wysiati
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Post by wysiati on Aug 10, 2017 14:33:14 GMT
Given that significant CB is only for very BH, might the full CB across all investments be needed? If anything there are already diminishing marginal returns at the upper cashback tiers. Flat rate cashback would arguably make larger commitments look even more marginal unless the fundamental attractions of the underlying proposition are strong.
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Post by Collateral Rep on Aug 11, 2017 7:35:10 GMT
Morning,
We've uploaded the original planning application along with the planning extended letter to the loan details page.
Many thanks,
Gordon
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seeingred
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Post by seeingred on Aug 12, 2017 22:09:06 GMT
Having not paid much attention to P2P for a week, I was stuck by how little of this has been funded - just a few % more than when last I looked.
Meanwhile BC have raised over £900k in barely a weekend and more than half filled a £1.5m loan at 12% and only 5 months - and with no cashback. To be fair it is a loan secured on existing property.
There is still money about for P2P loans but maybe people are now being more cautious, having seen some impending capital losses on the horizon.
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stevio
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Post by stevio on Aug 13, 2017 11:45:48 GMT
Hi james100 , Sorry for the delay, I should have it next week once key people are back from their holidays. As always our due diligence is carried on right up until drawdown and we will have documentation on this before drawdown takes place. Many thanks, Gordon Hi Collateral Any further update on the planning confirmation for this one? The value of the land is dependant on planning still being in place Also, as this is the same borrower as BL00046, please could you confirm: - any previous history of the borrower completing similar projects? - running two large developments successfully in parallel? Thanks I have to assume that as my questions above where left unanswered, that the borrower doesnt have previous experience here. This increases the risk with this borrower With two large loans in quick succession, lenders likely over committed in the first loan, so lenders are now feeling over exposed to this one lender. With no movement on the SM on the first loan, a lender needs to consider their current investment and any further investments will need to be held to term. Investment still is stalled despite very generous CB. You could look to reducing the amounts needed for the CB levels? This could get you enough small investments to put you over the line, but would need a large investor base (although its possible you could have large number of new lenders register just for this loan if the CB levels were reduced). Its likely you would need to pay underwriters more anyway. Otherwise you probably need to increase faith in the borrower or the security The previous loan needed a re-evaluation of the valuation and a reduced LTV. Could the loan amount be reduced here to increase the LTV? Is their any additional security (like another property) the borrower can add to the loan? Even a large second charge would go some way? As leopard cat mentioned, we want to work with you, but at the moment we dont see this moving without some significant work on your part
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hazellend
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Post by hazellend on Aug 13, 2017 13:25:00 GMT
I think possibly some BHs' will be at their platform limit given the last 2 CB loans eating up 50 to 100k a piece.
Also, I have no money left lol
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Post by Collateral Rep on Aug 15, 2017 5:24:49 GMT
Morning,
Due to the holiday season key personnel have been away on holiday and we are expecting full details of experience from the borrowers and also the development team behind the project by the end of this week.
Our DD is ongoing before and after drawdown and we will keep all investors updated with regular photos of each sites progression.
Many thanks,
Gordon
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Post by Collateral Rep on Aug 15, 2017 14:22:38 GMT
Afternoon,
We have added two more documents to loans BL00046 (Darwen) and BL00048 (Burnley) giving full details and experience of the borrowers behind the two projects. As you can see, the team is very experienced in property developments, which is why we were confident to list both projects on the platform at the same time.
Also, we are currently in advanced talks regarding further projects with this borrower and your valued feedback would be much appreciated on future loans.
Many thanks,
Gordon
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elliotn
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Post by elliotn on Aug 15, 2017 14:59:33 GMT
Have the council definitively confirmed pp is still extant?
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Post by Collateral Rep on Aug 15, 2017 15:31:00 GMT
Afternoon elliotn, We are satisfied that everything is in order, but the lady who is dealing with this is away on holiday, as soon as she's back we will get further clarification. As previously mentioned, this loan will not be drawn down until we have everything we need and our legals are happy. Many thanks, Gordon |
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Post by mrclondon on Aug 15, 2017 15:42:59 GMT
Afternoon, We have added two more documents to loans BL00046 (Darwen) and BL00048 (Burnley) giving full details and experience of the borrowers behind the two projects. As you can see, the team is very experienced in property developments, which is why we were confident to list both projects on the platform at the same time. Also, we are currently in advanced talks regarding further projects with this borrower and your valued feedback would be much appreciated on future loans. Many thanks, Gordon Is there anyway you can provide a context behind the two cv documents you've uploaded this afternoon please (not necessarily on this public forum, given the need to respect individuals right to privacy) One appears to be the portfolio of an architect who has been involved with numerous prestigous projects, the other the personal cv of a professional accountant / finance director who has worked in the development sector, and has personal development experience of a single 4 bed house. What is the relationship between these two individuals and D**** F****** Ltd who are named on all the planning documents ? Who is /will be project managing the sites on a day to day basis during the development ? Will the individuals involved with project management be dedicated to a single site or shared between the two sites ? Has the architect actually been involved with the day to day issues of developments beyond an architectural consultancy role ? Can you give a high level overview of what D**** F****** Ltd's line of buisness is, and what involvement (if any) they will have in the development of these sites ?
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metoo
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Post by metoo on Aug 15, 2017 16:11:21 GMT
Is there anyway you can provide a context behind the two cv documents you've uploaded this afternoon please. One appears to be the portfolio of an architect who has been involved with numerous prestigous projects, the other the personal cv of a professional accountant / finance director who has worked in the development sector, and has personal development experience of a single 4 bed house. What is the relationship between these two individuals and D**** F****** Ltd who are named on all the planning documents ? Who is /will be project managing the sites on a day to day basis during the development ? Will the individuals involved with project management be dedicated to a single site or shared between the two sites ? Has the architect actually been involved with the day to day issues of developments beyond an architectural consultancy role ? Can you give a high level overview of what D**** F****** Ltd's line of buisness is, and what involvement (if any) they will have in the development of these sites ? I believe D**** F****** Ltd is associated with the current owner of the site, whereas the borrower is buying the site.
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Post by mrclondon on Aug 15, 2017 16:20:08 GMT
I believe D**** F****** Ltd is associated with the current owner of the site, whereas the borrower is buying the site. Logical, but given D**** F****** Ltd presumably have access to virtually unlimited funds (by virtue of one of their directors being a UHNWI), it slightly begs the question why they haven't built out the site themselves rather than selling it on if there is a profitable underlying business case.
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Post by Collateral Rep on Aug 15, 2017 17:32:37 GMT
Hi mrclondon , ********** as you will see from his CV has an incredible record of working on a number of schemes as an architect, development consultant and project manager. On these various schemes ********** will be the project manager and will have a team of site managers on each project, plus further contractors will be brought in for specialist areas of the build as this has been done on various other schemes and built successfully on time and on budget. ********** has been able to identify sites in the North West that have obtained planning permission and are live sites that are ready to be developed, extensive research and due diligence has been carried out prior to agreeing a deal to purchase these sites which is why we are happy to fund these projects and we have had independent valuations carried out on each scheme to show the viability of these schemes. ********** has worked in finance on a number of development projects and has employed professional design team and QS team for each of these projects. D********** F********** are the vendors of the site and ********** was not involved in obtaining this scheme D********** F********** were financiers but no longer do this in the market place and have been looking to dispose of some assets. Many thanks, Gordon |
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metoo
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Post by metoo on Aug 15, 2017 18:25:45 GMT
Hi mrclondon , ********** as you will see from his CV has an incredible record of working on a number of schemes as an architect, development consultant and project manager. On these various schemes ********** will be the project manager and will have a team of site managers on each project, plus further contractors will be brought in for specialist areas of the build as this has been done on various other schemes and built successfully on time and on budget. ********** has been able to identify sites in the North West that have obtained planning permission and are live sites that are ready to be developed, extensive research and due diligence has been carried out prior to agreeing a deal to purchase these sites which is why we are happy to fund these projects and we have had independent valuations carried out on each scheme to show the viability of these schemes. ********** has worked in finance on a number of development projects and has employed professional design team and QS team for each of these projects. D********** F********** are the vendors of the site and ********** was not involved in obtaining this scheme D********** F********** were financiers but no longer do this in the market place and have been looking to dispose of some assets. Many thanks, Gordon , may I ask you to clarify, does paragraph 2 and 3 above relate to the person in paragraph 1 or paragraph 4? Thanks.
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stevio
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Post by stevio on Aug 15, 2017 19:30:53 GMT
Hi mrclondon , ********** as you will see from his CV has an incredible record of working on a number of schemes as an architect, development consultant and project manager. On these various schemes ********** will be the project manager and will have a team of site managers on each project, plus further contractors will be brought in for specialist areas of the build as this has been done on various other schemes and built successfully on time and on budget. ********** has been able to identify sites in the North West that have obtained planning permission and are live sites that are ready to be developed, extensive research and due diligence has been carried out prior to agreeing a deal to purchase these sites which is why we are happy to fund these projects and we have had independent valuations carried out on each scheme to show the viability of these schemes. ********** has worked in finance on a number of development projects and has employed professional design team and QS team for each of these projects. D********** F********** are the vendors of the site and ********** was not involved in obtaining this scheme D********** F********** were financiers but no longer do this in the market place and have been looking to dispose of some assets. Many thanks, Gordon , may I ask you to clarify, does paragraph 2 and 3 above relate to the person in paragraph 1 or paragraph 4? Thanks. Astricks gone mad! Mods, can we at least call them Mr A and Mr B so we can at least distinguish between the two collateral I believe you only lend to companies, so I presume these two people are directors of the company borrowing the funds?
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