david42
Member of DD Central
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Post by david42 on Aug 14, 2017 21:18:28 GMT
New loan announced 14 Aug 2017
Property Crowd Loan PC4 Southend S*******
Loan Amount £ 1,571,416 of which £ 1,001,817 is available from Property Crowd
Security Value £ 2,200,000. The site is valued as a development site and the valuation is calculated on a residual basis.
LTV Based on Security Value 71.43%
90 Day Market Valuation ??
LTV Based on 90 day Market Valuation ??
Rate 11.35%
Term 12 months
Borrower plan: Loan required to purchase the property. Planning permission has been granted to demolish the existing building and build a 5 storey building with 23 residential units, ground floor commercial space, and an underground car park.
Gross Development Value £ 14,950,000
Exit Route: Refinance with a development facility.
ISA available, at a charge of 0.95% pa.
Please use this thread to capture any comments on the loan.
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littonowl
Member of DD Central
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Post by littonowl on Aug 18, 2017 14:19:11 GMT
charles . Whilst I am pleased that you have reduced the minimum stake, I am struggling to see why this loan has a lower % rate than the Liverpool one had which was arguably a better loan and came out when the competition was broadly 12%. Issues like no affordable housing, contributing to costs on crumbling cliffs etc don't add to the shine on this for me, when I anticipate another 14% on ABL, and can get mezzanine 14% on COL in a project in mid build with a junior tranche as a safety net. ISTM that this is not looking competitive at this time. Agree, with @leopardcat on this one. I joined PC this week in anticipation of investing in this (and the next) upcoming loan, but for all the reasons above I just can't bring myself to commit. Here's hoping the next loan is more attractive in terms of both rate and proposition.
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SteveT
Member of DD Central
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Post by SteveT on Aug 18, 2017 14:54:18 GMT
Yup, I was unimpressed at this one too.
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Post by charles on Aug 18, 2017 16:03:42 GMT
charles . Whilst I am pleased that you have reduced the minimum stake, I am struggling to see why this loan has a lower % rate than the Liverpool one had which was arguably a better loan and came out when the competition was broadly 12%. Issues like no affordable housing, contributing to costs on crumbling cliffs etc don't add to the shine on this for me, when I anticipate another 14% on ABL, and can get mezzanine 14% on COL in a project in mid build with a junior tranche as a safety net. ISTM that this is not looking competitive at this time. Agree, with @leopardcat on this one. I joined PC this week in anticipation of investing in this (and the next) upcoming loan, but for all the reasons above I just can't bring myself to commit. Here's hoping the next loan is more attractive in terms of both rate and proposition. Dear @leopardcat & littonowl, I appreciate the feedback, but I would like to respectfully disagree. Every deal is different and market conditions have broadly changed as well since the start of the year. The 14% deals you reference on ABL and COL have a significantly different risk profile - the seniority of debt is a huge factor (e.g. second charge mezz vs. first-charge senior), in addition to geography (e.g. Southend vs. Bolton), as well as loan duration (e.g. 6-12 months vs. 24 months). Nonetheless, I understand and respect your decision to invest with other platforms in pursuit of higher returns, and would simply remind everyone to exercise caution and prudence when doing their deal due diligence, considering not just the return on your capital but the probability of the return of your capital as well. Regards, Charles
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Post by charles on Aug 28, 2017 10:07:40 GMT
Just an update everyone: we're now c.40% funded on the 11.35% Southend bond in a little under two weeks. We've also got a couple more deals in the pipeline with the next one due to be offered on our platform in the coming week or so. Watch this space!  Kind regards, Charles |
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rs
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Post by rs on Nov 15, 2017 11:52:14 GMT
Just an update everyone: we're now c.40% funded on the 11.35% Southend bond in a little under two weeks. We've also got a couple more deals in the pipeline with the next one due to be offered on our platform in the coming week or so. Watch this space! Kind regards, Charles Dear Charles Please can you give us an update on the Southend bond and reasons why there is early partial redemption? I couldn't see any updates in my PC account either. Thanks
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Post by charles on Nov 21, 2017 15:59:00 GMT
Just an update everyone: we're now c.40% funded on the 11.35% Southend bond in a little under two weeks. We've also got a couple more deals in the pipeline with the next one due to be offered on our platform in the coming week or so. Watch this space! Kind regards, Charles Dear Charles Please can you give us an update on the Southend bond and reasons why there is early partial redemption? I couldn't see any updates in my PC account either. Thanks
Hi rs , As the update stated, the partial early redemption is a result of the "receipt of periodic quarterly interest due on the underlying loan". Rather than hold on to the cash until final redemption, it made sense to distribute it to investors who could redeploy the funds in one of our other bonds, perhaps? Kind regards, Charles
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rs
Member of DD Central
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Post by rs on Jul 31, 2018 11:18:48 GMT
Southend to be redeemed in full later today. So well done Charles. One of the few P2P companies that have delivered in all the deals so far. Looking forward to reinvesting the Southend cash with another deal on Propertycrowd later tonight or tomorrow as soon cash is in my account.
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