Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 21, 2020 18:34:06 GMT
Success to me is an overall profit. Like a Labour manifesto it is unlikely to achieve stated goals. In fact 100% of loans are now subject to recovery fees so to keep up with the gloom and doom sayers the technically are failures.
Taking a less huge conspiracy approach I will probably come out on top in the end-of current investments I’m not greedy return of capital would be a success as lessons learned are useful going forward and interest paid on past investments
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criston
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Post by criston on Feb 2, 2020 10:00:02 GMT
It appears the original valuation was based on the assumption of 2 large dwellings plus 21 lodges.
The information shown on the planning site appears to show one dwelling with permission & 11 lodges replacing the 21 lodges with no permission shown.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 2, 2020 11:47:34 GMT
It appears the original valuation was based on the assumption of 2 large dwellings plus 21 lodges. The information shown on the planning site appears to show one dwelling with permission & 11 lodges replacing the 21 lodges with no permission shown. There are 2 separate CQ loans. The lodges relate to the Quarry Base loan which is not this thread.
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pfffill
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Post by pfffill on Feb 26, 2020 0:37:00 GMT
Update from CG today on all nine tranches: "Formal demand has been served on the borrower and LPA receivers have been approached with the view of appointment. Discussions are currently ongoing with the borrower in relation to his attempts to refinance, and an update will be provided in due course".
LTGDV was stated at 44.28% as of the release of tranche 9, which might give cause for some hope that all the tranches, which are all first charge, will be repaid in full, with interest. However, we know what a horlicks, intentional or otherwise, was made by valuers of other projects, so perhaps best to remain stoical until the situation is resolved.
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adrian77
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Post by adrian77 on Feb 26, 2020 11:55:58 GMT
Hopefully there is still a chance this one will come good - at least the housing market is moving in our favour but I guess a lot depends on how much work still needs doing. As somebody else mentioned a forced sale often results in an instant 30% price reduction.
Interesting one to follow - fingers crossed!
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criston
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Post by criston on Feb 26, 2020 16:08:25 GMT
I should have researched this one further at the time, but the LTV appeared OK.
Having looked into property prices in the local area it appears the maximum is around £650k.
Not sure what makes this one more attractive as there is little information.
I still find it difficult to understand why it appears there is one dwelling but the original valuation was for 2 dwellings.
If I lived closer I would have a look.
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pfffill
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Post by pfffill on Feb 27, 2020 8:17:10 GMT
Well, note this bit of fluff from the "Executive Summary" (whatever that is):
"Exit Plan
The Borrower is confident in the potential exit of this loan using a highly qualified finance company that has substantial experience with the borrower, intimately knows this project and has access to capital via a number of intermediaries that know the market for permanent financing. The Borrower has advised they are now pursuing refinance with a lender that they have a previous relationship with. As an alternative the Borrower may sell the project and given the expected loan-to-GDV of 47%, there is sufficient equity in this project to allow for the full recovery of the loan."
That was back in August when T9 was issued - it became due last week. Let's see if refinancing or a sale of the project is as easy as the above would have had us mugs believe, in light of the latest update, "Formal demand has been served on the borrower and LPA receivers have been approached with the view of appointment. Discussions are currently ongoing with the borrower in relation to his attempts to refinance, and an update will be provided in due course".
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criston
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Post by criston on Feb 27, 2020 12:13:46 GMT
Can anyone enlighten me. Is there 1 or 2 dwellings being financed under this loan.
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pfffill
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Post by pfffill on Feb 27, 2020 12:24:54 GMT
I see no mention of a second one. The other development of a number of dwellings at the bottom of the quarry were, as stated above, on a separate loan.
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criston
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Post by criston on Feb 27, 2020 12:51:41 GMT
From the original valuation document. How much of this has been funded with this loan ?
Top Office with residential Planning Permission £1,500,000
Reception buildings with Permitted Development Rights £250,000
Industrial Units and quarry site (6 acres) £600,000
29 acres of woodland and meadows £250,000
Current total market value £2,600,000
We assess the Market Value of the freehold interest of the old reception buildings, as at
the date of valuation, but subject to the special assumption that Planning Permission
has been obtained for the development of two large contemporary houses, to be in
the sum of £600,000 (six hundred thousand pounds).
We assess the Market Value of the freehold interest of the 6 acres of quarry land, as at
the date of valuation, but subject to the special assumption that Planning Permission
has been obtained for the development of 21 holiday lodges, to be in the sum of
£1,000,000 (one million pounds).
We assess the Projected Total Market Value of the freehold interest of the property
(subject to the special assumptions), as at the date of valuation, to be in the sum of
£3,350,000 (three million three hundred and fifty thousand pounds). The
constituent parts of this valuation are as follows:-
Top Office with residential Planning Permission £1,500,000
Reception buildings with Permitted Development Rights £600,000
6 acres of quarry land £1,000,000
29 acres of woodland and meadows £250,000
Projected Total Market Value £3,350,000
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pfffill
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Post by pfffill on Feb 27, 2020 13:21:39 GMT
As I understand it, only the first item - the £1,500.000 loan.
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criston
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Post by criston on Feb 27, 2020 13:48:05 GMT
If that's the case.
Total facility £1.4m. Supposedly 44.28% LTV.
Mentions 2 dwellings in valuation.
Still find it difficult to suss.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 27, 2020 14:54:48 GMT
I don’t think forcing this borrower’s hand is necessarily the best way to go at this time. There are far more deserving a little push.
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pfffill
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Post by pfffill on Mar 10, 2020 10:18:01 GMT
Update this morning:
"Formal demand has been served on the borrower and LPA receivers have been approached to consider the potential appointment. The borrowers broker continues to provide documentation which suggests that the refinance is ongoing, we are allowing the borrower time to substantiate the position as this would result in a better return to investors."
Chance of this one paying out?
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pfffill
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Post by pfffill on Apr 1, 2020 3:03:30 GMT
Update:
"The borrower continues in his efforts to refinance the site. Unfortunately given the national crisis, this has led to delays in valuations being completed for the new lender. We continue to work with the borrower and allow the additional time as it is considered this will achieve the best outcome for investors. A further update will be provided in due course."
Ho hum, look in again in a few months, at least it's hangin' in there - so far....
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