cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 9, 2017 11:07:55 GMT
2x PIPELINE LOANS - LIVE
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| PBL157
| PBL158
| | Loan Amount | : | £ | 3,190,509
| 1,313,739 | | Security Value | : | £ | 6,250,000
| 2,625,000
| | SS Indicated LTV | : |
| 51% | 50%
| | 90 Day Market Valuation | : | £ | 5,750,000 | 2,500,000 | | LTV Based on 90 day Market Valuation | : |
| 55% | 53% | | Term | : |
| 365 days | 365 days
| % PA
| : |
| 12% | 12%
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jonbvn
Member of DD Central
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Post by jonbvn on Jan 9, 2017 11:38:44 GMT
T** C***** is on Rightmove & Southebys website as POA.
The bathroom rocks! TBH it has got a "Grand Designs" feel about it.
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bababill
Member of DD Central
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Post by bababill on Jan 9, 2017 11:38:54 GMT
Any guesses on allocation?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2017 11:54:39 GMT
Are the LTVs of 50/51% skewiff on this?
You guys & gals are brighter than me but to my simple thinking "The borrower currently has some debt on the property" on both Loans means the the LTV should be higher, or does the fact " We have a first legal charge over the freehold of the entire site." mean the other existing debt falls behind our Loan and that the LTVs are "correct"? I presume so but your learned comments are welcome.
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Post by d_saver on Jan 9, 2017 11:57:31 GMT
I was reading it as any other debt is secondary to the 1st legal charge, so would not effect LTV as such, though someone with far more knowledge than me can confirm, I am sure.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2017 12:18:12 GMT
Thanks cooling_dude, you're on the case as usual.
And we appreciate it.
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Liz
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Post by Liz on Jan 9, 2017 12:24:28 GMT
T** C***** is on Rightmove & Southebys website as POA. The bathroom rocks! TBH it has got a "Grand Designs" feel about it. I thinking of putting a cheeky offer in.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2017 12:27:03 GMT
PS: I just get jumpy when I see 1st, 2nd, 3rd and God knows how many charges on a Loan.
Having the First Charge gives me no comfort whatsoever, all I see in these circumstances is an almighty bun fight at Default with numerous scavenging "Professionals" hoovering up what's left with their exorbitant "Fees" and Lenders getting screwed.
Wot, jaded and sceptical, moi??? :-)
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Liz
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Post by Liz on Jan 9, 2017 12:32:01 GMT
PS: I just get jumpy when I see 1st, 2nd, 3rd and God knows how many charges on a Loan. Having the First Charge gives me no comfort whatsoever, all I see in these circumstances is an almighty bun fight at Default with numerous scavenging "Professionals" hoovering up what's left with their exorbitant "Fees" and Lenders getting screwed. Wot, jaded and sceptical, moi??? :-) Lots of bridging loans and development finance have existing debt that will be paid off from SS funds. The low LTV on these loans does make it(IMO) a good bet, the valuation(IMO) is realistic and maybe even cautious.
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adrianc
Member of DD Central
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Post by adrianc on Jan 9, 2017 12:34:59 GMT
I was avoiding 097, for the various reasons outlined in the old thread... p2pindependentforum.com/thread/5410/pbl97-riviera-london-liveIt was half a million quid. It's now 3x as much, plus another £3.2m for the gaudy, tacky mess that is the c****t. The whole lot is POA on Rightmove, but there's apparently Russian money waving £13m against a <£9m valuation. Superyacht moorings, my fat hairy betty swollocks. Have they even LOOKED at the bridges through the city? None upstream of Tower Bridge open. What they going to do, fly the bloody things in? www.pla.co.uk/Safety/Thames-Bridges-HeightsYeh, d'you know what? I am outier than an outy thing on a day out. |
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Yintara
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Post by Yintara on Jan 9, 2017 13:45:29 GMT
Some interesting articles online about the property (search for H*****n People's Network and the name of the asset) indicating that the borrower has been a naughty boy in respect to planning permissions on the property. The neighbours don't sound too happy! He has been previously ordered by the council to remove a footpath and some other works that were done without authorisation, and it sounds like there are some other issues that he would need retrospective planning permission for. I wonder how much that would affect the value of the property and number of willing buyers in the event of a distress sale?
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guff
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Post by guff on Jan 9, 2017 13:56:21 GMT
I was avoiding 097, for the various reasons outlined in the old thread... p2pindependentforum.com/thread/5410/pbl97-riviera-london-liveIt was half a million quid. It's now 3x as much, plus another £3.2m for the gaudy, tacky mess that is the c****t. The whole lot is POA on Rightmove, but there's apparently Russian money waving £13m against a <£9m valuation. Superyacht moorings, my fat hairy betty swollocks. Have they even LOOKED at the bridges through the city? None upstream of Tower Bridge open. What they going to do, fly the bloody things in? www.pla.co.uk/Safety/Thames-Bridges-HeightsYeh, d'you know what? I am outier than an outy thing on a day out. Come on adrianc, stop sitting on the fence and tell us what you really think.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2017 14:36:21 GMT
You beat me to it cosinecorolla! My further investigations and DD reveal that the Borrower may have (has?!) driven a coach and horses through Planning Permissions and that what appears as very low & enticing LTVs are in reality possibly nowhere near accurate.
This one's far too potentially messy for me in the event of Default/s and the ensuing attempted sale of a property/ies that may be devoid of one or more Planning Permissions.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jan 9, 2017 14:49:31 GMT
You beat me to it cosinecorolla! My further investigations and DD reveal that the Borrower may have (has?!) driven a coach and horses through Planning Permissions and that what appears as very low & enticing LTVs are in reality possibly nowhere near accurate. This one's far too potentially messy for me in the event of Default/s and the ensuing attempted sale of a property/ies that may be devoid of one or more Planning Permissions. good analysis there. this one is a 12%er for a reason. is it was a straightforward low risk proposal you would be getting 10% or 11% but you are getting 12% which is saving streams highest risk banding interest rate. the problems to potentially arise here are numerous but everybody has their own appetite for risk but this is not one for your casual saver Who users saving stream as a savings account this is one for your expert with high level Financial Management skills and strong hides. an allocation on the chalet of upwards of 5 k an investor would not seem to be an unrealistic guesstimate. the big boys will make hay while the smaller boys with shallower pockets will give it a swerve
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seeingred
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Post by seeingred on Jan 9, 2017 14:53:00 GMT
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