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Post by MrHappyGoLucky on Aug 2, 2017 9:20:42 GMT
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
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Post by scerbera on Aug 2, 2017 9:48:22 GMT
Any views on the planning permission for this site?
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stevio
Member of DD Central
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Post by stevio on Aug 2, 2017 10:03:56 GMT
collateralValuation is based on planning being in place - has this been achieved (renewed)? If not, this would substantially effect the current value
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elliotn
Member of DD Central
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Post by elliotn on Aug 2, 2017 10:24:35 GMT
I can confirm I am unable to sell my loan part  |
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james100
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Post by james100 on Aug 2, 2017 10:32:30 GMT
collateral 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.
Collateral Rep, it would be good to have a bit more clarity on this.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Aug 2, 2017 10:32:44 GMT
Loan details state that PP has been granted for 33x 3 bedroom and one 4 bedroom. Is this no longer the case?
Crossed with James
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Post by Collateral Rep on Aug 2, 2017 11:05:40 GMT
Hi,
The planning is extant which means work started so planning can commence.
Many thanks,
Gordon
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Post by harryvederci on Aug 2, 2017 11:12:36 GMT
Col Rep - the agents marketing particulars clearly state...
Previously there has
been Planning Permission for residential
development on the site that has now expired,
various schemes have been proposed one of
which provided 34 units
For the avoidance of doubt, has extant planning been confirmed to you by the planning authority?
Many thanks
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ilmoro
Member of DD Central
'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 Aug 2, 2017 11:22:23 GMT
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
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guff
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Post by guff on Aug 2, 2017 11:49:07 GMT
Hi, The planning is extant which means work started so planning can commence. Many thanks, Gordon Do they have a Lawful Development Certificate Collateral Rep ?
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GeorgeT
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Post by GeorgeT on Aug 2, 2017 12:01:45 GMT
Yes can we have something clearer please COL?
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.
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Post by Collateral Rep on Aug 2, 2017 12:16:02 GMT
Afternoon,
I've asked for further clarification and will post later.
Many thanks,
Gordon
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fp
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Post by fp on Aug 2, 2017 13:17:58 GMT
I can confirm I am unable to sell my loan part That's me out then 😂
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peteuk
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Post by peteuk on Aug 2, 2017 13:55:44 GMT
No ones mentioned the leases yet , this will put off buyers due to the coverage in the press and tv
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seeingred
Member of DD Central
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Post by seeingred on Aug 2, 2017 16:21:50 GMT
If the developers and/or selling agents have any sense they will market the houses as freehold or on leasehold terms that are 'fair'. Otherwise they will have a stock of unsold houses on their hands.
Of more interest is why this development stalled some years ago.
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