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Post by westcountry on Oct 1, 2017 9:17:42 GMT
Collateral Rep, I'm considering investing in the latest development loan for this project (DL00016), but I'm struggling to work out where the 60% LTV figure comes from. The valuation document on the loan page gives the valuation as £1.75m, which is the same amount as the security for the original BL00046 loan, and I can't find any documented increase in valuation of £462,975 to cover the extra £277,785 lending @ 60% LTV of the four DL loans so far? Please could you explain how the 60% LTV is arrived at, preferably by supplying a quantity surveyor's report showing the increase in site value?
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seeingred
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Post by seeingred on Oct 2, 2017 13:21:49 GMT
Maybe time we were treated to some updated photos of this site.? All clearance works should have been completed. Scaffolding, bricks and mortar would be good. Thank you collateral |
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ramblin rose
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Post by ramblin rose on Oct 4, 2017 16:51:11 GMT
Maybe time we were treated to some updated photos of this site.? All clearance works should have been completed. Scaffolding, bricks and mortar would be good. Thank you collateral Funny you should say that. Your roving reporter was coincidentally there yesterday morning. As you see, the site is fully cleared now, but otherwise no change.  
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agent69
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Post by agent69 on Oct 4, 2017 18:10:14 GMT
Funny you should say that. Your roving reporter was coincidentally there yesterday morning. As you see, the site is fully cleared now, but otherwise no change. I assume the workman in the previous photos has gone off to get his hard hat?
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ramblin rose
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Post by ramblin rose on Oct 5, 2017 8:19:57 GMT
I assume the workman in the previous photos has gone off to get his hard hat? Yeah. I only went back 'cos I was hoping for an 11:30 Diet Coke moment 
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elliotn
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Post by elliotn on Oct 5, 2017 16:33:44 GMT
I assume the workman in the previous photos has gone off to get his hard hat? Yeah. I only went back 'cos I was hoping for an 11:30 Diet Coke moment 😉 For the crack, yes. Although we shouldn't demean professionals in their field of work .
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seeingred
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Post by seeingred on Oct 21, 2017 11:04:56 GMT
About time we had some more photos? Is there anything to show what has happened on site since a little ground clearance was completed weeks ago? collateralA list of background activities has been provided, ...... And what about Burnley too? |
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ramblin rose
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Post by ramblin rose on Nov 2, 2017 16:05:50 GMT
Made a detour to Darwen today. As I expected after such a short time, no change.
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Post by sebulon on Nov 3, 2017 6:40:56 GMT
Made a detour to Darwen today. As I expected after such a short time, no change. Thanks for sharing this. Isn't that already worrying? 92 days left.
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stevio
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Post by stevio on Nov 3, 2017 6:48:45 GMT
Made a detour to Darwen today. As I expected after such a short time, no change. Thanks for sharing this. Isn't that already worrying? 92 days left. can you comment on where you would expect the build to be at this stage and what criteria you are using for release of the development funding?
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agent69
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Post by agent69 on Nov 3, 2017 6:53:02 GMT
Thanks for sharing this. Isn't that already worrying? 92 days left. can you comment on where you would expect the build to be at this stage and what criteria you are using for release of the development funding? Any reason why we can't see a copy of the contractors construction programme? That would allow us all to monitor progress
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moist
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Post by moist on Nov 3, 2017 7:18:49 GMT
I asked about an update on 46 and 48 last week. Coll are visiting both sites next week, and will update then
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SteveT
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Post by SteveT on Nov 3, 2017 7:32:11 GMT
Made a detour to Darwen today. As I expected after such a short time, no change. Thanks for sharing this. Isn't that already worrying? 92 days left. The remaining days indicated on the original bridging loan (BL00046) is a red herring, IMO. The loan description states " The purpose of this loan is to assist with the purchase of the site, professional fees and clearing the site ready to commence the initial works on the development" and goes on to say that " The exit to this loan is refinance or develop the site in phases and by way of the sale of each unit." There was never any suggestion that the development itself would be completed (or even fully underway) within Collateral's initial 6 month loan term. Unless the developer has lined up alternative refinance, it seems more than likely to me that BL00046 will be extended, provided of course that a further period of interest is paid. As each development tranche is drawn down and spent on the site, the security of BL000046 itself should improve (since it ranks ahead of the development tranches).
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stevio
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Post by stevio on Nov 3, 2017 7:49:32 GMT
Thanks for sharing this. Isn't that already worrying? 92 days left. The remaining days indicated on the original bridging loan (BL00046) is a red herring, IMO. The loan description states " The purpose of this loan is to assist with the purchase of the site, professional fees and clearing the site ready to commence the initial works on the development" and goes on to say that " The exit to this loan is refinance or develop the site in phases and by way of the sale of each unit." There was never any suggestion that the development itself would be completed (or even fully underway) within Collateral's initial 6 month loan term. Unless the developer has lined up alternative refinance, it seems more than likely to me that BL00046 will be extended, provided of course that a further period of interest is paid. As each development tranche is drawn down and spent on the site, the security of BL000046 itself should improve (since it ranks ahead of the development tranches). the end dates really need sorting out at your end, particularly for people to evaluate a loan to purchase on the SM. How is anyone to know the end date as I think I saw an email that you were going to alter them to be in line between tranches and then another email to say you were going to extend them (I presume there will be some way of exiting if you do not with to be in the extension?). It does not seem to be a system and more at Collateral whim
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oik
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Post by oik on Nov 3, 2017 14:48:30 GMT
(I presume there will be some way of exiting if you do not with to be in the extension?). It does not seem to be a system and more at Collateral whim. Not necessarily. See "Chelsea" (i.e. Fulham) loan. Would seem reasonable to expect those who don't want take part in an extension to be able to at least put their loan part up for sale without Collateral pocketing all their ongoing interest for the privilege. (Though they might have a long wait.)
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