seeingred
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Post by seeingred on Oct 29, 2017 9:41:55 GMT
That's presumably an opaque joke?
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GeorgeT
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Post by GeorgeT on Oct 30, 2017 13:23:50 GMT
martin44 my strategy was essentially the same as many people on this board "pass the parcel and avoid liquidity traps". I take no pride in it and I doubt anyone using it today would come out with his shirt in the long run. The platform has changed massively and now my strategy is much simpler: "run!" Agreed. That sums up my position as well.
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dermot
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Post by dermot on Oct 30, 2017 13:58:58 GMT
The valuation report is , at 45 pages, one of the longest I've seen on a P2P site in a while. One can only hope that such a lengthy screed points to a more than usually accurate valuation.
There are a number of items raised that affect the ability to sell; error in the title, two separate agreements for freehold and a lease, freehold of vaults extending under the pavements &c. which the valuer said should be resolved *before* the loan went live.
I wonder if this was done?
Currently, the loan represents a gnat's cock (technical term) under 70% of the notional as-is value of the site, so long as no funnies appear - but they will, won't they?
Edited to add: I'm only in this one to the tune of a few hundred quid - about the same in both Exeters - anyone want to place a bet on which of them gets (partially?) repaid first?
D
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chunkie
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Post by chunkie on Nov 10, 2017 13:54:45 GMT
Update: The appointment of the LPA Receiver has now been finalised and we have subsequently received an offer from an interested party to acquire the site. As a result of this interest, we are obtaining updated valuation information to corroborate the offer before pursuing the same. In the event that we cannot proceed with the offer, the property will be placed on the open market for sale.
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elliotn
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Post by elliotn on Nov 10, 2017 16:45:09 GMT
Update: The appointment of the LPA Receiver has now been finalised and we have subsequently received an offer from an interested party to acquire the site. As a result of this interest, we are obtaining updated valuation information to corroborate the offer before pursuing the same. In the event that we cannot proceed with the offer, the property will be placed on the open market for sale. Nice spot, I can’t get Recent Updates off the pipeline loans! Fingers crossed on the interested party.
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coda
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Post by coda on Nov 10, 2017 22:04:28 GMT
Do you think that this property will sell quickly? I am a bit worried that the London market is currently a bit slow...
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Liz
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Post by Liz on Nov 10, 2017 22:34:49 GMT
Do you think that this property will sell quickly? I am a bit worried that the London market is currently a bit slow... if the offer works out then yes, otherwise it could be a hard project to sell. Things often drag on and on with p2p loans
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binkle
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Post by binkle on Nov 10, 2017 22:59:43 GMT
This is one of those where earlier flags on this forum seem to have been pretty useful. Certainly kept me clear bar a small token.
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Post by mrclondon on Nov 10, 2017 23:14:52 GMT
Do you think that this property will sell quickly? I am a bit worried that the London market is currently a bit slow... Unfortunately I suspect if it needs to marketed it will take some time to shift. It is at the Edgeware Rd/Paddington edge of Marylebone. Paddington itself has something of an over supply of new build apartments (with more going up as we speak) and "soft" pricing as a result (one poster on this forum has commented this year on heavy discounting at IIRC, much above the £1m mark in Paddington). Many of these new blocks are right next to entrances to Paddington station (mainline/underground/cross rail) and attract interest from a wide cross section of London's population (especially those needing good access to both Heathrow and the City). Our Old Marylebone Road property is a couple of blocks in on the opposite side of Edgeware Road to Paddington, and is a few minutes walk to the two Edgeware Road tube stations. As I've commented in an earlier post, Edgeware Road is one of London's ethnic hot spots, and living close by will not appeal to some for that reason. Given the over supply of new build apartments at Paddington may persist for another two or three years, I don't think I'd want to start to build new apartments in our location at the present time. I'm also somewhat concerned about the intent to use the ground floor of the new building as a gym - I'm not sure whether that is now "cast in stone" as part of the planning - given the ethnic make up of the local community, a gym may be a tough business proposition.
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1stwaz
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Post by 1stwaz on Nov 11, 2017 23:10:45 GMT
Do you think that this property will sell quickly? I am a bit worried that the London market is currently a bit slow... It will be a long slog to get out of this!
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GeorgeT
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Post by GeorgeT on Nov 11, 2017 23:57:07 GMT
The London market is pretty stagnant / in decline. Not a good time for a new apartment project. London values falling |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 12, 2017 0:34:24 GMT
The London market is pretty stagnant / in decline. Not a good time for a new apartment project. London values fallingGeneral consensus seems to be that RICS valuations arent worth much so Im not sure this is exactly solid evidence  Meanwhile, Halifax & Natinonwide, who presumably use RICS valuations when stumping up cash to buy, says the opposite. Least the Beeb didnt manage to shoehorn Brexit in.
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moist
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Post by moist on Jan 18, 2018 12:21:56 GMT
lots of non updates on this one....assuming it will all fall through just as the +ve days run out. Call me an old cynic!
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Post by brightspark on Mar 11, 2018 10:42:33 GMT
"01/03/2018
The LPA Receiver is continuing to meet with parties interested in acquiring the property. The marketing of the property has now been agreed and it is to be launched in the open market this week."
Has anyone stumbled across where this property is to be/being marketed/auctioned or whatever yet?
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Post by peterpea on Mar 11, 2018 17:16:38 GMT
Has anyone talked about the mis-selling of this loan to the public by Lendy ? Along with other loans.
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