ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 1, 2017 10:34:00 GMT
Interest P/A - 12%
Loan value of £189,000 (value £270,000)
LTV - 70%.
Loan Term - 6 months
Bid Limit - £2,000 for 6 hours
The loan security is a first charge on ***********with a valuation of £270,000. The valuation provided is for a pair of semi detached properties which mirror each other. Our borrower is purchasing No.10 and a sale is going through with another borrower for No.12. We have received a valuation for both properties, with a total value of £540,000 and have attached a supplemental letter from the valuer advising of the the value of No.10 at £270,000
The property is located within an established residential area located to the north of Blackpool town centre.
*************** is a semi-detached house, converted and refurbished some years ago to provide 6 self contained flats all with separate titles.
Each floor comprises 1 x 1 bedroom flat to the front and 1 x 2 bedroom flat accessed from the side, offering 6 units in total. There is a rear garden, tarmac car park and brick garage.
Exit The exit to this loan by way of BTL mortgages.
Security
This is a £189,000 loan secured by a first charge against *************** the borrower plans on refurbishing each of the flats to maximise the rental value and will refinance with Buy to Let mortgages once the works are complete.
A 6-month Bridging Loan. 6 months interest will be deducted at drawdown to ensure the LTV doesn’t increase during the lifetime of the agreement.
Please note the loan end date will be six months from the drawdown date, interest is payable from the date your funds are allocated to the loan.
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Post by elephantrosie on Sept 1, 2017 10:41:09 GMT
thank you cols for the bid limit. very convenient for the non-full time investors like myself.
now i am going back to my study.....
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Post by ribble on Sept 1, 2017 12:23:12 GMT
ozboy You're not going to like this (but it won't come as a surprise): "T**** P**** is located on the north side of Blackpool Town Centre in a predominantly residential area between H********* and W******* Place. N** S**** P********* is situated approximately 200m to the east and Blackpool Town Centre approximately 500m to the north." Both report author and reviewer have MRICS (Registered Valuer) after their names. What does that stand for?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,830
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Post by ozboy on Sept 1, 2017 13:27:40 GMT
The Valuation as a single semi-detached doesn't hold up at all ISTM, but it's been converted to 6 self contained flats so, not being knowledgeable on property at all, the Valuation is possibly/probably right? I haven't checked yet if the conversion has PP, that info may be in the VR which I am yet to read. Yes, located North and South at the same time, well spotted ribble! Obvs a typo but it doesn't say much for their "professionalism" nor inspire confidence of their proof reading on an ultra basic, does it? As usual you now have to wonder what else could be wrong? "Both report author and reviewer have MRICS (Registered Valuer) after their names. What does that stand for"As we all very wearily know only toooooooooooo well, MRICS also stands for Football Association. Over & Out!
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elliotn
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Post by elliotn on Sept 1, 2017 14:56:08 GMT
Members of Really I Can't Spell.
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oldgrumpy
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Post by oldgrumpy on Sept 1, 2017 15:28:29 GMT
So, if you want to make sure you get some after the bid restriction is lifted, be aware the 17:00 is unreliable. The restriction "clock" hits zero at about 16:57:10, and the loan will probably be released any time after that possibly at about 16:58. You won't have to fight me this time.
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elliotn
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Post by elliotn on Sept 2, 2017 15:12:35 GMT
thank you cols for the bid limit. very convenient for the non-full time investors like myself. now i am going back to my study..... /Off-topic hat on Good to hear rosie, what are you studying (iydmma).
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Post by Collateral Rep on Jan 24, 2018 12:38:52 GMT
Afternoon,
This loan has now been repaid early.
Many thanks to all our investors,
Gordon
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GeorgeT
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Post by GeorgeT on Jan 24, 2018 13:28:28 GMT
Another successful outcome.
This loan was a winner from the start. Almost the perfect P2P loan. I felt a twinge of reassurance every time I noticed it in my COL loanbook.
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elliotn
Member of DD Central
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Post by elliotn on Jan 24, 2018 14:33:12 GMT
Another successful outcome. This loan was a winner from the start. Almost the perfect P2P loan. I felt a twinge of reassurance every time I noticed it in my COL loanbook. The market didn't share your twinge as this was constipated for weeks.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jan 24, 2018 22:46:16 GMT
Another successful outcome. This loan was a winner from the start. Almost the perfect P2P loan. I felt a twinge of reassurance every time I noticed it in my COL loanbook. The market didn't share your twinge as this was constipated for weeks. Quite a lot of high quality gets constipated on the secondary market. I note there is constant availability in the Newcastle loans for example yet they are very nice little investments. Fortunately late this afternoon I was able to grab a piece of another Blackpool loan. I was already in it but I'm very happy to be in it a bit more. It rather bemuses me that certain monster sized loans on other platforms get snapped up when there is such quality on this platform and often at better rates of return.
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