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Post by rollercoaster on Feb 21, 2018 15:34:40 GMT
Any news on the valuation?
Nothing new on the Wandsworth Planning portal; so what was the planning decision due by the end of the week?
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jlend
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Post by jlend on Mar 15, 2018 17:13:12 GMT
Hi MoneyThing Will the new valuation be available this week following the visit last week? It will be interesting to see the general comments they include on the London market. There hasn't been any physical progress on the site since March last year so I assume it will just be a quick report. Thanks Hi SophieThing Be nice to know in the next scheduled update how things went with the planning application, what the valuation report said, has the ground works started yet? Any photo's available? There doesn't seem to have been a great deal of progress since the start of the loan. Reading the previous updates it feels like they have missed every date they have given on the loan so far. Are there any triggers like this that would cause you to ask them to refinance the loan elsewhere?
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Post by SophieThing on Mar 16, 2018 7:19:34 GMT
Hi MoneyThing Will the new valuation be available this week following the visit last week? It will be interesting to see the general comments they include on the London market. There hasn't been any physical progress on the site since March last year so I assume it will just be a quick report. Thanks Hi SophieThing Be nice to know in the next scheduled update how things went with the planning application, what the valuation report said, has the ground works started yet? Any photo's available? There doesn't seem to have been a great deal of progress since the start of the loan. Reading the previous updates it feels like they have missed every date they have given on the loan so far. Are there any triggers like this that would cause you to ask them to refinance the loan elsewhere? Hi jlend, We plan to release a comprehensive update on this loan on or before the update due date which will cover your questions. Kind regards Sophie
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jlend
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Post by jlend on Mar 16, 2018 7:42:42 GMT
Hi SophieThing Be nice to know in the next scheduled update how things went with the planning application, what the valuation report said, has the ground works started yet? Any photo's available? There doesn't seem to have been a great deal of progress since the start of the loan. Reading the previous updates it feels like they have missed every date they have given on the loan so far. Are there any triggers like this that would cause you to ask them to refinance the loan elsewhere? Hi jlend , We plan to release a comprehensive update on this loan on or before the update due date which will cover your questions. Kind regards Sophie Thank you
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phd
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Post by phd on Mar 16, 2018 22:18:54 GMT
Where does one find the update due date for this loan?
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Post by dan1 on Mar 16, 2018 22:22:42 GMT
Where does one find the update due date for this loan? From the recent General Update: Effective 1st March we publish loan updates monthly. This will be on the monthly anniversary of the end date of the loan (or as close to it as possible). Where there are different tranches of the same loan, we will collate updates together.This would place the next update on 22 Mar
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phd
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Post by phd on Mar 23, 2018 15:42:21 GMT
Thanks for clarifying. It is now 23rd March...do we have an update moneything/Ed/Sophie ?
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Post by rollercoaster on Mar 28, 2018 12:58:25 GMT
Update on platform. Revised planning to be submitted for multiple houses, valuation to follow outcome. So another delay of months for the planning process / consultation / likely refer to committee.
I'd be surprised if they could achieve 600k per 2 bed house given how cramped they will be and a quick look at comparables (there are a lot of 2 beds in the nearby Dover House Estate). So the valuation will be interesting.
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Post by rollercoaster on Apr 26, 2018 9:16:32 GMT
Update due today. But no planning application live and I doubt that any demolition has started . Did mcrlondon state that planning conditions need to be met before works start too?
There is an interesting comparable development site with planning permission on the same road for sale for £1.7 million, price dropped from £1.8. Better location and plot, plans for a nicer completed house, better neighbours. Last sold for £1.4 million in 2016 (and that included the planning permission).
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jlend
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Post by jlend on Apr 26, 2018 9:42:14 GMT
Update due today. But no planning application live and I doubt that any demolition has started . Did mcrlondon state that planning conditions need to be met before works start too? There is an interesting comparable development site with planning permission on the same road for sale for £1.7 million, price dropped from £1.8. Better location and plot, plans for a nicer completed house, better neighbours. Last sold for £1.4 million in 2016 (and that included the planning permission). Plus am not sure what appetite there will be from MT lenders to fund the development drawdowns. Especially at the current interest rate for this loan. It may be worth MT suggesting to the borrower they consider refinancing the loan elsewhere and start to investigate this prior to approval of the planning permission to avoid delays.
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Post by bobthebuilder on Apr 27, 2018 8:05:24 GMT
Update due today. But no planning application live and I doubt that any demolition has started . Did mcrlondon state that planning conditions need to be met before works start too? There is an interesting comparable development site with planning permission on the same road for sale for £1.7 million, price dropped from £1.8. Better location and plot, plans for a nicer completed house, better neighbours. Last sold for £1.4 million in 2016 (and that included the planning permission). Plus am not sure what appetite there will be from MT lenders to fund the development drawdowns. Especially at the current interest rate for this loan. It may be worth MT suggesting to the borrower they consider refinancing the loan elsewhere and start to investigate this prior to approval of the planning permission to avoid delays. Why do you think there will be separate development drawdowns? The loan details indicate that the loan was for both the site acquisition and the construction of the house. I know it's unusual to fund all the development costs up front, but I think MT may have been persuaded to do so in this case because of the amount of the borrower's contribution.
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jlend
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Post by jlend on Apr 27, 2018 8:33:25 GMT
Plus am not sure what appetite there will be from MT lenders to fund the development drawdowns. Especially at the current interest rate for this loan. It may be worth MT suggesting to the borrower they consider refinancing the loan elsewhere and start to investigate this prior to approval of the planning permission to avoid delays. Why do you think there will be separate development drawdowns? The loan details indicate that the loan was for both the site acquisition and the construction of the house. I know it's unusual to fund all the development costs up front, but I think MT may have been persuaded to do so in this case because of the amount of the borrower's contribution. The site was aquired for the valuation of the loan Also this was in the January update regarding staged drawdowns: The valuer will then provide an updated report and will also be monitoring the project on an ongoing basis with respect to the development phase and associated staged drawdowns.
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Post by mrclondon on May 21, 2018 16:18:36 GMT
The most recent MT update (note the past tense) I'm unable to locate the application on the Wandsworth planning portal, a search of undecided applications for the street in question reveals nothing, and a search for the relevant ward (West Putney, scroll down the list to select) shows applications received upto 10th May have now been processed and registered (there appears to be roughly a week's delay between receipt and registration of applications).
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jlend
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Post by jlend on May 25, 2018 18:16:36 GMT
The most recent MT update (note the past tense) I'm unable to locate the application on the Wandsworth planning portal, a search of undecided applications for the street in question reveals nothing, and a search for the relevant ward (West Putney, scroll down the list to select) shows applications received upto 10th May have now been processed and registered (there appears to be roughly a week's delay between receipt and registration of applications). Did you ever get any feedback from MT?
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Post by mrclondon on Jun 22, 2018 22:19:02 GMT
The new planning application for 4 x 2 beds is now available on the Wandsworth planning portal (link on DD Central for those with access). The application form is dated 21st June 2018.
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