Forward
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Post by Forward on Jun 11, 2019 14:37:56 GMT
Update on site, Good news
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m2btj
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Post by m2btj on Jun 11, 2019 16:42:05 GMT
Update on site, Good news Any MT lenders looking for a decent return & some diversification could get a discounted deal on a rather nice student accommodation.
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derbyfella
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Post by derbyfella on Jun 12, 2019 10:49:49 GMT
Could we set up a co-op and buy a couple betweeen us
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Post by Badly Drawn Stickman on Jun 12, 2019 19:56:42 GMT
Could we set up a co-op and buy a couple betweeen us It would be interesting if a suitable vehicle could be created to see if there was enough current 'investors' to hold the asset. Given there are platform that invest in rental property the principle exists. Currently we are not looking at a great outcome, maybe there is scope for a longer term better return with a bit of creative thinking.
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boundah
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Post by boundah on Jun 13, 2019 17:59:21 GMT
Could we set up a co-op and buy a couple betweeen us It would be interesting if a suitable vehicle could be created to see if there was enough current 'investors' to hold the asset. Given there are platform that invest in rental property the principle exists. Currently we are not looking at a great outcome, maybe there is scope for a longer term better return with a bit of creative thinking. Now there's a plan. We could form a Ltd Co, borrow from a bunch of P2P mugs and let out the flats secure in the knowledge we'll never have to pay the loan back.
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GeorgeT
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Post by GeorgeT on Jun 14, 2019 16:32:48 GMT
Update on site, Good news I didn't think it was good news. I was hoping to get some of my money back this summer.
The last update in April said there were 15 completed sales and 2 more sales were set to complete within a week and 5 others were on the brink of sale and interest was strong.
2 months later and, in fact, only 1 more unit has been sold and interest has withered away.
The April update implied that 2 more sales would repay the finance in full so that interest costs to lenders would cease. Even that doesn't seem to have happened.
A year ago this looked like being a good capital returner, now it looks like it's going to be giving lenders quite a big loss.
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Post by notascooby on Jun 25, 2019 21:47:51 GMT
I spoke to M*******s last week. Just exploring. On a £67k flat lenders might get a £7k reduction. If I understood it right. It was a bit confusing and I couldn't get any firm details about ground rents,fees,charges or management structure. Of course it might very well have been my ignorance. I asked the chap to phone mr back when he had the information but there has been no response.
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Post by charlata on Jun 26, 2019 8:26:06 GMT
I spoke to M*******s last week. Just exploring. On a £67k flat lenders might get a £7k reduction. If I understood it right. It was a bit confusing and I couldn't get any firm details about ground rents,fees,charges or management structure. Of course it might very well have been my ignorance. I asked the chap to phone mr back when he had the information but there has been no response. I have followed the same path, and arrived at the same destination.
A yield of 8% is being guaranteed for 3 years, with the funds to cover this being held in escrow. This would suggest that 24% of each sale is being retained, and we will only finally be clear of this 3 years after the final sale completes.
In the meantime, who is managing the accommodation and the money? If it is the administrators, my wallet still has an open wound from the Ipswich student accommodation on AC, where administrators managed the block for 2 years on behalf lenders. Gross yields of 10% where insufficient to cover the fees and upkeep. We obviously do not want a £500/hr administrator dealing with blocked toilets and broken toasters. This probably isn't the proposition, but we have no visibility of the what is proposed, so one can but speculate.
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Post by notascooby on Jul 6, 2019 19:39:39 GMT
Apparently the flat leases are for 250 years and you are stuck with the managing agents for three years. This is to ensure the rent guarantee is met. There appears to be no representation on the agents board.
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jlend
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Post by jlend on Jul 17, 2019 22:01:29 GMT
Hi MoneyThingCan you confirm in an update whether the final rooms have been let for the September intake. Are there still plans for short term lets prior to this. Thanks
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Post by notascooby on Jul 21, 2019 14:52:49 GMT
Update on site saying "The units are still not quite fully let for the September intake.
Two further sales are proceeding and we are now also marketing the remaining units with other agents to boost interest. "
So that makes 18 of 39 selling/sold?
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jlend
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Post by jlend on Aug 21, 2019 10:49:53 GMT
Hi MoneyThing Perhaps some points to cover in the next update for this loan. Any progress on letting the remaining units for September? How many are still to let exactly? Any progress on sales following the additional marketing via other agents? How many have now completed exactly? How made others in train? Were any of the units let short term over the summer period in the end prior to the new student year starting in September? Has there been any development investigating the potential sale of the freehold? There was earlier talk of investigating letting some of the units to non students? What was the decision on this? Has the loan for completing the development now been paid off? If not how much is still remaining? Any update you can share on the multiple legal claims that are being pursued? Thanks in advance.
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djpix99
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Post by djpix99 on Sept 2, 2019 10:35:59 GMT
MoneyThing Are there any updates on this loan? In particular covering the points in the post above?
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Post by MoneyThing on Sept 2, 2019 10:44:11 GMT
MoneyThing Are there any updates on this loan? In particular covering the points in the post above? Morning. We have a call with the team at Moorfields on Wednesday to run through all of the current recoveries they are managing. Once we have the latest position we will update lenders. Kind regards, Ed.
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djpix99
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Post by djpix99 on Sept 2, 2019 10:46:43 GMT
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