m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Sept 21, 2017 7:56:45 GMT
I believe this to be a sound investment with progress to date increasing the value of loan security. I would feel more comfortable if platforms used local surveyors to value projects. I note that the surveyor used on this project is Lancashire based. Local companies have a better feel for local market conditions & are intimate with the area. It's possible that the job was contracted out to a local surveyor.
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Sept 21, 2017 14:56:44 GMT
In the middle of July a representative of the platform said they were confident that completion would be achieved in about 6 weeks (end August). We are now told that it will be at least 13 weeks. Doesn't fill you with confidence. Where do you get 13 weeks from block A should be complete this week. Block B in 3 to 4 weeks. The loan has always ended on 13 November. There has been an explanation for the delay Mid July to current projected finish date (3rd week October) equals 13 weeks. Also, I am not aware that there has been any meaningful explanation as to how 6 weeks became 13 weeks (particularly given the ludicrously optimistic nature of the original 6 week projection)
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Sept 21, 2017 14:59:30 GMT
As quoted Moneything Ed himself stated above back in July - so definitely delayed and still awaiting my choccy Uni has already started if I was a student would I want to wait until Nov to move into my cushty new appartment - that one terms rent down already. The block A should be complete this week so students should be able to move in next week. Block B 2 to 3 weeks later. There seems to be confusion with this and when the loan ends. Will would be better. Do we know as a fact that block A is going to be occupied while block be is still being completed (I assume both blocks are self contained?) Will this result in partial repayment?
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Sept 27, 2017 16:06:07 GMT
Looks very swish & better than many of the back street dumps I was used to.....I did however get street wise as part of my college education
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Sept 28, 2017 2:04:40 GMT
Looks very swish & better than many of the back street dumps I was used to.....I did however get street wise as part of my college education I got a First in fending off muggers in Manchester.
|
|
|
Post by waryinvestor on Oct 4, 2017 18:09:25 GMT
Isn't it the same Loan as MTAS707 / MTAS772 ? If so, why are different Valuations being stated - for this loan it states £ 1,320,000, whereas the earlier loans state £ 2,180,000 (which is actually higher). How can the value diminish after construction ? Also earlier loans state asset value of £ 2,900,000. Valuation in March 2017 is £1,430,000. A bit confusing ?
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Oct 4, 2017 18:12:57 GMT
Nope, it's a different development.
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Oct 4, 2017 18:24:00 GMT
Nope, it's a different development. But the same developer. From the man that gave us 'the development will be finished at the end of August' (and it wasn't) and ' the roof is finished' (and it wasn't) we have the warm, fuzz reassurance that 'The borrower will redeploy the team straight over to start work on this new project'. If nothing else. hopefully the borrower has learned the merits of telling the truth. Still 14 month development, so probably worth a punt.
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Oct 4, 2017 18:26:10 GMT
Nope, it's a different development. But the same developer. From the man that gave us 'the development will be finished at the end of August' (and it wasn't) and ' the roof is finished' (and it wasn't) we have the warm, fuzz reassurance that 'The borrower will redeploy the team straight over to start work on this new project'. If nothing else. hopefully the borrower has learned the merits of telling the truth. Still 14 month development, so probably worth a punt. Forgot to mention that the report and valuation is by a firm based in Lytham St Annes
|
|
mary
Member of DD Central
Posts: 698
Likes: 711
|
Post by mary on Oct 5, 2017 9:23:20 GMT
Loan Update 6/09/2017
We expect the build of Block B to be complete within the next ten days and the build of Block A to be complete by month end. The firm managing the lettings are comfortable with the timing and are confident of filling the units in time for courses to start in October. Block A has now been fully roofed and cladding is in progress*. The first fix has now been fully completed and Block B units have been fully decorated, floors are being installed and the kitchens and bathrooms are in the process of being fitted.
Does anyone know if this milestone, of being ready and filled for start of October, was achieved?
|
|
|
Post by GSV3MIaC on Oct 9, 2017 14:46:50 GMT
(No, I don't know the answer, but .. ) Please be aware (everyone!) that copying articles directly from the (members only) MT website onto this (public, trawled by Google-bot) board is generally not a good idea. In this particular instance the material was not particularly sensitive, so MoneyThing have no problem with you re-posting it (I checked), but many of the updates posted on the MT site need to stay there ( MoneyThing can post things on the public board with ease, if they decide they want to .. if they didn't, you should normally assume they wanted it to stay in MT-land).
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Oct 16, 2017 17:27:04 GMT
The block A should be complete this week so students should be able to move in next week. Block B 2 to 3 weeks later. There seems to be confusion with this and when the loan ends. Was dispatched to Plymouth this afternoon to look at some upcoming work, so decided to check on progress of the twin towers while I was in town. The developer must be getting a really good deal on the hire of his access scaffold, as he is obviously reluctant to take any of it down (both buildings still scaffolded to full height). Some cladding has been installed, but a long way from complete. Once the scaffold is removed and the site offices relocated there is still a significant amount of external work to be completed before anyone moves in. No idea what the state of play is within the 2 blocks. Worst aspect was that there were 3 or 4 vans parked alongside the site but very little activity on the scaffold. Chances of completion by the end of October - Nil. Maybe end of November if resources increase significantly.
|
|
|
Post by badboyyardy on Oct 16, 2017 19:02:12 GMT
The block A should be complete this week so students should be able to move in next week. Block B 2 to 3 weeks later. There seems to be confusion with this and when the loan ends. Was dispatched to Plymouth this afternoon to look at some upcoming work, so decided to check on progress of the twin towers while I was in town. The developer must be getting a really good deal on the hire of his access scaffold, as he is obviously reluctant to take any of it down (both buildings still scaffolded to full height). Some cladding has been installed, but a long way from complete. Once the scaffold is removed and the site offices relocated there is still a significant amount of external work to be completed before anyone moves in. No idea what the state of play is within the 2 blocks. Worst aspect was that there were 3 or 4 vans parked alongside the site but very little activity on the scaffold. Chances of completion by the end of October - Nil. Maybe end of November if resources increase significantly. Nice work - any pictures? I didn't think this would finish on time. Did you happen to see the new blocks for 2nd loan starting yet?
|
|
keystone
Member of DD Central
Posts: 713
Likes: 575
|
Post by keystone on Oct 16, 2017 19:38:54 GMT
The block A should be complete this week so students should be able to move in next week. Block B 2 to 3 weeks later. There seems to be confusion with this and when the loan ends. Was dispatched to Plymouth this afternoon to look at some upcoming work, so decided to check on progress of the twin towers while I was in town. The developer must be getting a really good deal on the hire of his access scaffold, as he is obviously reluctant to take any of it down (both buildings still scaffolded to full height). Some cladding has been installed, but a long way from complete. Once the scaffold is removed and the site offices relocated there is still a significant amount of external work to be completed before anyone moves in. No idea what the state of play is within the 2 blocks. Worst aspect was that there were 3 or 4 vans parked alongside the site but very little activity on the scaffold. Chances of completion by the end of October - Nil. Maybe end of November if resources increase significantly. Would you say that's Nov 2017 or 2018?
|
|
agent69
Member of DD Central
Posts: 5,622
Likes: 4,194
|
Post by agent69 on Oct 16, 2017 20:14:24 GMT
Was dispatched to Plymouth this afternoon to look at some upcoming work, so decided to check on progress of the twin towers while I was in town. The developer must be getting a really good deal on the hire of his access scaffold, as he is obviously reluctant to take any of it down (both buildings still scaffolded to full height). Some cladding has been installed, but a long way from complete. Once the scaffold is removed and the site offices relocated there is still a significant amount of external work to be completed before anyone moves in. No idea what the state of play is within the 2 blocks. Worst aspect was that there were 3 or 4 vans parked alongside the site but very little activity on the scaffold. Chances of completion by the end of October - Nil. Maybe end of November if resources increase significantly. Would you say that's Nov 2017 or 2018? Ask me again in a months time The issue is that in July we were told it would take about 6 weeks to finish the build, now it looks like the true figure will be in the region of 20 weeks. Is this incompetence on the part of the developer, or a deliberate attempt to mislead investors?
|
|