Carter
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Post by Carter on Oct 30, 2017 19:45:43 GMT
Have we been given a list of the other developments other than the MT loan that this development arm is working on? Just curious to know to get a picture of the setup. Again the MT terminolgy "development arm" is unfortunate. P***** R***** is a SPV (single purpose vehicle) specifically for this project. There are no charges registered other than to MT for this specific site. The director does not appear to have any other development SPV's active at present, and indeed is fairly conscientious in applying to companies house for the strike off of SPV companies when they are no longer required. Reading between the lines, the director bought this one site from the previous owner (who attracted all the bad press with regard to the other developments) to develop it for his own profit. This was my opinion at the time the loan launched, and hasn't changed since. The letter today simply confirmed my earlier views that B*** had been tarnished by association with the other projects, not by any action attributable to B***. Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy.
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Post by mrclondon on Oct 30, 2017 20:00:26 GMT
Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy. The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available.
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Carter
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Post by Carter on Oct 30, 2017 20:21:09 GMT
Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy. The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available. Now that really is a useful piece of info....as someone once said "IMHO, there is absolutely no need to panic"
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fasty
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Post by fasty on Oct 30, 2017 20:26:11 GMT
Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy. The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available. So, someone will be in really deep poo if it remains a tidy pile of rubble I watch with interest. (Hopefully plenty of it)
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hazellend
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Post by hazellend on Oct 30, 2017 20:50:52 GMT
I don't think it is derogatory or smug to use the term sheeples. There are a lot of SPIVs who panic easily. To be honest, if there were fewer investors, P2P sites would have to offer a higher rate of interest to more level headed investors. I have to say I don't care for this type of language when talking about fellow members of the forum or even guests who are utilising this resource. To me it does smack a little as a sense of superiority. People react to the information they have. Some people have more information and/or experience than others which may provide more context for particular events. There are also a multitude of reasons why a particular investment may move from hold to sell for any one investor. Some investors may solely focus on the value of the proposal and others may take into account the borrowers background, previous record and linked business associates. I've seen some comments on the forum whereby people shy away from investments when the background of the borrowing company or connected individuals just gets too complicated, in their view, regardless of whether the proposal still looks basically sound. Regardless if people want to sell for whatever reason then that's their prerogative, perhaps they are reacting to other peoples actions or perhaps they know something you don't, who knows. I think your other assertion is a little flawed, you're presuming that if there were fewer investors then there would be a greater % of level headed investors. To me this reads as, if there were less of them and more like me then it'd much better. I see your point and mostly agree with you. I just wish people would chill
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jlend
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Post by jlend on Oct 31, 2017 7:59:28 GMT
Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy. The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available. In sync with the update on MT on 29 Sept which states the number of exchanges. Circa 8% exchanged of the total block as of that update.
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jlend
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Post by jlend on Oct 31, 2017 8:27:26 GMT
Have we been given a list of the other developments other than the MT loan that this development arm is working on? Just curious to know to get a picture of the setup. Again the MT terminolgy "development arm" is unfortunate. P***** R***** is a SPV (single purpose vehicle) specifically for this project. There are no charges registered other than to MT for this specific site. The director does not appear to have any other development SPV's active at present, and indeed is fairly conscientious in applying to companies house for the strike off of SPV companies when they are no longer required. Reading between the lines, the director bought this one site from the previous owner (who attracted all the bad press with regard to the other developments) to develop it for his own profit. This was my opinion at the time the loan launched, and hasn't changed since. The letter today simply confirmed my earlier views that B*** had been tarnished by association with the other projects, not by any action attributable to B***. Cheers. Makes sense. There are several press articles that quote the director and mention PRC as a development arm so may have got copied from there.
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greeb
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Post by greeb on Oct 31, 2017 8:33:15 GMT
The siuation has become clearer thanks to the update and these posts. I have little expertise in these matters but wonder if the sole director of our borrower by also being a director of a company that is in admin may be declared bankrupt. presumably this would affect repayment prospects by refinancing or otherwise. I have 4 figures in this loan. Over to those with more more legal nous.
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jlend
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Post by jlend on Oct 31, 2017 9:57:48 GMT
The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available. So, someone will be in really deep poo if it remains a tidy pile of rubble I watch with interest. (Hopefully plenty of it) Just in case you missed it, on the 29/9 update the borrower is being open that the exchanges are behind schedule and to try and bring the sales back on track they are engaging with a second sales agent
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elliotn
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Post by elliotn on Oct 31, 2017 13:52:16 GMT
The siuation has become clearer thanks to the update and these posts. I have little expertise in these matters but wonder if the sole director of our borrower by also being a director of a company that is in admin may be declared bankrupt. presumably this would affect repayment prospects by refinancing or otherwise. I have 4 figures in this loan. Over to those with more more legal nous. Our borrower is a separate limited company so the financial well being of a director/shareholder or another of his company’s needn’t impact our security directly, for which we have the first charge.
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Post by GSV3MIaC on Oct 31, 2017 15:19:23 GMT
Unless, of course, we were stupidly relying on their PG to backstop a really stupidly bad VR .. which, afaict, we are not (in this case).
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jlend
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Post by jlend on Oct 31, 2017 15:36:19 GMT
[...] I don't know where the director of the new company figures in this at all [...] The director of S**** was previously at B*** (non-director position)... He is an architect. Currently the only registered architect working at the new architect company according to the architects registration board website.
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jlend
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Post by jlend on Oct 31, 2017 15:45:08 GMT
Unless, of course, we were stupidly relying on their PG to backstop a really stupidly bad VR .. which, afaict, we are not (in this case). It may have an impact on how easy the borrower finds it to refinance the loan if he needs to declare he has been a director of a company in insolvency.
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jlend
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Post by jlend on Nov 1, 2017 21:04:16 GMT
Confirmation of the cvl and appointment of the liquidators published in the Gazette today 1st Nov for the old architects.
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zendog
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Post by zendog on Nov 3, 2017 16:16:03 GMT
Well that purchase of £350,000 has reduced the SM just a little!!
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