cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Oct 8, 2016 21:54:20 GMT
Perhaps SS should be asked directly, "does the loan agreement include a specific stipulation that no work should be done on the property while the loan is outstanding". Incidentally, I do wonder why the valuation is so very high, and also how closely the loan is related to the Cornwall one in Camelford (also with a surprisingly high valuation) They are definitely connected. The director of the borrower (as indicated by SS) behind the Cornwall loan is also the personal borrower behind the Edgbaston Loan (as indicated in the VR). Both loans are vastly over priced IMHO. Something tells me you already know all this oldgrumpy 
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Post by martin44 on Oct 8, 2016 21:55:41 GMT
Perhaps SS should be asked directly, "does the loan agreement include a specific stipulation that no work should be done on the property while the loan is outstanding". Incidentally, I do wonder why the valuation is so very high, and also how closely the loan is related to the Cornwall one in Camelford (also with a surprisingly high valuation). Very good point... oops crossed
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Post by martin44 on Oct 8, 2016 22:02:56 GMT
I'M of to rightmove to see whats what here.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 8, 2016 22:12:28 GMT
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Post by martin44 on Oct 8, 2016 22:13:54 GMT
 SS have this asset in cornwall valued at £375k and here it is 4 months ago www.rightmove.co.uk ************* £155k ... property goes up well in cornwall. but where's the link? Thanks cd ... thats the link.  edit. After a bit more diggin....£155K was the auction asking price, and it did not even reach that, so what did it sell for?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 8, 2016 22:17:32 GMT
stub8535 ... spearheaded by a 24 year old .... mmmm! It's not just policemen (and nurses ) who are looking younger and younger these days .... 
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Post by martin44 on Oct 8, 2016 22:20:35 GMT
and his dad? it appears ......dare not show anything.
Oh BTW... i am out of both Cornwall and edgbaston
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dovap
Member of DD Central
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Post by dovap on Oct 8, 2016 23:03:16 GMT
starter home innit wait til this place is banged up at £6 mill such a load of old pony
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jonah
Member of DD Central
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Post by jonah on Oct 9, 2016 6:04:15 GMT
Well, house prices may be rising, but a target of 50% over the city's theoretical highest valuation seems very optimistic. Feels like one to minimise any exposure to.
That said, with interest retained, it will probably be fine for the first half of the loan term...
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Post by geraldine1210 on Oct 9, 2016 6:57:57 GMT
There just seems something wrong in lending on a property with such an absurd valuation.
Lending, making a few bob and then kicking it down the road.
Another person catches it and again makes a few bob. He also passes it on fairly quickly.
Suddenly, the music stops and a person is left holding it, with no opportunity to 'pass the parcel'.
Oops!
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hazellend
Member of DD Central
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Post by hazellend on Oct 9, 2016 7:35:23 GMT
I'm going in big on this one. Seems extremely low risk.
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Post by geraldine1210 on Oct 9, 2016 7:43:33 GMT
I'm going in big on this one. Seems extremely low risk. Even with all the information that has been uncovered? I genuinely hope it works for you. In and out quickly, will probably turn a quick profit. It is the last investor who will be the person who will probably need our sympathies.
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Post by harryvederci on Oct 9, 2016 11:20:06 GMT
I see the other high street bank just along the road in Cornwall closed over a year ago and is still unsold with a main national agent asking £200,000 - looks a much nicer property and about the same size
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am
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Post by am on Oct 9, 2016 12:13:15 GMT
After a first perusal of the valuation report my interpretation is that the £2.5m is its residual value as a building plot. (£2.5m per acre is well over the rule of thumb, but Edgbaston is an expensive area.) Looking at the comparables given, my guess would be that its value as a residential property is considerably less. If this is correct the valuation is dependent on the validity of the £6m GDV estimate.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 9, 2016 14:04:12 GMT
Could anyone tell me why, if no work will be done on the property in the loan lifetime, the lev is not worked out on the current value please?
Even at the over optimistic, luxury home! Which this in its current state is not, valuation of £375 to £400 a square foot then the value is between 1.98 and 2.1M. This means ltv is about 64%.
54 (8 bed) sold at 1.56M 2013 and 50 (5bed) for 1.55M in 2015 both were modernised excellent condition luxury homes at sale date. Maybe half million over valued minimum in current condition imho. Makes it nudge over 85% ltv.
With Cornish property vastly overvalued for either building only or building and all land, (not on offer but valuation assumption), I agree with the avoid conclusions. I note that Cornish loan asset change of use from residential to offices in 74. Too many ifs, buts and maybe's for these loans being put to onto the pipeline SS. More digging by you would establish the above.
would be interested to know where the data that S and, common forename in ethnicity, M are linked.
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SS have this asset in cornwall valued at £375k and here it is 4 months ago 
