cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Jul 8, 2016 14:27:28 GMT
This Loan Is LIVE
| Loan Amount | : | £171,124
| | Security Value | : | £300,000
| | SS Indicated LTV | : | 57%
| | 90 Day Market Valuation | : | Unknown | | 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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)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
Borrower
- SS say that our borrower is a project manager who is working on his own development schemes.
- There is a very little information on the overview about our borrower. The included valuation report does include two client names, and a quick search finds a company attached to one of these names, and based at the address of this security.
- The above company is M********* DEVELOPMENTS LTD and was established on "4 December 2015". This company is not a SPV, and has only one director (the individual named above) and this is their only business (in the capacity of Director, past or present).
Loan
- The purpose of this loan is to "initiate build"
- The land in the security is unencumbered and this initial tranche is to fund the first stage of infrastructure to allow it to get to a suitable level for the main development funding of £1.7m to come in and complete the development.
Security
- Two large plots with planning permission situated six miles west of Dundee city centre. Planning for both plots granted, for two detached villas, which will be completed to very high specifications.
- The (very short) valuation report says that it's updated report should be read in conjunction with previous reports prepared over the property dated Dec 2015 and May 2014. These reports have yet to be uploaded by SS
Exit Strategy
- SS has seen terms from another development lender which would allow full repayment of this loan.
| Code Number Assigned | : | 14/07/2016 | | Loan went live @ | : | 15/07/2016 | | Allocation | : | £180 | | Amount of Investors @ Live | : | 1051
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Post by spareafewcoppersguv on Jul 8, 2016 15:39:32 GMT
Thanks. How do you know this???
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Jul 8, 2016 15:42:57 GMT
Thanks. How do you know this??? Todays update
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dan83
Posts: 243
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Post by dan83 on Jul 10, 2016 17:32:43 GMT
Have you had an e-mail to say this is going live?
I have only had 1 email recently and that was the email about stud accom in Huddersfield.
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archie
Posts: 1,866
Likes: 1,861
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Post by archie on Jul 10, 2016 17:38:03 GMT
Have you had an e-mail to say this is going live? I have only had 1 email recently and that was the email about stud accom in Huddersfield. No email, it hasn't been allocated a pebble number yet.
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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 Jul 10, 2016 17:39:59 GMT
Have you had an e-mail to say this is going live? I have only had 1 email recently and that was the email about stud accom in Huddersfield. No e-mail has been sent, only an indication on the update page...
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treeman
Member of DD Central
Posts: 1,026
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Post by treeman on Jul 10, 2016 18:53:06 GMT
Have you had an e-mail to say this is going live? I have only had 1 email recently and that was the email about stud accom in Huddersfield. No e-mail has been sent, only an indication on the update page... The S** Building hasn't actually been officially (email) announced yet either ...........
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gurberly
Member of DD Central
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Post by gurberly on Jul 11, 2016 11:45:59 GMT
Does anyone know if the planned Dundee Northern Relief Road is still going to take place?
I can't find a detailed map, but on the scheme proposal it would seem to be quite close to the location pictured? Would it have an impact?
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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 Jul 11, 2016 15:21:48 GMT
The valuation report has appeared for us to muse over (won't take long, it's only 3 pages long...) Also, the recent update has been edited... Which (if you haven't been following the edited updates), now makes little sense because the update was made 3 DAYS AGO...  This didi get a pebble number (PBL121) and then it was swiftly removed... |
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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 Jul 11, 2016 19:21:12 GMT
Does anyone know if the planned Dundee Northern Relief Road is still going to take place?
I can't find a detailed map, but on the scheme proposal it would seem to be quite close to the location pictured? Would it have an impact?
I've had a look online, and it seems this was shelved some years backs (cFEBRUARY 2013) in favour of upgrading the roundabouts and associated junctions on the A90 Kingsway. Little mention of it since 2013
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gurberly
Member of DD Central
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Post by gurberly on Jul 12, 2016 7:12:22 GMT
I've had a look online, and it seems this was shelved some years backs (cFEBRUARY 2013) in favour of upgrading the roundabouts and associated junctions on the A90 Kingsway. Little mention of it since 2013 Thanks
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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 Jul 15, 2016 14:48:34 GMT
I think it will. I wish/ hope they would upload the further valuation reports, as the exsting one tells us very little. Acces to the plots looks like it could cause some headaches and unforeseen expenses, and I would like to see if the report clarifies how exactly they plan on doing it. I assume youve seen the planning app & the required road improvements. I haven't. TBH I only just got around to some DD on this due to a round trip to Wales yesterday, and this one was at the back of my mind because it is such a tiddler. My above observation is from a very quick look at google maps and googles street view. You can easily find the house that is in the picture, and access to the plot seems to be off a fairly small side road, with the only access via westbound on the A90, with no route eastbound for about 2miles. I wondered what the local council though of the increased traffic via this side road (both during the build and after; although only two dwelling, so no big deal). All guesswork, because I can't actually find any planning permission. Haven't really tried yet so will start digging...
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mikes1531
Member of DD Central
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Post by mikes1531 on Jul 15, 2016 16:30:12 GMT
It's getting rather late on a Friday afternoon. What are the chances that this one actually will go live today?
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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 Jul 15, 2016 16:32:28 GMT
It's getting rather late on a Friday afternoon. What are the chances that this one actually will go live today? Some loans have gone live after 06:00 pm It's been so hit or miss recently it is just so hard to tell BTW : Welcome Back 
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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 Jul 15, 2016 16:51:02 GMT
Just gone live... £180 allocation  |
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