registerme
Member of DD Central
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Post by registerme on Jul 7, 2016 8:33:02 GMT
I thought the valuation report was interesting, given the date and some of the negative general economic commentary (particularly around "Brexit risk"). I wonder, if the valuation was to be redone, what they would say now? Certainly, as a result of the leave vote, in the absence of a new valuation report I suspect there is zero comeback on the valuers should the valuation prove to be unrealistic. Note to MoneyThing , this isn't a pop at you guys or the platform. I've been waiting to see how the commercial / resi market adjusts to the reality of Brexit and this is the first new loan I've seen come through.....
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Post by MoneyThing on Jul 7, 2016 8:42:50 GMT
I thought the valuation report was interesting, given the date and some of the negative general economic commentary (particularly around "Brexit risk"). I wonder, if the valuation was to be redone, what they would say now? Certainly, as a result of the leave vote, in the absence of a new valuation report I suspect there is zero comeback on the valuers should the valuation prove to be unrealistic. Note to MoneyThing , this isn't a pop at you guys or the platform. I've been waiting to see how the commercial / resi market adjusts to the reality of Brexit and this is the first new loan I've seen come through..... Agreed. We are anticipating a couple of new valuation reports for a hotel and two restaurant properties today and looking forward to read their recent comments. With permission from the valuer (and if there is anything interesting), I will gladly post on the forum their insights. Regards, Ed.
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Post by ladywhitenap on Jul 7, 2016 12:58:30 GMT
I'm interested to note that this proposal has cash back enabled from the outset. Is MT anticipating a problem filling this one?
LW
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Post by SophieThing on Jul 7, 2016 13:16:30 GMT
Hi Ladywhitenap,
The cashback offer is not a reflection of the deal itself, but due to the fact that we have other loans to pre-fund in the pipeline. We want to be sure we have our pre-funding float back so we can re-use it and make sure we don't let borrowers down.
Kind regards
Sophie
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jul 7, 2016 13:27:53 GMT
I wonder if the CB can be applied to the flower themed restaurant 2nd tranche loans. Whilst the latter numbered ones are filling, it's at a very slow pace & even 0.5% CB rather than 1% might ease things off & also liquidate the SM on those loans
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spiral
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Post by spiral on Jul 7, 2016 13:37:11 GMT
OK, maybe I'm being thick here but despite reading the valuation section over and over, I'm not getting something. The loan is for the purchase of unit 1 but later the accounts go on to sum the income and costs for units 25-200 at different occupancy levels. How or why do these figures relate to unit 1?
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Post by MoneyThing on Jul 7, 2016 13:41:44 GMT
OK, maybe I'm being thick here but despite reading the valuation section over and over, I'm not getting something. The loan is for the purchase of unit 1 but later the accounts go on to sum the income and costs for units 25-200 at different occupancy levels. How or why do these figures relate to unit 1? Afternoon, I appreciate the confusion. 'Unit 1' refers to the whole site at the Industrial Estate. Later in the report where it is talking about occupancy rate is with respect to the 132 individual self-storage 'units' of varying size contained within the property. Regards, Ed
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am
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Post by am on Jul 7, 2016 14:13:58 GMT
The valuers assume that asbestos was likely to be have been used in the original construction, but removed during the recent refurbishment. Has subsequent due diligence produced a definitive statement on the presence or absence of asbestos?
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am
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Post by am on Jul 7, 2016 14:24:33 GMT
Is there any security beyond a first change on the property, such as a debenture over the SPV, or a personal guarantee?
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Post by MoneyThing on Jul 7, 2016 14:57:54 GMT
The valuers assume that asbestos was likely to be have been used in the original construction, but removed during the recent refurbishment. Has subsequent due diligence produced a definitive statement on the presence or absence of asbestos? Afternoon. There was oversight via the solicitors on a report to confirm that there was no asbestos found. Regards, Ed.
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Post by MoneyThing on Jul 7, 2016 14:58:46 GMT
Is there any security beyond a first change on the property, such as a debenture over the SPV, or a personal guarantee? Only a PG from the UBO of the SPV. Regards, Ed.
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ptr120
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Post by ptr120 on Jul 7, 2016 15:04:38 GMT
Almost 50% gone within 4 minutes!
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jonah
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Post by jonah on Jul 7, 2016 20:24:16 GMT
15% left. Gone by morning would be my guess. Quite a vote of confidence in MT. MoneyThing should there be a renew checkbox there? I didn't spot how that could apply to this loan.
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Post by MoneyThing on Jul 7, 2016 20:45:44 GMT
15% left. Gone by morning would be my guess. Quite a vote of confidence in MT. MoneyThing should there be a renew checkbox there? I didn't spot how that could apply to this loan. Good spot - thanks. Now removed (checkbox). Regards, Ed.
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stevio
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Post by stevio on Jul 7, 2016 20:59:49 GMT
Will MT be supplying a further loan to buy the business and will that be secured on the business rather than the property?
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