r1200gs
Member of DD Central
Posts: 1,296 
Likes: 1,812
|
Post by r1200gs on Nov 18, 2017 11:02:25 GMT
Something like £150k available at launch. Filled in 20 seconds. Yea, that was pretty spectacular! Got my bit though. 
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Mar 26, 2018 18:24:39 GMT
3 tranches of the development finance loan coming up for renewal tomorrow.
I am confused over existing loans on this development. The general info tabs say:
The client has an existing loan for £575,000 (2807104089.) that was used to part-finance the purchase of the property. In the event of a default that loan would have priority.
In actual fact that loan seems to have been completed in Nov 2017. Was it renewed under a different loan reference? Was it fully repaid? Does that mean the only outstanding loans are:
1) First 8 tranches of development loans : total £1,500,000
2) 'Further development loan' : total £370,000 (which ranks below the above)
Any thoughts on this one?
|
|
steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Mar 26, 2018 18:31:59 GMT
My understanding is that there are three loan facilities
£575,000 which has first priority
A facility in multiple tranches for £1.500,000 which is behind the £575,000
A further facility for £370,000 which ranks behind the above two
|
|
rogerthat
Member of DD Central
Posts: 2,036
Likes: 1,990
|
Post by rogerthat on Mar 26, 2018 18:36:53 GMT
3 tranches of the development finance loan coming up for renewal tomorrow. I am confused over existing loans on this development. The general info tabs say: The client has an existing loan for £575,000 (2807104089.) that was used to part-finance the purchase of the property. In the event of a default that loan would have priority.
In actual fact that loan seems to have been completed in Nov 2017. Was it renewed under a different loan reference? Was it fully repaid? Does that mean the only outstanding loans are:
1) First 8 tranches of development loans : total £1,500,000
2) 'Further development loan' : total £370,000 (which ranks below the above)
Any thoughts on this one?2807104089 went live 15/05/17...completed 18/11/17..atm Ive got my nosebag on so maybe someone will come up with what followed it. Looking on all the tranches I'm in (incl the 3 for renewal) I cant fathom it out. Maybe this chap could help ? www.bing.com/videos/search?q=inspector+clouseau+youtube&view=detail&mid=CB3411EBF46523290FA6CB3411EBF46523290FA6&FORM=VIRE
|
|
steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Mar 26, 2018 18:42:16 GMT
2938283517 is ref for the £575,000 renewal
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Mar 26, 2018 18:48:12 GMT
2938283517 is ref for the £575,000 renewal Thank you. That makes more sense. This project seems much closer to completion (and there mention on the update tab for 7682438798 about tenants moving in). I have previously avoided this loan but it seems a much safer prospect now. This seems likely to fill quickly, or am I missing something?
|
|
rogerthat
Member of DD Central
Posts: 2,036
Likes: 1,990
|
Post by rogerthat on Mar 26, 2018 18:57:55 GMT
2938283517 is ref for the £575,000 renewal Thank you. That makes more sense. This project seems much closer to completion (and there mention on the update tab for 7682438798 about tenants moving in). I have previously avoided this loan but it seems a much safer prospect now. This seems likely to fill quickly, or am I missing something? Previously avoided this loan ?..the part purchase loan and all 8 dev tranches..surely not...I'm in 3/4/5/7/8..but somehow missed the 2938283517..however I did avoid the supplemental loan of £370K
|
|
steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Mar 26, 2018 19:11:04 GMT
2938283517 is ref for the £575,000 renewal Thank you. That makes more sense. This project seems much closer to completion (and there mention on the update tab for 7682438798 about tenants moving in). I have previously avoided this loan but it seems a much safer prospect now. This seems likely to fill quickly, or am I missing something? My view is that this is one of the better loans on FS. The project is near completion and the LTV is ok, especially with 370k of supplemental loans sitting behind the loans currently up for renewal.
|
|
mariner
Member of DD Central
Posts: 168
Likes: 338
|
Post by mariner on Mar 26, 2018 19:21:48 GMT
Could be one of the the better ones but I still have my doubts about their grasp of the English language
From the e-mail today
Char*** Hosue, Ne* Bri**ton................shocking
|
|
aj
Member of DD Central
Posts: 333
Likes: 432
|
Post by aj on Mar 27, 2018 7:00:09 GMT
The first charge on this is my biggest FS holding. Having quickly skimmed the valuation, I have a few key takeaways; -The valuation excludes one of the flats which is now under offer for 135K, so the value of the security should be slightly higher than stated. -If they manage to sell the rest of the flats for a similar price, I make that 42 Flats*135K=£5.67M Total value I'm happy to see this is almost complete as i'm a bit overexposed to this developer. (They have lots of FS loans, check mrclondon 's excellent post on the DD board for more info.) |
|
adrian77
Member of DD Central
Posts: 3,829
Likes: 4,017
|
Post by adrian77 on Mar 30, 2018 10:12:25 GMT
I have had a nibble in this one - bought at 16.39% (negative premium) in the SM on the first priority loan rather than 13% on the lower one currently being offered. Am I being thick or missing something?
Hopefully this one is nearing completion and the developer will soon be raising readies so that he could, if need be, refinance at a lower rate and pay us all back with lovely interest...
|
|
rogerthat
Member of DD Central
Posts: 2,036
Likes: 1,990
|
Post by rogerthat on Mar 30, 2018 15:30:08 GMT
I have had a nibble in this one - bought at 16.39% (negative premium) in the SM on the first priority loan rather than 13% on the lower one currently being offered. Am I being thick or missing something? Hopefully this one is nearing completion and the developer will soon be raising readies so that he could, if need be, refinance at a lower rate and pay us all back with lovely interest... I'm confused but nothing new there..did you buy 2938283517..with 51days left ?..best rate I can see is currently 6.9% ..that's a long way from 16.39%
|
|
mason
Member of DD Central
Posts: 662
Likes: 640
|
Post by mason on Mar 30, 2018 16:30:14 GMT
I have had a nibble in this one - bought at 16.39% (negative premium) in the SM on the first priority loan rather than 13% on the lower one currently being offered. Am I being thick or missing something? Hopefully this one is nearing completion and the developer will soon be raising readies so that he could, if need be, refinance at a lower rate and pay us all back with lovely interest... I'm confused but nothing new there..did you buy 2938283517..with 51days left ?..best rate I can see is currently 6.9% ..that's a long way from 16.39% My guess is he bought 2637081380 with 53 days left, being sold at a 0.6% discount. It ranks behind the first priority loan, but ahead of the supplemental loan. Some of the other equally ranked tranches of the facility loan had even juicier discounts. I'd be shocked if that first ranked loan started trading at a discount.
|
|
adrian77
Member of DD Central
Posts: 3,829
Likes: 4,017
|
Post by adrian77 on Mar 30, 2018 20:35:01 GMT
exactly what I bought - first priority, lower priority, supplementary loan - Gordon Bennet!
Actually I found this building now renamed on the web for sale to private and BLT tenants - it seems much more advanced than indicated by FS. That said the excellent DD indicates this developer has several other loans andI am still not interested in the supplementary loan - unless it comes up on the SM at a discount when there is firm evidence of readies coming in...
|
|
r1200gs
Member of DD Central
Posts: 1,296
Likes: 1,812
|
Post by r1200gs on May 29, 2018 12:35:49 GMT
I note that these apartments seem to be getting sold for £85,000 on the estate agents and some seem to be going in to auction with a guide price of £75,000.
I'm in 2938283517 and it's now overrunning, if not by much.
Valuation was £100,000 t0 £110,000.
Here we go again with the valuations being well off.
|
|
