pub deal at 50% but not 12%
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Post by Deleted on Jun 23, 2016 19:54:39 GMT
Where does this one rank against the 65 other loans available on the secondary market ? Not that highly imho.
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ben
Posts: 2,020
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Post by ben on Jun 23, 2016 19:59:37 GMT
Where does this one rank against the 65 other loans available on the secondary market ? Not that highly imho In its current form probably not but I would have thought split into three properties like it was advertised would probably work and be enough profit for whoever buys it just not the amount they intend to make on this if it works which is unlikely.
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Post by holmesy999 on Jun 23, 2016 20:06:42 GMT
Is this the one that is the biggest p2p ever? wow, history in the making
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Post by GSV3MIaC on Jun 23, 2016 22:49:38 GMT
Is this the one that is the biggest p2p ever? wow, history in the making No, that was £12m worth of London flats and houses, last week; or possibly the £12m 'similar quantity' (of we know not quite what) promised for (but not yet appeared) this week. This one is a mere morsel, which you'll be lucky to get £3k from.
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Post by Deleted on Jun 24, 2016 9:45:45 GMT
Postponing this loan would be the wise thing to do, secondary market liquidity will be even more important than ever now.
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arbster
Member of DD Central
Posts: 810
Likes: 426
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Post by arbster on Jun 24, 2016 11:14:12 GMT
Postponing this loan would be the wise thing to do, secondary market liquidity will be even more important than ever now. I'm not sure the borrower would see it that way. You need to remember that there are two sets of customers here - it's not all about the investors. If SS feel they can raise enough capital to lend the money then I'm sure they'll go live with it.
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caesium
Member of DD Central
Posts: 86
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Post by caesium on Jun 24, 2016 11:21:44 GMT
Just gone live - got the full £300 I asked for.
751 investors.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
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Post by Investboy on Jun 24, 2016 11:27:28 GMT
Just gone live - got the full £300 I asked for. 751 investors. I got £500 and saw £5,5 k on SM. Times must really be dire that such a tiddler got such high allocation (in normal days it would be <£200) and still reached SM
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Post by Deleted on Jun 24, 2016 11:28:46 GMT
Postponing this loan would be the wise thing to do, secondary market liquidity will be even more important than ever now. I'm not sure the borrower would see it that way. You need to remember that there are two sets of customers here - it's not all about the investors. If SS feel they can raise enough capital to lend the money then I'm sure they'll go live with it. Saving Stream must remember the importance of secondary market liquidity for investors here, some have already said they are reducing their holdings.
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Post by Deleted on Jun 24, 2016 11:33:38 GMT
Just gone live - got the full £300 I asked for. 751 investors. I got £500 and saw £5,5 k on SM. Times must really be dire that such a tiddler got such high allocation (in normal days it would be <£200) and still reached SM I can't understand why anyone would pre-fund the new loan when they have the pick of any other SS loan on the secondary market.
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