|
Post by rollercoaster on Jun 23, 2018 8:35:36 GMT
Has it gone? I can't see it on the planning portal.
|
|
|
Post by rollercoaster on Jun 27, 2018 6:53:27 GMT
It is publicly viewable now.
An interesting design to maximise units, but I'm struggling to see the financial benefit. What would an achievable sale price be for the odd and small layout units, maybe 600? So 2.4k income, but more sales, architect, planning and interest costs.
The valuation will be published after successful planning (although presumably has already been prepared).
|
|
jlend
Member of DD Central
Posts: 1,832
Likes: 1,461
|
Post by jlend on Jul 11, 2018 12:17:44 GMT
It would be good to see some photos of the demolished garages and ground works progess as per the March update. These were expected to take 2 to 3 months, with the initial work irrespective of which plans were approved
|
|
|
Post by rollercoaster on Jul 13, 2018 1:03:59 GMT
Good point. And an update on the future exit plans for this loan would be useful.
I bet no work has started on site, awaiting the new planning application. That should be decided in the next month or two depending on whether it goes to committee. Build and sale will take longer than the remaining term of the loan so exit plans presumably must be either: Re-finance elsewhere to pay back; issue development tranche(s) to fund building and extend the original loan; or sell the plot with planning permission to another developer.
BO is a finance house, not a builder, so I suspect the latter.
|
|
johni
Member of DD Central
Posts: 368
Likes: 329
|
Post by johni on Jul 13, 2018 10:01:39 GMT
This loan is not to BO. It is their intention to build and the development finance is to be done by Moneything once planning is approved.
|
|
registerme
Member of DD Central
Posts: 6,524
Likes: 6,316
|
Post by registerme on Jul 13, 2018 14:43:40 GMT
It would be good to see some photos of the demolished garages and ground works progess as per the March update. These were expected to take 2 to 3 months, with the initial work irrespective of which plans were approved I'm not in this (bar £1 just to see how it played out) but assuming there's no update from MT in the interim, and if the weather holds, next week I'll walk over there and take some snaps. It's a bit more distance than my current route, and I'll have to get the bus back, but it's good to change things up every now and then .
|
|
|
Post by mrclondon on Jul 19, 2018 18:47:10 GMT
Sorry to steal your thunder registerme , but I was in the area yesterday (18/7/18) so took some pictures myself. No great surprise that groundworks haven't commenced, but since my last visit in December the fence down the alley leading to the plot looks to have been vandalised, and the debris from industrial scale firework launchers left rotting. The white car parked in the alley may belong to the garage that is accessed from the alley.
|
|
averageguy
Member of DD Central
Posts: 1,174
Likes: 855
|
Post by averageguy on Jul 19, 2018 19:45:18 GMT
Sorry to steal your thunder registerme , but I was in the area yesterday (18/7/18) so took some pictures myself. No great surprise that groundworks haven't commenced, but since my last visit in December the fence down the alley leading to the plot looks to have been vandalised, and the debris from industrial scale firework launchers left rotting. The white car parked in the alley may belong to the garage that is accessed from the alley. Is that your car with the flat tyre
|
|
|
Post by rollercoaster on Jul 19, 2018 21:11:07 GMT
Thanks for the pictures. MT need to ask some serious questions of the borrower here. Are they being outright lied to? If so, why?
I see there are multiple objections on the planning portal now which might force it to planning committee as the previous submission did. More delay.
The Audi lives! I don't know why, but that cheers me up!
|
|
jlend
Member of DD Central
Posts: 1,832
Likes: 1,461
|
Post by jlend on Jul 19, 2018 22:53:50 GMT
It would be good to see some photos of the demolished garages and ground works progess as per the March update. These were expected to take 2 to 3 months, with the initial work irrespective of which plans were approved Given the lack of progress vs the progress inferred in the updates, it would be interesting to know if the borrower is in breach of any of the terms of the loan agreeement and if MT will ask the borrower to refinance the loan elsewhere.
|
|
registerme
Member of DD Central
Posts: 6,524
Likes: 6,316
|
Post by registerme on Jul 19, 2018 23:19:33 GMT
mrclondon given the humidity today, and lack of rain for the last three weeks, believe me, I'd kill for some thunder right now - walking over there today would have been hard work. Consider yourself forgiven .
|
|
jlend
Member of DD Central
Posts: 1,832
Likes: 1,461
|
Post by jlend on Jul 19, 2018 23:36:25 GMT
Am surprised MT dont ask borrowers to provide photos to back up any statements they make to avoid any confusion.
Also too many times we see updates that say things like ".... will be happending in the next month" that are then just never referenced again.
I don't think this is acceptable, any slippage should raise a red flag, and result in increased oversight by the platform. I am not picking on MT in particular, this is just a general concern.
|
|
|
Post by rollercoaster on Aug 6, 2018 23:17:19 GMT
Does anyone know what the option agreement is that is referred to in the title register? I'm surprised I didn't notice that earlier.
|
|
|
Post by mrclondon on Aug 7, 2018 13:22:44 GMT
Does anyone know what the option agreement is that is referred to in the title register? I'm surprised I didn't notice that earlier. IIRC what you refer to was the original agreement between the borrower and the council that the borrower would have the option to buy the site for £1.nnn million IF residential planning approval was granted for the site. This duly was (at the 3rd attempt), and the borrrower purchased the site, partially with funds from MT.
However, many of us (including me) were sceptitcal that developing the site as a single prestige property would result in a profit - essentially the GDV seems overly optimistic and hence the residual land value also seems optimistic. The new planning application is to seek permission to build 4 houses on the site not 1, a strategy that seems to have a more realistic chance of making a profit for the borrower.
The borrower seemed to ignore the old maxim of "Location, Location, Location" is everything in property development. The same failing is what has brought the FS Wimbledon dev to the point where the properties (now complete) will be sold at a loss. Properties of £3m to £4m require a suitable plot, a carriage drive (double entrance), outside entertaining space etc etc.
|
|
|
Post by rollercoaster on Aug 7, 2018 14:03:00 GMT
The purchase didn't go through until after the planning was granted though (look at the dates). So there would be no grounds for the entry on the Register under those terms. I was wondering if the council had an option to buy the completed house - but it doesn't fit the council's housing needs. I'm wondering if there is another undisclosed risk here, but can't understand what it is.
|
|