09dolphin
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Post by 09dolphin on Feb 17, 2017 11:26:15 GMT
Not sure I understand the information given by FS. They state that this is a renewal of a loan for 160K against a development site now valued at 400K. That this is a renewal of a trance facility of 545K and that cumulative lending is 205K to date. Without the trance facility of £545K this seems like a good loan. My problem is I can't find where FS say what the LTV is for the maximum trance facility is and how it's going to be managed / assessed.
Help would be appreciated.
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elliotn
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Post by elliotn on Feb 17, 2017 12:37:12 GMT
Not sure I understand the information given by FS. They state that this is a renewal of a loan for 160K against a development site now valued at 400K. That this is a renewal of a trance facility of 545K and that cumulative lending is 205K to date. Without the trance facility of £545K this seems like a good loan. My problem is I can't find where FS say what the LTV is for the maximum trance facility is and how it's going to be managed / assessed.
Help would be appreciated. A quick look at my bullet points for this loan - 160k loan vs 275k MV 58% Day 1 ltv 545k facility vs 875k GDV being 720k for 7 houses & 155k for the remaining land = 62% ltgdv Please note that I haven't gone back to the docs, although I did have a nibble. Edit - now repaid and withdrawn 
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mikes1531
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Post by mikes1531 on Feb 17, 2017 12:49:01 GMT
My problem is I can't find where FS say what the LTV is for the maximum trance facility is and how it's going to be managed / assessed. In the info for the maturing loan FS stated... And there's a link on the Assets tab of the renewal loan to the report from the Monitoring Surveyor based on a site visit earlier this month. (The link is labelled something like 'Updated Valuation'.) HTH
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