1) Property Development Loan Interest P/A - 12% Loan value of £735,000 (value £1,050,000) LTV - 70%. Loan Term - 6 months Bid Limit - None
For Investments of £0.00 - £4,999.99 – 0.25% Cashback For Investments of £5,000.00 - £9,999.99 – 0.5% Cashback For Investments of £10,000.00 - £24,999.99 – 1.0% Cashback For Investments of £25,000.00 - £49,999.99 – 2.0% Cashback For Investments of £50,000.00 - £99,999.99 – 3.0% Cashback For Investments of £100,000.00 + – 4.0% Cashback
Valuation is based on planning being in place - has this been achieved (renewed)?
If not, this would substantially effect the current value
8.0.....The planning permission has ceased, however, we understand it is renewable under the same terms and it is assumed that this will be forthcoming. The lender may wish for assurances, prior to securing the loan.
The work that has been commenced was for a previous scheme involving the construction of appartments. One block has been completed and the footings laid for others. These footings are not consistent with the plans for houses, would probably need to be removed (At least in part). Any work completed under the old scheme would be unlikely to qualify for the new scheme and given that planning for the new scheme was acquired by a finance company who acquired the asset via the CVL of the previous owner it is unlikely they will have done any work (There is planning to demolish a damaged building on the site, the one completed block, but not sure that counts as work and still appears to be in agents photos)
Edit Planning for the demolition is still extant (2020) though didnt need prior approval
Edit 2 Looking at the photos on the listing I think it has been demolished
Minor shareholder in AC, Brickowner, Welendus, W.alpha, Propifi, Orca, Ccube, Ass.XChange ABL
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We are interested in the 2012 planning here. Have any works been undertaken that would constitute the commencement of the works permitted under that 2012 planning permission? If so, what was done?
Obviously something needs to have been done pertaining to that 2012 application and the works required specifically for that, or else the planning permission has lapsed and investors won't be over happy relying on an assumption that it will be re-granted.
The golden days of P2P lending are well behind us, in my opinion. I am now retired from active P2P investing and the undertaking of due diligence. Just awaiting resolution of 2 DEF loans in LY; 2 DEF loans in MT and my entire COL investment.