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Post by chielamangus on Nov 20, 2016 21:51:44 GMT
The latest credit report from AC does nothing for the image of the company, the case for the borrower, or the reputation of the writer (whoever the nameless one is). Who would lend based on this shambles of a prospectus? Well, some will. Some lend on anything without bothering with the detail. Perhaps I am in that minority that likes a well constructed, well-written report setting out the facts in a logical order in a language that can be understood on first read through that allows a reasonable assessment of the proposal to be made.
What the borrower thinks of it, I have no idea. I would be up in arms if I were him. No, actually, I would not let any AC minion near the task in the first place. I would write the report myself and negotiate a reduced fee.
Here's an idea for AC: Get the borrower to write the prospectus (they can't be worse) and also provide an online video with the borrower presenting a summary of the loan request. This would give us some insights into the borrower which at present is lacking. And perhaps the borrower could also answer, say, 5 or 6 questions from prospective lenders via Skype or similar. Let's make the most of modern technology instead of confining ourselves to these two dimensional reports which more often than not just frustrate.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Nov 20, 2016 23:53:37 GMT
It certainly surprises me as an 8% offering. I would have expected 10%-11% even now on this kind of risk (and I'm not especially greedy). I'll pass on this one.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 21, 2016 1:23:13 GMT
Am I blind, or is the Credit Report undated?
If we presume this isn't a case of AC having already made the loan, and therefore that the purchase hasn't already been made, then the plan to have the planning permission for the refurbishment "finalised by the end of November" strikes me as being a bit optimistic.
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adrianc
Member of DD Central
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Post by adrianc on Nov 21, 2016 8:31:42 GMT
Am I blind, or is the Credit Report undated? If we presume this isn't a case of AC having already made the loan, and therefore that the purchase hasn't already been made, then the plan to have the planning permission for the refurbishment "finalised by the end of November" strikes me as being a bit optimistic. You don't have to own a property to apply for PP on it.
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am
Posts: 1,495
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Post by am on Nov 21, 2016 13:04:17 GMT
Am I blind, or is the Credit Report undated? If we presume this isn't a case of AC having already made the loan, and therefore that the purchase hasn't already been made, then the plan to have the planning permission for the refurbishment "finalised by the end of November" strikes me as being a bit optimistic. You don't have to own a property to apply for PP on it. On the other hand, any current planning application isn't showing up on the South Norfolk planning portal. The expired permission mentioned in the credit report seems to be the 2009 application. The property is a Grade II list building originally constructed c. 1760.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 21, 2016 15:22:46 GMT
Am I blind, or is the Credit Report undated? If we presume this isn't a case of AC having already made the loan, and therefore that the purchase hasn't already been made, then the plan to have the planning permission for the refurbishment "finalised by the end of November" strikes me as being a bit optimistic. You don't have to own a property to apply for PP on it. : That may be true, but I based my comment on the statement in the Credit Report that said, IIRC, the planning application would be submitted within seven days of contract exchange. I haven't a clue whether or not contracts have been exchanged already, but if there's nothing showing on the South Norfolk planning portal yet, then having PP finalised less than 10 days from now looks -- to me, anyway -- unachievable. Isn't a certain amount of public notice time, and an opportunity for public comment, required?
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Post by slumberingaccountant on Nov 21, 2016 15:35:02 GMT
Thanks all for the posts here. Im back to zero on this one. About as many holes as the b....st pub which didnt get much take up !
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