Kyrios
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Post by Kyrios on Jul 24, 2018 14:42:32 GMT
To those who say £750,000 is only one offer and is not representative of the true value of the asset, I will quote MT :
"We have received a number of offers and the most credible is from a developer and the sales price is £750,000."
So yes, you're right, £750,000 is only one offer. The other ones were probably worse... Or maybe they had an offer worth £3,000,000 from Mickey Mouse which they did not deem "credible".
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dovap
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Post by dovap on Jul 24, 2018 14:45:36 GMT
Hmm. Not sure what is hard to grasp about £750k being a lowball offer... I sell records online; if someone offers me £20 for a £100 record it doesn't mean they have reduced the value of my record by £80; it just means they don't get to buy it ah I guess you mean MT haven't marketed the site properly or sought the best offer - fair enuff btw - if nobody offers more than £20 for your record is it still a £100 record ?
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coop
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Post by coop on Jul 24, 2018 15:23:45 GMT
Hmm. Not sure what is hard to grasp about £750k being a lowball offer... I sell records online; if someone offers me £20 for a £100 record it doesn't mean they have reduced the value of my record by £80; it just means they don't get to buy it ah I guess you mean MT haven't marketed the site properly or sought the best offer - fair enuff btw - if nobody offers more than £20 for your record is it still a £100 record ? Good question! The answer is probably not; but it all comes down to timing really. I've bought records on ebay for £5 or less which sell for a much higher price tag elsewhere. For example a really obscure death metal band who only released 300 copies of a record might go for next to nothing on ebay (you're basically crossing your fingers for at least 2 UK based death metal vinyl afficionados to check ebay within the same 7 day period and for them both to notice it) but when listed for a "buy it now" price elsewhere and you're prepared to wait a few months to find the right buyer the same record can be worth £50+ to the right person. All comes down to finding the right buyer at the right time. I'm rambling now
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 9, 2018 0:20:54 GMT
Update on site.
Funding for build expected to be finalised shortly, contractor due on site from Mon for preliminary tidying up.
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withnell
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Post by withnell on Sept 3, 2018 13:25:56 GMT
MoneyThing, I know that the usual update cycle is now monthly but would appreciate an update on this one, especially as funding terms were due to be arranged and a contractor on site 3 weeks ago - would be good to understand whether work has started, and also there may be interest from existing lenders to fund the works to complete if we have a good visibility of the costings and timelines
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archie
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Post by archie on Sept 4, 2018 7:45:08 GMT
Updates for all MTAS loans on site now.
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withnell
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Post by withnell on Sept 4, 2018 8:34:17 GMT
1.125m on a 1.998m loan gives a 56% capital return. Build out gives 61-82% return, which while paying 9-14 months later gives an additional 8-45% return.
I hope that they do build out the scheme, if nothing else it reduces the chance of the builder's mate buying the site on the cheap, and the fact that the best offer went from 750 to 1125 I think there's probably more available if MT hold out
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averageguy
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Post by averageguy on Sept 4, 2018 8:47:50 GMT
1.125m on a 1.998m loan gives a 56% capital return. Build out gives 61-82% return, which while paying 9-14 months later gives an additional 8-45% return.I hope that they do build out the scheme, if nothing else it reduces the chance of the builder's mate buying the site on the cheap, and the fact that the best offer went from 750 to 1125 I think there's probably more available if MT hold out Sorry if I am being a bit thick here but I dont quite get that..shouldnt that be 5-26%?
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SteveT
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Post by SteveT on Sept 4, 2018 8:49:07 GMT
If there is sufficient value in the development to deliver something close to full repayment of the loan then I hope and trust the build-out route will be pursued.
If there isn’t, then the question “Why not?” is paramount and I’d expect concerted action against the Valuer and/or IMS.
In both scenarios, the borrower should be pursued relentlessly for any remaining shortfall.
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Post by p2psavvy on Sept 4, 2018 17:21:40 GMT
Completing the project might only achieve a small additional gain but at least there is a the potential to do much better. New house prices could also rise during the build time, reducing the loss further.
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averageguy
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Post by averageguy on Sept 4, 2018 18:18:47 GMT
Completing the project might only achieve a small additional gain but at least there is a the potential to do much better. New house prices could also rise during the build time, reducing the loss further. Or they might not
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withnell
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Post by withnell on Sept 4, 2018 20:03:48 GMT
1.125m on a 1.998m loan gives a 56% capital return. Build out gives 61-82% return, which while paying 9-14 months later gives an additional 8-45% return.I hope that they do build out the scheme, if nothing else it reduces the chance of the builder's mate buying the site on the cheap, and the fact that the best offer went from 750 to 1125 I think there's probably more available if MT hold out Sorry if I am being a bit thick here but I dont quite get that..shouldnt that be 5-26%? 5% additional on the 56 so effectively an extra 8% over the sale scenario!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 21, 2018 0:30:07 GMT
Funding for buildout appears to be in place based on the new charge at CH.
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Post by bluehorseshoe on Nov 6, 2018 8:48:31 GMT
I happened to notice there was an update on this loan yesterday. At least things are moving along.
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Post by mrclondon on Nov 30, 2018 12:14:12 GMT
MoneyThing - does today's update with proposed changes to the layouts imply that an amendment to the planning application will have to be obtained given the changes to the elevations ?
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