SteveT
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Post by SteveT on Aug 8, 2017 18:24:03 GMT
For what it's worth, I reckon the collective angst expressed about this loan to be massively overdone. Comparing against some other student accommodation scheme loans, the valuation doesn't look out of line and the low LTV provides a degree of further comfort. As to who is right, only time will tell...
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kaya
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Post by kaya on Aug 8, 2017 18:36:21 GMT
Well the loan is 72% funded already, which just goes to show that, despite the smell, the sun really can shine where it is often said it cannot. Even in Paisley.
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adrianc
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Post by adrianc on Aug 8, 2017 19:20:25 GMT
......... the peer involved is well known locally for all the wrong reasons. Perhaps it runs in the family, as his lordship's father once experienced less than welcome media coverage, for personal rather than business issues. Not that his name meant anything to me, but I well remember 'her' name and face on the front page of every sentationalist newspaper back in the late '60s. You would say that, wouldn't you?
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Post by GSV3MIaC on Aug 8, 2017 19:32:44 GMT
For what it's worth, I reckon the collective angst expressed about this loan to be massively overdone. Comparing against some other student accommodation scheme loans, the valuation doesn't look out of line and the low LTV provides a degree of further comfort. As to who is right, only time will tell... The angst was less about the loan/asset and more about the whole mess behind it - adverts for things which aren't there (and may never be) and the track record of the participants.
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ianj
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Post by ianj on Aug 8, 2017 20:01:51 GMT
Perhaps it runs in the family, as his lordship's father once experienced less than welcome media coverage, for personal rather than business issues. Not that his name meant anything to me, but I well remember 'her' name and face on the front page of every sentationalist newspaper back in the late '60s. You would say that, wouldn't you? Only if her initials had been CK! Nowadays 'she' probably wouldn't get a mention, but in that era, AA was, in Pythonese, 'something completely different'.
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sirius
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Post by sirius on Aug 8, 2017 20:02:52 GMT
In a nutshell GSV3MIaC.
£1 from me to watch the' fun'.
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Post by keyboardworrier on Aug 8, 2017 20:05:51 GMT
I'm not even putting £1 in due to the things people have unearthed in this thread. There's quite a number of people angry with the two men behind this loan, now I don't know if what they are saying is true or if it's a huge misunderstanding (!) but I am not getting involved.
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adrianc
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Post by adrianc on Aug 8, 2017 20:17:55 GMT
You would say that, wouldn't you? Only if her initials had been CK! Nowadays 'she' probably wouldn't get a mention, but in that era, AA was, in Pythonese, 'something completely different'. MRD, wasn't it? But AA... bit of a local name round these parts, having spent a lot of time here some while back, I'm told.
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am
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Post by am on Aug 8, 2017 20:23:59 GMT
For what it's worth, I reckon the collective angst expressed about this loan to be massively overdone. Comparing against some other student accommodation scheme loans, the valuation doesn't look out of line and the low LTV provides a degree of further comfort. As to who is right, only time will tell... The angst was less about the loan/asset and more about the whole mess behind it - adverts for things which aren't there (and may never be) and the track record of the participants. As I see it (which is pretty much the same as what you've just said) there were three layers of problems involved. 1) Insufficient loan details: we weren't told about the transaction history on the project (knowing this might have short-circuited the sales listing issue), we weren't told the loan purpose beyond equity release (commercial confidentiality might get in the way - but if possible the more knowledge the higher the confidence), the VR didn't present a worked justification for the valuation, and we weren't given any numbers relating to the business plan (again commercial confidentiality might get in the way, but AC and F&P manage to provide them). 2) Worrying information on the web relating to the project: recent sales listings for the property at prices well belong the valuation (which I'm now pretty much convinced was a result of sloppiness by estate agents), and various marketing websites for the college and the accommodation written as if the project was up and running (which I'll accept as prepared websites escaping into the wild). 3) Concerns about the principals' track records.
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mikeh
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Post by mikeh on Aug 8, 2017 20:57:40 GMT
Only if her initials had been CK! Nowadays 'she' probably wouldn't get a mention, but in that era, AA was, in Pythonese, 'something completely different'. MRD, wasn't it?
But AA... bit of a local name round these parts, having spent a lot of time here some while back, I'm told. Indeed I believe it was.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 8, 2017 21:11:48 GMT
For what it's worth, I reckon the collective angst expressed about this loan to be massively overdone. Comparing against some other student accommodation scheme loans, the valuation doesn't look out of line and the low LTV provides a degree of further comfort. As to who is right, only time will tell... Given all that's been "discussed" on here regarding Dodgy VRs and Even Dodgier LTVs I'm very surprised to see you say this SteveT?
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Post by nebaconezzer on Aug 9, 2017 1:55:20 GMT
I'm confused, I thought MT had marketed this loan as a bridging loan?
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Post by nebaconezzer on Aug 9, 2017 11:37:00 GMT
ah, I thought it was - I'm not going mad then (yet), the discussion was as if it was a term loan as it concentrated on the principles, that's what's confused me.
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oldgrumpy
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Post by oldgrumpy on Aug 9, 2017 11:47:23 GMT
Yep, but when I consider funding a borrower, the principals' principles are very important to me when making my decisions.
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DeafEater
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Post by DeafEater on Aug 9, 2017 12:07:51 GMT
Yep, but when I consider funding a borrower, the principals' principles are very important to me when making my decisions. Oooh a fellow pedant. With attention to detail like that you're probably also still cringing over the spelling of S********** House in the valuation report. I needed to lie down in a darkened room.
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