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Post by Ton ⓉⓞⓃ on Jun 19, 2014 15:24:50 GMT
West Lanacashire Care Home Loan - 12 months interest only - 10% per annum - 65% loan to value against turnkey valuation of care home plus debenture over business assets.
Auction 101
I've removed the extra a assuming it's a typo in the title
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Post by andrewholgate on Jun 19, 2014 15:26:01 GMT
Arrrrgh!
Good news though, fully underwritten.
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mikeb
Posts: 1,072 
Likes: 472
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Post by mikeb on Jun 19, 2014 17:17:33 GMT
Halfway between Lanarkshire and Lancashire, then? (Fixed now)  |
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Post by lynnanthony on Jun 19, 2014 17:21:14 GMT
Seems rather anonymous. Unless I missed it, no company name or director's name. Difficult to duedil.
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Post by batchoy on Jun 19, 2014 18:13:37 GMT
Seems rather anonymous. Unless I missed it, no company name or director's name. Difficult to duedil. There is little point in doing DD on the company or the director as neither has a background in the care home business. Having friends who own and run a couple of care homes, and family and friends who manage and work in care homes its a specialist area that you need experience to work in successfully and not an area that I particularly want to get in to. I may give this one a miss. Edit: having shown the numbers to someone with practical experience of running a care home their view is that the operational budgetary assumptions are light.
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Post by jevans4949 on Jun 23, 2014 7:33:48 GMT
I guess the questions are whether there really is a market for "luxury" care homes, and if not, and the operating company fails to thrive, what would the value of the building be to a "bog-standard" care home provider?
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jjc
Member of DD Central
Posts: 414
Likes: 632
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Post by jjc on Jan 20, 2015 16:42:07 GMT
Good to see this loan selling down tidily, won't be too long I imagine before it's all gone. I've upped my stake, now feeling more comfortable (& also Q&A news suggesting occupancy target is on track). Experienced care staff & savvy borrower it would seem behind the loan, & an intention to build a portfolio of 10 care homes over 5 yrs before floating the co which is also reassuring.
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Post by abjz493 on Jan 20, 2015 21:56:44 GMT
Can you remember how much was for sale 1 week or 1 month ago?
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Post by pepperpot on Jan 20, 2015 22:08:15 GMT
Can you remember how much was for sale 1 week or 1 month ago? On the 18th I put a bit up for sale as a test, and remember the figure as about £342k. Before Christmas (not sure how much before, but no more than a month) it was over £500k.
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jjc
Member of DD Central
Posts: 414
Likes: 632
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Post by jjc on Jan 20, 2015 23:28:48 GMT
This was one of the big swingers, I had it at 600-800k before Xmas. Hard to guage now there’s no label on the AC loan tins but I wouldn’t be surprised if there’s some been some uw activity affecting things on it.
Of marginal importance in any case at this juncture, the fundamentals look sound & with LTV heading south of 50% it could be a good place to park something away for the dry season. A couple of redemptions (if that) & I expect it’ll be getting chewed up by the shraplenator.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Jan 27, 2015 22:18:11 GMT
I agree jjc, "a good place to park something away for the dry season". I've been watching this one like a hawk, it was down to £59k this afternoon and looking very liquid for the first time ever. Now £259k available. I remember when underwriters were selling this at a discount. I wonder when that feature will return?
Edit: 15 mins later and it's dropped to £34k.
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acorn
Posts: 118
Likes: 23
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Post by acorn on Apr 24, 2015 16:34:09 GMT
Has repaid, for those not transferring to new loan.
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Post by chris on Apr 24, 2015 17:05:08 GMT
Has repaid, for those not transferring to new loan. It should also have repaid for those transferring to the new loan but with the following sequence: 1) Entry on the MLIA statement showing the repayment 2) Transfer from the MLIA to your cash account showing on both statements 3) Cash deducted from your cash account to create a bid in the new loan This process has been automated now so in the future we'll code an interface allowing users to opt-in to the transfer via the website and also allowing for partial transfers rather than only allowing the full balance to be transferred. We can also operate this without freezing the aftermarket as individual loan units can be placed on hold pending transfer.
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mikeb
Posts: 1,072
Likes: 472
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Post by mikeb on Apr 24, 2015 18:29:59 GMT
Has repaid, for those not transferring to new loan. In my case, has NOT repaid. I am not transferring to the new loan, and yet a bid has been created with my holding. Not impressed -- on the previous roll forward offer (forget which loan) the request to roll forward was ignored, despite two assurances it would happen. Now, with no authorisation, my holding has been put into a loan I don't want  I can't cancel the bid, as the site gives a 404 error when I get near any option to do that. (Settled Bids, click the ">") ... and the loan isn't any any of the lists (upcoming, targetted, live ...) Has anyone else had this happen, or have I been selected especially? chris it's all very well automating stuff, but this is not the first time that AC has taken it upon itself to move holdings around (buy/sell) without any input from the customer whose money you're playing with. Reported to MW and SF by email, just to pre-empt the usual ...
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Post by chris on Apr 24, 2015 18:36:55 GMT
Has repaid, for those not transferring to new loan. In my case, has NOT repaid. I am not transferring to the new loan, and yet a bid has been created with my holding. Not impressed -- on the previous roll forward offer (forget which loan) the request to roll forward was ignored, despite two assurances it would happen. Now, with no authorisation, my holding has been put into a loan I don't want I can't cancel the bid, as the site gives a 404 error when I get near any option to do that. (Settled Bids, click the ">") ... and the loan isn't any any of the lists (upcoming, targetted, live ...) Has anyone else had this happen, or have I been selected especially? chris it's all very well automating stuff, but this is not the first time that AC has taken it upon itself to move holdings around (buy/sell) without any input from the customer whose money you're playing with. Reported to MW and SF by email, just to pre-empt the usual ... Mike I've double checked and you're on the list of lenders I was supplied to roll over with explicit instruction that you were to be included. Could you liaise with SF who would have spoken to you and added you to the list. You've never been able to cancel bids yourself - they're committed funds.
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