rogerbu
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Post by rogerbu on Jun 22, 2017 8:13:57 GMT
MoneyThing . Should we not have received the first interest + instant returns today? (loan ends 22/11/17) It has arrived now, thanks
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Post by MoneyThing on Jul 2, 2017 13:50:09 GMT
MoneyThing Sales literature in my inbox seems to suggest that development is due to complete in September. I note that your overview notes that the expected completion is August 2017 (ready for new student intake) - has there been a slight delay? Afternoon CD, I would suggest that the sales literature allows for a little buffer to manage expectations from an investor/purchaser perspective. Whilst the legals did take a little longer than anticipated before the borrower could drawdown, they have subsequently thrown a lot more workforce at the project to make up for lost time to be able to achieve August. Having been working longer hours on the project, admittedly they did receive a warning last week from the council for noise disturbance before the agreed 7am. Since then, so that they can maintain the rate of man hours, they have slightly modified their approach so that the quiet internal works are done prior to 7am. Kind regards, Ed
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star dust
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Post by star dust on Jul 2, 2017 16:19:18 GMT
Well I see Please turn me over's helping out with the internal stuff - but he's still not wearing a hard hat, have to hope he doesn't slow things down by attracting H&S
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agent69
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Post by agent69 on Jul 11, 2017 17:28:21 GMT
I see tranche 3 is up for grabs.
I am in Plymouth tomorrow so will check the accuracy of Timmy's photos before having a punt.
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oik
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Post by oik on Jul 11, 2017 19:57:55 GMT
I notice that the site (initially valued at £1,430,000 and now at £2,180,000 after some work) was acquired a few months ago through a distressed sale for just £331,000 because the borrower had what are described as "contacts".
Could we get some clarification on that? My understanding is that the previous owner of the site was another company owned by the borrower that became insolvent and went into compulsory liquidation in April. Did the borrower buy the site from his own insolvent company?
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trevor
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Post by trevor on Jul 11, 2017 21:19:28 GMT
How does what you want to know affect this loan Oik?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 11, 2017 22:49:01 GMT
He's referring to the previous developer whose name appears on many of the brochures for the development and who listed the development on their website before it was taken down when they were wound up. No charges registered at CH in their favour over the asset so they may not have been the actual owner.
According to LR sale was 24 Jan, a week before the publication of the winding up petition though it was initially presented in Sept 16 and the applicant changed in Nov. Looks like that petition was withdrawn/dismissed was taken on by a further applicant in March which resulted in a winding up order. The company was 100% owed by a company of similar name formed June 16 who acquired it from another of the principals companies in Nov 16.
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elliotn
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Post by elliotn on Jul 12, 2017 2:28:57 GMT
How does what you want to know affect this loan Oik? If this loan remains fully funded and unit sales are completed on time then none. However, some investors take borrower background into account to help mitigate repayment risk (rather than rely solely on the security as Ly has done for some of its defaulted loans). Borrower insolvencies and inter-co flips might be potential red flags and this borrower also downed tools mid-development in our other loan in a dispute with the lender (we are told lender tried to increase the rate).
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oik
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Post by oik on Jul 12, 2017 10:18:09 GMT
How does what you want to know affect this loan Oik? That's for you to judge. It's of relevance to me because in the original loan description it was said: "Please note that the site was purchased out of a distressed sale for £331,000. The borrower was able to act quickly and had the appropriate contacts to be able to secure a substantial discount from the site’s true value."If the actual circumstances were that the current owner obtained the site from a company where he was also the sole director after it had been put into compulsory liquidation by the courts following a petitition by creditors, then that would seem to be misleading as the "contacts" would presumably have been himself. It might also affect my view of why the previous source of finance for his other loan on MT decided not to continue the relationship on the existing terms. More generally, clarification would inform me as to how loan descriptions should be read and relied upon. Rather than becoming a discussion of either the borrower or the various other companies he has owned without having access to the full details, I think a simple clarification by MT would be preferable.
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Post by sannytwist on Jul 12, 2017 13:31:36 GMT
Before l invest in any further drawdowns, I think clarification is required here.
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Post by MoneyThing on Jul 12, 2017 15:38:57 GMT
Afternoon. I can confirm that our borrower was in no way connected to the previous ownership. Regards, Ed.
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agent69
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Post by agent69 on Jul 12, 2017 18:30:13 GMT
I see tranche 3 is up for grabs. I am in Plymouth tomorrow so will check the accuracy of Timmy's photos before having a punt. An interesting location. 4 typical residential roads with houses fronting onto the road, forming a box. The development is in the center of the box accessed by 2 narrow lanes. All very congested and you need to get quite close to the 2 blocks to take photos. I only took a couple of pics before my presence was noticed by some of the workmen. Decided to make a premature departure rather than risk a confrontation. I showed the photos to a friend in the building industry. When I asked if this was likely to be finished in September he smiled and said unlikely. When I asked why he said as a rule of thumb the roof goes on half way through the construction programme. Given that one block doesn't appear to have a roof yet September was optimistic (anyone know where you can get a set of cut price roof trusses from?). Based on what I have seen I'll be keeping away from tranche 3. Plym.1.pdf (130.91 KB) Plym.2.pdf (121.15 KB)
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Post by sannytwist on Jul 12, 2017 19:31:44 GMT
thanks for the pics, this loan.... makes me sad
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hazellend
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Post by hazellend on Jul 12, 2017 19:48:00 GMT
thanks for the pics, this loan.... makes me sad Each to their own. I like it
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Post by MoneyThing on Jul 12, 2017 20:30:13 GMT
Evening, I would just like to clarify: Roof 1, block B - Is on and watertight. The final covering membrane starts Friday this week (slight delay due to a national shortage of insulation). Roof 2, block A - Trusses on and is watertight. Membrane to follow after block B is on. Two additional 'sparkies' on site at the weekend with a view of completing all electrical works within a week. I have to say that I have been impressed with the efforts the borrower is going to to ensure works will be completed in August. I would go as far as saying that if the build is not complete in August, I will give all participants in this thread to date a choccy bar*! Regards, Ed * This is not to be considered a bribe or any incentive to invest in the loan, simply to show the confidence the author has in respect to the progress of the project. In the event the author does have to 'eat his words' and buy said choccy bars, this will be undertaken at the personal expense of the author and not the company for which he is associated with.
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