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Post by mrclondon on Aug 15, 2017 19:53:34 GMT
(the *********** are COL's original text, and have not been edited by the mods) I believe the company to which the Blackburn Derwen land has been charged has a single director/shareholder and that individual is also the single director/shareholder of the company over which the 5 Barnsley properties have been charged. Collateral Rep I know I am not alone in having now identified both the individuals whose cv's you uploaded, and the various companies associated with them. As a major p2p lender I find it frustrating that most p2p platforms make life so difficult for lenders to perform adequate due dilligence on the loans they offer. I simply do not invest money into unknowns. Given the link between Blackburn Darwen, Barnsley and a now repaid set of loans (I recall the 7 Barrowfield loans had the same borrower ref as Barnsley), all property development, I find it strange that you have not put together a formal portfolio of the development projects. Or is it the case that the Barnsley and Barrowfield properties were simply bought as an investment when they were already finished ? EDIT: I thought it worth quoting this post from another thread (my bold) given the connection between Barnsley and these Blackburn Darwen and Burnley loans has not been declared. Hi ilmoro , This is a new borrower to us and isn’t the same principle of BL018, our borrower is buying these properties from the existing borrower. We have other loan applications in from this borrower both with this SPV and also through another Limited Company, we will disclose if the principles are the same but with a different SPV for transparency.
Many thanks, Gordon |
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Post by mrclondon on Aug 15, 2017 21:01:54 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 After giving your question some more thought, I think the individual who has the higher professional profile of these two should be asked to put his professional reputation on the line by becoming a director of the borrowing companies, and preferably to offer a personal guarantee capped at (say) £500k across all loans with Collateral. As per my previous post, in addition there really should be a professional portfolio document of the developments the director of the borrowing companies has completed. I would also like to see full disclosure of all past, current and proposed Collateral loans to the same principal for these loans. Without changes such as these, loans against residual value valuations (such as these Blackburn Darwen and Burnley development sites) may, in my opinion, struggle to attract investments. At the present time I (still) can not justify investing my own funds in either the Blackburn Darwen or Burnley loans. Sorry.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 16, 2017 13:16:13 GMT
I'm going to be unusually pedantic for a moment here. Could we perhaps refer to the Darwen loan as the Darwen loan, and not the Blackburn loan. Yes, Darwen does have Blackburn as part of its postal address, but so do Rishton and Great Harwood and quite a lot of surrounding towns and villages, which have had various loans on other platforms, and they do not get referred to as 'Blackburn' loans. Should any loans appear against property actually in Blackburn, as could easily happen with these borrowers who are local to the area, then it would be confusing. (I am also very aware that Blackburn and Darwen come under the same unitary authority, but it is called 'Blackburn with Darwen' as a result of them being separate places).
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archie
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Post by archie on Aug 16, 2017 13:28:57 GMT
Could we perhaps refer to the Darwen loan as the Darwen loan, and not the Blackburn loan. Am I the only person who keeps reading that as Dwarven? 
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elliotn
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Post by elliotn on Aug 16, 2017 17:32:09 GMT
Doesn't help me but looks like about 50k tail-enders pulled out of the rear of Blackburn.
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ilmoro
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Post by ilmoro on Aug 16, 2017 17:37:05 GMT
Doesn't help me but looks like about 50k tail-enders pulled out of the rear of Blackburn. Pardon! 
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 16, 2017 18:00:44 GMT
Doesn't help me but looks like about 50k tail-enders pulled out of the rear of Blackburn. Pardon! He meant Darwen (What's wrong with you all suddenly?  )
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jjc
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Post by jjc on Aug 16, 2017 18:41:17 GMT
Hilarious. Always had a soft spot for our rose, who becomes completely irresistible when she combines an eminently sensible suggestion with a slapping us around the ears. Personally I have only 2 comments to make. One – I think elliotn is a right ole trouble-maker. TWO as a newbie to Coll I have just made a first 4 fig investment somewhere in the north-west (not sure in what or where exactly but seems like we’re getting well paid for it) & if nothing else hope it will improve my understanding of the local geography (or get me too slapped around a bit). Aww p2p you gotta laff sometimes |
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 17, 2017 20:29:04 GMT
Could we perhaps refer to the Darwen loan as the Darwen loan, and not the Blackburn loan. Am I the only person who keeps reading that as Dwarven? Its a little thing!
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Post by martin44 on Aug 17, 2017 20:41:33 GMT
Am I the only person who keeps reading that as Dwarven? Its a little thing! Dwarfs the bling loans... 
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applets
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Post by applets on Aug 23, 2017 12:05:35 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 While, like many lenders, my preference is for pawn loans, if property loans are to continue to be offered then it is important that they offer the opportunity to diversify between types of property, i.e. residential, commercial etc and between borrowers. Particular regard needs to be given to the number of lenders on the platform and their likely limit for any individual loan/ project. I would suggest that large projects that require tranche after tranche of funding are not really the way forward for the majority of lenders.
I am sure a good supply of new borrowers/ projects seeking up to £250k of funding with reasonable LTV, accurate valuations and demonstrable due diligence would be welcomed by lenders and enable Collateral to grow further.
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Post by Collateral Rep on Aug 23, 2017 12:44:45 GMT
Afternoon,
To follow up on the planning.
We've spoken with the planning officer today and as the planning work was lawfully started, the current planning application stands and work can continue as per the approved permissions given.
Many thanks,
Gordon
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kermie
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Post by kermie on Aug 23, 2017 21:18:42 GMT
Um, I still dunno. PP confirmed helps, but a few questions (I've been ignoring this loan up till now):
The loan details state: "The loan will be used to assist to acquire and fund the development of the site through to completion of the 34 houses. The Land has planning permission for 33 x 3 bedroomed town houses and 1 x 4-bedroomed house"
The loan itself cannot cover the full costs of development (the valuation has construction costs of £3M+) - so is this loan the first tranche of a bigger development facility, or is this a bridging loan which will take higher priority than later development tranches (whoever funds them) in the case of a default, or will this rank equally with any later development finance up to 70% LTV?
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elliotn
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Post by elliotn on Aug 24, 2017 2:57:21 GMT
Good question, exit is via sales and loan is for acquisition and development. Loan priorities seem to be at the whim of complaints on here (earlier investors) and higher rates to fill it (later investors). Coll have said they may make dev tranches 14% which makes more sense behind a 12% acquisition loan - clarification needed. Addendum for the recent pp confirmation would be nice too . |
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metoo
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Post by metoo on Aug 24, 2017 3:43:17 GMT
An official written confirmation from the planning authority that planning permission for the building works is current would be helpful.
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Hi ilmoro , 
) 
