am
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Post by am on Dec 20, 2016 23:06:09 GMT
Neither do I - and I don't understand the difference between the MV3 and MV4 figures - each assume three month sales. 7 million and 4 million. It's not crystal clear, but I have concluded that "completion of the development" is a term of art that includes the sale of the completed units (which is not obvious to the layman) and MV4 is primarily the value of income stream from pitch fees (in a project to build apartment blocks MV4 would be the value of the freehold of the completed development. (I've seen this valuation type on other VRs.) MV4 would not appear to be relevant to us. It would be relevant to lenders in a property development loan, except that I would hope that the loan terms would require that the loan be repaid from the proceeds of leasehold sales, so by the time the conditions of MV4 applied the outstanding loan would be well below MV4 (or more likely zero).
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bababill
Member of DD Central
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Post by bababill on Dec 20, 2016 23:30:23 GMT
I am 8 hours of GMT and I went to bed last night with a headache and not understanding the V.R. at all.
Decided to ask nothing on this forum as it seemed if I can't understand basic valuations then better not to participate in DD.
Now 721 am with fresh eyes and head I am super glad to see others have had the same question/s.
Anyhow, I think there should also have been one more valuation, call it MV5
i.e. value now based on current conditions (i.e. trading business) without any hope value attached based on 6 month sale.
This would give me a basic idea of the LTV in present conditions.
Perhaps it is given somewhere already in the docs?
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Post by harryvederci on Dec 20, 2016 23:38:09 GMT
so the site operator can buy in a new park home at £65,000 inc. transport, plonk it on site and sell it for £250,000 x 5 sales a year (less overheads & serviced pitch cost).
Theres a full page of park home resales at the neighbouring park on Z****a, 2 beds £150,000, 3 beds £250,000
If you can buy a new 3 bed park home from the manufacturer for £65,000 I'm a dutchman
harry van der vederci
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paul58
New Member
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Post by paul58 on Dec 21, 2016 9:27:36 GMT
First post on here as growing concern something is being missed.
Bournemouth Echo reported only this week that 'owner occupiers' have been served enforcement notices by local council on basis that one site is breaching planning permission. Site licenced for holiday lets only, not permanent, despite fact that this abuse has been tolerated by council for several years. Bad news for elderly residents of the homes, but council has belatedly decided to play hardball and supposedly put aside sizeable war chest to fight in courts.
There is a planning enforcement issue here which might affect valuations.
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spiral
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Post by spiral on Dec 21, 2016 9:41:54 GMT
cooling_dude .You've used the 180 day value on PBL150 of 3.4m instead of the 90 day value of 2.8m which gives a LTV of 75%
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 21, 2016 10:26:04 GMT
I've asked a question on the listing's Q&A (which includes the link) as to how this might affect proceedings, but I'm guessing the 'Q' doesn't get general visibility until there's an 'A'. Cheers, Ian.. You'll probably get a response, but it will be sent to your e-mail, not on the Q&As. The Q&As section is not updated by SS yet (they did add one on DFL1 many moons ago, but then stopped. They have promised to start using it soon) Thanks for the link via PM 
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twoheads
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Programming
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Post by twoheads on Dec 21, 2016 10:34:52 GMT
A similar thing happened at a site in Tewkesbury: Holiday lets sold as permanent residences.
A mis-selling judgement was made against the then owner of the site which cost him some cash. The defendant is connected with the owner of the SPV to which we are lending (I'm not sure how much I can say here... maybe someone with more knowledge of the forum rules can fill in more detail).
The new owners of the Tewkesbury site won a case involving permission for extra caravans over and above the number in the original PP. They won this after two appeals on the grounds that the original permission did not explicitly state the number of caravans as a condition of the planning. The extra caravans were in the original area and did not constitute any change of use of the land. I do not know if they got the planning for permanent residences.
If the number of caravans is an explicit condition of the PP then it must be adhered to. If not, then adding caravans in an existing area with PP seems to be okay (there are legal precedents for this).
This still leaves the question of changing holiday lets to permanent residences.
Addition: There is a pending new PP which includes in its description '...for the purposes of human habitation throughout the year.'
To me that's a pretty vague statement which could mean 'permanent residence' but doesn't necessarily sound like it.
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treeman
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Post by treeman on Dec 21, 2016 16:43:12 GMT
(Warning! Sh*tstirrer Alert!) So, it's 4:40. All is quiet. ££s are waiting. Fingers poised....... At what point do we need to consider dusting off the (previously inflammatory) 'D-word' !!??!!    |
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fp
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Post by fp on Dec 21, 2016 17:09:21 GMT
Don't hold your breath, I expect it will possibly be tomorrow when some negative balances have been cleared and the kitty has been replenished.
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lobster
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Post by lobster on Dec 21, 2016 18:00:05 GMT
OK , so according to the latest update, the 3 caravan parks are not now going live until January.
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rxdav
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Post by rxdav on Dec 21, 2016 20:11:33 GMT
Really pleased I sold out some older loans on the SM in anticipation of these loans going live today - not!!
When this happens and we then get a belated half-baked ('hey that's how it goes dude - what can you do?') type of apology - it all starts to look like amateur hour.
Just halved my potential buy - may cancel completely if the posted DD from lenders (who seem considerably more astute than those running the platform) come up with any more apparent negatives.
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dan83
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Post by dan83 on Dec 21, 2016 22:11:40 GMT
I had a feeling this wasn't going live today.
I've also dropped my orefund amounts from £3000 to £1000, now it's going live in the new year, it may go back up.
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Post by charliebrown on Jan 2, 2017 19:02:26 GMT
What's the verdict on these loans? Worth a punt or not? i can't seem to find a solid loan to invest in. I might have to do a George Best and spend it on "booze, birds and fast cars" instead Barge pole? Or not? |
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hazellend
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Post by hazellend on Jan 2, 2017 19:31:47 GMT
What's the verdict on these loans? Worth a punt or not? i can't seem to find a solid loan to invest in. I might have to do a George Best and spend it on "booze, birds and fast cars" instead Barge pole? Or not? You're not looking very hard! Ablrate always has decent stuff.
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Post by charliebrown on Jan 2, 2017 19:55:51 GMT
What's the verdict on these loans? Worth a punt or not? i can't seem to find a solid loan to invest in. I might have to do a George Best and spend it on "booze, birds and fast cars" instead Barge pole? Or not? You're not looking very hard! Ablrate always has decent stuff. I haven't yet signed up with Ablrate. Thanks for the tip. I have recently started to invest in FS, even managed to get bonuses and cash back. Sorry for the lighthearted nature of my post, I am interested to hear who believes the caravans are a decent loan. I've certainly read the rest of this thread and there's clearly some information that points to these loans being less attractive than they look at face value.
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