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Post by rollercoaster on Aug 2, 2017 20:21:03 GMT
I was referring to the valuation and planning square meterage being different.
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elliotn
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Post by elliotn on Dec 17, 2017 9:51:00 GMT
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Post by mrclondon on Dec 18, 2017 17:32:46 GMT
Seasons come, and seasons go. Taken late this afternoon ... August 1st photos are in this post. (Additional commentary to follow later)
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seeingred
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Post by seeingred on Dec 18, 2017 17:43:14 GMT
Reminds me of a large loan on Lendy - a prestigious largely new build house in Surrey that finally may be sold for a fraction of its valuation. In the period(s) when it was taken off the market and having its price and/or selling agent updated, it was said to be resting.
A lot of potential building sites do this, the government is getting so uptight about it that they may force development of land that has had planning consent.
Desperate business dealing with a burgeoning population.
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Post by mrclondon on Dec 18, 2017 18:15:27 GMT
MT Update 30/07/2017 "The borrower is just finalising the costs for building one house [...]. They have considered building more than one house on the plot, however the additional time that this would take has led them to stick to one house. They anticipate starting the building works mid to late August [...]."
MT Update 22/09/2017 "The borrower is progressing ahead with the construction / engineering drawings, etc. for the single house and will be ready to start Phase 1 works on site in the next week or two. Phase 1 works are the groundworks and basement shell which will take 3 months. They have redesigned the Phase 1 works slightly so that they now suit both the single house and the three house options (the plans of which have also been adapted to suit).[...]"
We are now 9 months into this two year loan, and demolition / groundworks are still to commence. The July update implied a decision had been taken to abandon the idea of a 3 property scheme, and yet the September update suggested the design was being tweaked to allow for a later decision (in mid December).
There is no obvious new planning application for a three property scheme on the Wandsworth planning portal, which just shows the dogged persistence across three attempts at getting approval for the single property scheme. Perhaps of greater concern is there are no obvious new application(s) to discharge the pre-development conditions on the approved permission.
Summarising the conditions that require discharge:
Condition 12. is worded ambigously and could be discharged post development IMO.
To my non-expert eye conditions 8 , 9 and 13 carry an additional level of risk compared to building a bog standard property. It would be great if MT were to update us with the revised project schedule, details of how the borrower is progressing in discharging the pre-development conditions, and the borrower's assessment of the inherent risk attached to conditions 8 & 9 in particular. There is no discussion of these non-standard conditions in the VR which is perhaps not surprising as the VR is dated prior to the formal approval of the planning application.
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theshape
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Post by theshape on Dec 18, 2017 20:49:55 GMT
Just waiting for someone to shift the Audi!
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registerme
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Post by registerme on Jan 10, 2018 9:29:14 GMT
I'm not in this but fyi there's an update on MT saying that a planning decision is due shortly and that another valuation will be carried out at the end of January.
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Post by rollercoaster on Jan 10, 2018 13:28:21 GMT
There is no revised planning application on the local authority planning portal. Any planning application would need to go through the process, which a change to three houses would presumably be a new planing application. So a 21 day consultation period. The last application was referred to the planning committee which adds more time.
The wording about the valuer "will also be monitoring the project on an ongoing basis with respect to the development phase and associated staged drawdowns" is interesting
Who has requested a new valuation? The borrower or MoneyThing? The borrower has stated various things in the updates that have not materialised, so I wonder if MoneyThing are looking at this in more detail. However I suspect the borrower is instructing the valuation in order to raise funds for development.
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Post by funtimedave on Jan 11, 2018 10:55:10 GMT
Just waiting for someone to shift the Audi! I am wondering if the audi is part of the security on the loan. Let's hope it has a full tank of petrol and some valuable CD's in the glove box.
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zendog
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Post by zendog on Jan 11, 2018 11:09:21 GMT
Just waiting for someone to shift the Audi! I am wondering if the audi is part of the security on the loan. Let's hope it has a full tank of petrol and some valuable CD's in the glove box. With a flat back tyre is isn't going anywhere fast!
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Post by badboyyardy on Jan 11, 2018 11:18:05 GMT
The sheep have started panicking again 11k and rising - quick get yourself in the queue.......
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Post by rollercoaster on Jan 11, 2018 15:27:16 GMT
The inconsistency in updates, and flip-flop of direction, plus a seemingly unrealistic timescale for a planning decision all affect confidence.
From the last update of 2017 you would have expected an update this year with news of excavation and planning conditions being discharged. But there was no actual progress.
Originally the build was stated as needing 18 months to complete and then sell, hence a 2 year loan. It has been active 10 months already, so 14 months left is not enough (if the original estimates were accurate). Plus the London housing market is trending downwards.
There is no penalty to offer to the secondary market so a bunch of people have listed. Whilst listing the lender gets interest.
If a secondary loan is started to fund development it will be interesting to see how quickly it sells.
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jlend
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Post by jlend on Jan 13, 2018 8:31:15 GMT
I'm not in this but fyi there's an update on MT saying that a planning decision is due shortly and that another valuation will be carried out at the end of January. Be interesting to see if the valuation has actually reduced since the start of the loan. The London market is not as strong as it was with many sellers reducing their prices and the expectation house prices will continue to trend down in London. Given this is a challenging plot for 1 or 3 houses it would be a brave surveyor to increase the valuation at this point in the housing cycle. I would have thought the size of the pool of potential buyers for this site is small.
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jlend
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Post by jlend on Jan 29, 2018 14:13:48 GMT
Hi MoneyThingWill the new valuation be available this week following the visit last week? It will be interesting to see the general comments they include on the London market. There hasn't been any physical progress on the site since March last year so I assume it will just be a quick report. Thanks
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Post by rollercoaster on Jan 29, 2018 20:53:14 GMT
No planning update. Nothing on the council portal.
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