cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Aug 23, 2016 14:31:01 GMT
REPAID
| Loan Amount | : | £ | 94,550
| | Security Value | : | £ | 155,000
| | SS Indicated LTV | : |
| 61% | | 90 Day Market Valuation | : | £ | 130,000 | | LTV Based on 90 day Market Valuation | : |
| 73% | | Term | : |
| 365 days
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PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Loan Information & Observations
Borrower - Global R******* D*********** One Ltd
- The above company was established June 2015 and is obviously an SPV.
- The parent company appears to be Global R******* D*********** Ltd who were established December 2013
- Something that jumps out here is the age of the directors behind the SPV & the parent company; 26yo & 21yo.
- The above borrower is connected to the another Pipeline Loan (1, 10 & 57 S********* Holiday Park) by two common directors (via the parent company)
Loan
- The borrower is releasing some equity from the property to complete an extension on the property they started.
Security & Valuation Report
- Our security is a 1950’s detached bungalow on a good sized rectangular shaped plot of land which is in the process of extension and modernisation.
- At the time of the inspection, the extension has been completed and new windows installed. As such the building is watertight. Trenches have been excavated for connection to services and internally the property is in a shell condition with first fix electrics completed. The VR notes that the applicant has a budget of £100,000 to complete the development.
- Land attached to our security (that was recently part of our security but has since been separated) has PP to change the use of the land to be a cemetery. There is a short mention of this in the VR, but it doesn't go into detail. It is unclear if the above land is part of our security, but seeing that the SS overview have no mention of it, it is reasonably safe to assume that it is not.
- Our borrower is the same company behind the successful application to change the use of the land to a cemetery
- There is no cemetery currently listed in the immediate area, and no mention of it in the Saving Stream's overview. However, The land allocated for the cemetery has been separated from the bungalow, and both will require a shared access.
Exit Strategy
- The borrowers will be selling the property once completed. They are expecting to receive in the region of £300K+ once completed.
| Code Number Assigned | : | 23/08/16 | | Loan went live @ | : | 23/08/16 | | Allocation | : | £60.00 | | Amount of Investors @ Live | : | 1380 |
Note : Many thanks to MONEY for his contributions  .
If any of you guys require citation of the above information please PM me.
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Post by jonboy73 on Aug 23, 2016 15:19:36 GMT
Great work again, both of you!
But... 94k, any guesses on how much we get? and I mean slightly more accurate than anything between £100-£10,000 lol 
50p each? 
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Aug 23, 2016 15:23:18 GMT
94k loan... About 2000 takers... £47 each 😕
My pre funding is at 0... Not worth bothering with.
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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 Aug 23, 2016 15:23:49 GMT
Right....
£90, £40, £78
There we go.... that's my prediction, it'll probably be £1000 or £2, but that's my prediction and I'm sticking with it....
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Aug 23, 2016 15:33:22 GMT
Email just received. Going live tomorrow - Wednesday 24th August - together with tranches of DFL01/02 and 04. All funding bottom up.
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duck
Member of DD Central
Posts: 2,879
Likes: 6,957
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Post by duck on Aug 23, 2016 15:38:01 GMT
Email just received. Going live tomorrow - Wednesday 24th August - together with tranches of DFL01/02 and 04. All funding bottom up. ahh that explains why I can't get onto the site at present! No Email yet here.
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stokeloans
Member of DD Central
Posts: 402
Likes: 485
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Post by stokeloans on Aug 23, 2016 15:43:23 GMT
It sold at auction in 2011 for £221,000.
It came with 4 acres of land.
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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 Aug 23, 2016 15:52:06 GMT
It sold at auction in 2011 for £221,000. It came with 4 acres of land. And had a guide price @ £125,000... so sold almost 100k over guide  Our borrower (if they where the purchasers - being 2011, possibly unlikely) must have really been hedging their bets on that cemetery.
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stokeloans
Member of DD Central
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Likes: 485
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Post by stokeloans on Aug 23, 2016 16:10:30 GMT
I would have thought living next to a cemetery,or a proposed cemetery,may knock the sale price somewhat when the refurb is complete
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stokeloans
Member of DD Central
Posts: 402
Likes: 485
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Post by stokeloans on Aug 23, 2016 16:38:35 GMT
I would have thought living next to a cemetery,or a proposed cemetery,may knock the sale price somewhat when the refurb is complete The planning consent will be highlighted in the local searches, IF indeed it isn't beforehand. Not going to be an easy one to shift, IMO. Any property will sell if the price is right. A detached property with fields around it would be worth more....and easier to sell....than 1 next to a cemetery.
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ablender
Member of DD Central
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Post by ablender on Aug 23, 2016 16:43:01 GMT
The planning consent will be highlighted in the local searches, IF indeed it isn't beforehand. Not going to be an easy one to shift, IMO. Any property will sell if the price is right. A detached property with fields around it would be worth more....and easier to sell....than 1 next to a cemetery. Probably this will be sold as detached too.
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ped
Member of DD Central
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Post by ped on Aug 23, 2016 17:36:40 GMT
Great DD C_D as always, this one is very close to me so I will be able to take a look.
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Liz
Member of DD Central
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Post by Liz on Aug 23, 2016 18:51:31 GMT
The planning consent will be highlighted in the local searches, IF indeed it isn't beforehand. Not going to be an easy one to shift, IMO. Any property will sell if the price is right. A detached property with fields around it would be worth more....and easier to sell....than 1 next to a cemetery. My mum works for DW homes and sold some new houses next to a cemetery near me. she pointed out that at least nobody could build on that land, so the ones overlooking it, don't have any neighbours overlooking them, hence are more private.
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stokeloans
Member of DD Central
Posts: 402
Likes: 485
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Post by stokeloans on Aug 23, 2016 19:04:45 GMT
Any property will sell if the price is right. A detached property with fields around it would be worth more....and easier to sell....than 1 next to a cemetery. My mum works for DW homes and sold some new houses next to a cemetery near me. she pointed out that at least nobody could build on that land, so the ones overlooking it, don't have any neighbours overlooking them, hence are more private. That's one way of looking at it
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Post by jonboy73 on Aug 23, 2016 19:31:45 GMT
My mum works for DW homes and sold some new houses next to a cemetery near me. she pointed out that at least nobody could build on that land, so the ones overlooking it, don't have any neighbours overlooking them, hence are more private. That's one way of looking at it Lots of people want to be near the dead centre of town..
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