mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
|
Post by mikes1531 on Sept 22, 2017 16:07:23 GMT
FWIW, I paid £6 to get the price paid data from Land Reg. 3* B******: £580k 4* B******: £580k Total: £1.16m Buyer could reasonably have negotiated below-market deal on basis that they would redevelop and lease back, but these prices do make the £2m open market value seem quite optimistic. Does anyone know how the LR reports prices for property sold with a conditional further payment due from the seller to the buyer? Might the buyer have to pay more if the requested PP is approved?
|
|
|
Post by crystal on Apr 16, 2018 8:16:59 GMT
Where 2 properties are included in the same title, the LR will often state the same value for both - that is to say that the sale value was £580k and that the proceeds (£559.4k) received by the charity were the sale value less sale costs (estate agent, solicitors etc).
Given that it sold on the open market for £580k it is *very* hard to see how a valuation of £2m could apply at this stage.
|
|
|
Post by crystal on Aug 30, 2018 11:18:13 GMT
Update 22/08/2018
"We are still waiting for either the refinance or the planning approval. If planning is approved, then the loan will be renewed. If refinanced, then the loan will be repaid."
Nb, no outcome noted for planning refusal. There are 5 Objectors listed on LPA portal hence likely to head to planning committee for decision rather than delegated powers.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Aug 30, 2018 11:40:41 GMT
Update 22/08/2018 "We are still waiting for either the refinance or the planning approval. If planning is approved, then the loan will be renewed. If refinanced, then the loan will be repaid." Nb, no outcome noted for planning refusal. There are 5 Objectors listed on LPA portal hence likely to head to planning committee for decision rather than delegated powers. So a totally passive approach either way.
|
|
|
Post by crystal on Oct 10, 2018 18:40:21 GMT
The planning application for redevelopment of the site was withdrawn yesterday - presumably before a refusal notice was issued. Would imagine next step is to resubmit a reduced scheme more in keeping with surrounding properties.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jan 24, 2019 16:37:29 GMT
The above was written in sept 2017 and I totally agree with it.
This developer has £1.4m in this loan alone and the latest update indicates to me there is still not planning so this one looks like it will go over 12 months late. If we take £1.4m at 120% that is £1.68m which is a fair few quid.
This developer had other FS loans which seem to have been settled except I think the development plot in Liverpool which was for £322K and is over a year late...
I have looked at the excellent mrclondon DD post and these accounts don't make much sense to me either
Another interesting one to follow - I am no saying it is or isn't a potential disaster as just too complicated for me to work out what is going on here although my tea-leaves don't like it...
|
|
|
Post by mrclondon on Jan 25, 2019 19:57:11 GMT
fundingsecure - your update of 2nd Nov 18 that the revised planning application is not visible on the planning portal remains valid. Can you confirm (via a loan update) that you have seen written evidence that the application has been received/validated by the council and that you are not simply relying on the borrower's word. (It feels distinctly odd that its claimed its about to go to before the planning committee when there apparently has been no mechanism for consultation comments to have been submitted by members of the public.) The previous application which was withdrawn in October has had no new documents attached so doesn't appear to have been resurrected in the background. I have raised similiar concerns regarding the borrower's W*** D**** Rd, Liverpool loan here, and D**w**t Road, Liverpool loan here. It isn't really credible that 3 separate projects across 2 planning authorities should have display issues with the planning portal.
|
|
|
Post by crystal on Jan 26, 2019 10:58:36 GMT
It is a concern that any new application is not visible. If the revised application has not been formally validated to date then the consultation period would put the decision date back until at least late April. A search for the site address does not yield any new application details - hence clarification would be very useful.
|
|
|
Post by crystal on Feb 4, 2019 14:31:10 GMT
Just to reiterate the point above about the asset being valued at just £580k - this was the sale price on the open market. This is backed up via accounts for the relevant company state that their assets total £606,627 which presumably accounts for a small increase in value since the purchase. It beggars belief that £1.4m has been lent against this property when there is no current planning application and the previous one was withdrawn. I'm sorry to say that this is nothing more than gambling on planning gain.
|
|
|
Post by mrclondon on Mar 18, 2019 11:27:39 GMT
A new planning application has recently been submitted for a slightly smaller 12 bed development (19 bed was the previous plan). Link is on DDC for those with access.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Aug 7, 2019 13:02:58 GMT
In February we were told planning for 12-beds would be submitted with a decision in 4 months. We've now been told that planning has been approved, so that would definitely be classed as on track by FS standards, but the planning website still shows "awaiting decision".
|
|
michaelc
Member of DD Central
Posts: 4,866
Likes: 2,762
|
Post by michaelc on Aug 7, 2019 16:00:11 GMT
In February we were told planning for 12-beds would be submitted with a decision in 4 months. We've now been told that planning has been approved, so that would definitely be classed as on track by FS standards, but the planning website still shows "awaiting decision". I've signed S106 agreements with the council before myself. It almost certainly won't be updated on the website until it is signed. Note that the S106 is an agreement for lots of things the developer must do including paying infrastructure tax that is not included in CIL. This is sometimes negotiated. For example, the land next door to us took about 4 months at this stage although I'm not suggesting that is normal. My S106s in the past to which I agreed to everything took around a month of to and fro with the council's solicitor. It also needed signing by the bloody mayor no less !
|
|
susan
Member of DD Central
Posts: 54
Likes: 64
|
Post by susan on Aug 7, 2019 18:26:54 GMT
And how much will it cost this ‘common director’ for the S106…..because we investors are not seeing a penny right now…….but lawksamussy there is money for a S106. Sickening…..
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Aug 7, 2019 18:40:37 GMT
And how much will it cost this ‘common director’ for the S106…..because we investors are not seeing a penny right now…….but lawksamussy there is money for a S106. Sickening….. Getting planning is the best hope this loan has of returning a large part of the capital. I'd be much more worried to be told there was no money to complete the process and was being sold as-is.
|
|
susan
Member of DD Central
Posts: 54
Likes: 64
|
Post by susan on Aug 7, 2019 18:47:04 GMT
A fair point but I feel that lenders are being completely disrespected by this borrower.
|
|