adrianc
Member of DD Central
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Post by adrianc on Sept 1, 2016 19:49:17 GMT
From the Overview: "The lease ends in 2106 leaving 90 years remaining." Unless my selective reading was kicking in, I don't think that was in the overview this morning  . 90 Years it is  Are we all convinced it's not a typo?
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Post by matrix on Sept 1, 2016 21:05:21 GMT
This Loan Is LIVE
| Loan Amount | : | £ | 1,920,000
| | Security Value | : | £ | 3,200,000
| | SS Indicated LTV | : |
| 60% | | 90 Day Market Valuation | : | £ | 2,880,000
| | LTV Based on 90 day Market Valuation | : |
| 67% | | Term | : |
| 91 days
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Last 3 Updates From SS (ignoring "No change" and pre-live updates)
Loan Information & Observations
Borrower - Not indicated; possibly Mr F***** G**** D***** (The applicant in the VR)
- SS claim that our borrower is a wealthy property investor/ broker who buys and sells assets in both the UK and overseas for both himself and his network of wealthy clients.
Loan
- The purpose of this loan is to purchase a property (our security)
- Our borrower is injecting a sizeable amount of cash towards the purchase and will fund the light refurbishment from own cash resources.
Security - Flat 5, 3 V******* G***, Kensington, London, W8
- Mid terraced building, set over six floors and converted into five separate flats. Our security is Flat 5.
- The lease ends in 2106 leaving 90 years remaining.
- The valuation report states that the flat is to be found in a condition that would be considered a little dated and requires works of overhaul and modernisation in order to bring it up to the standard required (in a high-value area). The valuation report notes that the above is likely to be a very expensive process
Exit Strategy
- SS state that the borrower already has a number of clients within his existing network lined up to purchase this property.
| Code Number Assigned | : | 31/08/16 | | Loan went live @ | : | 01/09/16 | | Allocation | : | £5600.00 | | Amount of Investors @ Live | : | 1699 |
If you require any citation for the above information please feel free to PM me.
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Post by matrix on Sept 1, 2016 21:08:03 GMT
I require an explanation  |
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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 Sept 1, 2016 21:08:50 GMT
I require an explanation What do you want me to explain?
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Post by matrix on Sept 1, 2016 21:20:13 GMT
Sorry dude I think I sent in pm
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r00lish67
Member of DD Central
Posts: 2,692
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Post by r00lish67 on Oct 22, 2016 4:09:19 GMT
I notice with the recent flush of new loans coming on that this one is slowly building some availability on the SM, about £13.5k at the time of writing, although I wouldn't be surprised for that to all disappear later on today.
Anyway, it caused me to take a closer look given we're down to 41 days remaining of the term. It seems a reasonable valuation and decent LTV by SS standards with no major gotchas that I can see. I guess Brexit may have both potentially devalued this property due to it's possible hit on the financial sector, but also boosted it for foreign buyers looking to buy a Sterling bargain.
So, at the moment my inclination is to hold on all the way to the bitter end. Agree? Disagree?
PS - One I also looked in on and did reconsider was PBL123. Re-reviewing the DD thread (thanks @cooling_dude), I'm just not very comfortable with the borrower and am not one of those who can disregard that (maybe if it was 40% LTV I could hold my nose a bit.. :-)
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jamesc
Member of DD Central
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Post by jamesc on Oct 26, 2016 13:41:44 GMT
Just repaid as per last SS update !! Makes a pleasant change
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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 Oct 26, 2016 13:43:53 GMT
Just repaid as per last SS update !! Makes a pleasant change £1,920,000; that should make a dent in the SM
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ablender
Member of DD Central
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Post by ablender on Oct 26, 2016 13:52:18 GMT
It is a shame that this one is over. It had such a nice picture. |
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