chunkie
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Post by chunkie on Jul 4, 2017 19:55:50 GMT
I Googled the address only to find what seems to be this property was marketed in July 2015 and April 2016 for GBP 2.5 million. The current valuation is GBP 3.9 million. Seems a stretch to me. A second charge is too risky for me.
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rs
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Post by rs on Jul 4, 2017 19:59:12 GMT
I Googled the address only to find what seems to be this property was marketed in July 2015 and April 2016 for GBP 2.5 million. The current valuation is GBP 3.9 million. Seems a stretch to me. A second charge is too risky for me. This one belongs in the sh*t list with the poo nappies.
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james100
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Post by james100 on Jul 6, 2017 10:08:36 GMT
...possibly why it's just been cancelled.
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chunkie
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Post by chunkie on Jul 11, 2017 13:03:38 GMT
Now relisted as loan number 2548652565
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baldpate
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Post by baldpate on Jul 11, 2017 15:34:18 GMT
If you generously assume a value of £2.5M (the asking price when it was on the market - presumably unsold - last year) that would still give a LTV for the 2nd charge in excess of 70%. As much to be avoided in its latest incarnation as in its previous, IMO.
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chunkie
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Post by chunkie on Jul 11, 2017 16:31:12 GMT
And if didn't sell for 2.5 million in the two years it was listed then we should assume it is not worth 2.5 million.
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rs
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Post by rs on Jul 11, 2017 17:27:28 GMT
And if didn't sell for 2.5 million in the two years it was listed then we should assume it is not worth 2.5 million. This one also belongs to the sh*t pile with the poo nappies.
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Post by badboyyardy on Sept 7, 2017 9:28:21 GMT
Is this the one same as the one coming up today 1366547251 - having problems finding it on Rightmove. Trying to do my DD but how can it be the sale has been agreed for the last 2 renewals Would that not be a sale thats fallen.
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r00lish67
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Post by r00lish67 on Sept 7, 2017 9:52:47 GMT
Is this the one same as the one coming up today 1366547251 - having problems finding it on Rightmove. Trying to do my DD but how can it be the sale has been agreed for the last 2 renewals Would that not be a sale thats fallen. It's a different property. What I'm slightly concerned about is that in the e-mail to investors FS said: "The borrower has exchanged on the sale for £1.4m but completion is delayed until some remedial works are done" But in the loan blurb it says: "The client....will repay the loan from the sale of the property, which is currently on the market and the client has accepted an offer of £1,400,000" . So have they actually exchanged? To be honest though, the loan is tiny and it's a renewal, so you'll need some very nimble fingers to get it. Not that it's actually particularly attractive as a 3rd charge, just very small.
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Post by badboyyardy on Sept 7, 2017 10:26:58 GMT
Got some £100 limit whoopy do
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rogerthat
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Post by rogerthat on Sept 7, 2017 11:21:54 GMT
" Not that it's actually particularly attractive as a 3rd charge, just very small." Even as a 3rd charge and lopping 25% off the valuation to be ultra pessimistic, I think a LTV of 54.7% suits me extremely well. If all the LTV's were in that ball park id be more than happy..and yes I did get a slice
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rogerthat
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Post by rogerthat on Mar 7, 2018 22:46:27 GMT
Update 07/03/18
6 hours ago
There were works needed to remove a small unauthorised extension from this Grade 2 listed property. The agreed sale fell through but the remedial works have been completed with Planning consents. We are currently assessing a possible renewal of this loan, pending some final due diligence, to allow for a new sale.
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rogerthat
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Post by rogerthat on Mar 8, 2018 18:34:12 GMT
So...here we have it..as I'm not the OP of the thread above I cant edit the title Loan up tomorrow 9th March 11am Renewal of 1366547251 which is c 182days £31K @ 13%... LTV 41.45%.. Hasty edit ..I'm lost on this until I can untwist me long johns..it seems there's two properties..one in Farnham & one in Farnham Royal? two values of £3.9m and £1.25m..
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steve11523
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Post by steve11523 on Mar 8, 2018 18:34:49 GMT
Looks somewhat less risky with the second charge removed and a more realistic assessment of the property value (and a lot less risky than most of the development loans.
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rogerthat
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Post by rogerthat on Mar 8, 2018 18:53:16 GMT
"This has now been removed, reducing the footprint by 3 sq meters" (sic) Oh dear
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