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Post by GSV3MIaC on Aug 8, 2017 14:02:36 GMT
And I personally don't buy the 'Oh the college website was live by mistake' .. too many other connected items/websites were/are also live. And why did the GLIFFY sales pitch also get vanished? I accept that the value (as a grade B listed building with planning permission for 99 units) may cover our funds, at a fairly modest LTV, but I really don't want to be associated with the end product, and the purveyors of same.
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am
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Post by am on Aug 8, 2017 14:05:13 GMT
The pictures of the accommodation rooms on the borrowers' websites were lovely. Strange that none of the building has actually been refurbished yet, so where did those photos come from? I did google some of them a couple of days ago but couldn't find any matching except on the borrowers' sites or connected marketing. There were external images up for the second Burnley project which could more or less pass for photographs, but which I'm pretty sure were "artist's impressions". CAD seems to be getting quite photorealistic.
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mikeh
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Post by mikeh on Aug 8, 2017 14:16:29 GMT
The pictures of the accommodation rooms on the borrowers' websites were lovely. Strange that none of the building has actually been refurbished yet, so where did those photos come from? I did google some of them a couple of days ago but couldn't find any matching except on the borrowers' sites or connected marketing. Yes. They seem too good to be true.
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oldgrumpy
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Post by oldgrumpy on Aug 8, 2017 14:23:08 GMT
Actually I have just been there via via streetview. The exterior does makes me wonder why the place is so cheap. The window shapes shown in your picture is confirmed. The bedrooms could have been partly in the adjacent sheltered housing, though the quality of the interior decoration (I can't access those pictures now) again makes me wonder, why so cheap? Never mind. I'm missing this one because of borrower background.
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marka
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Post by marka on Aug 8, 2017 14:27:34 GMT
Well I've put a token 25 quid in just for fun, but that's all they're getting out of me!
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oldgrumpy
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Post by oldgrumpy on Aug 8, 2017 14:33:16 GMT
Don't tell Dude, but I've put £10 in so I get all the MT goss which only lenders get if it all goes pop.
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adrianc
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Post by adrianc on Aug 8, 2017 14:39:06 GMT
Quid gone in from here, only because I can't do the Lendy "1p to flag I don't want it"...
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dovap
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Post by dovap on Aug 8, 2017 14:56:08 GMT
I thought it was a lovely touch on one of the many overdue records at CH to have for occupation: 'Peer of the Realm' lent a certain gravitas.
Hopefully his lordship secures the speculative funding to repay the 500K (on a 580K purchase) he's spirited away for one of his other diverse range of interests. (Although given the less than spectacular track record - good luck punters)
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Post by GSV3MIaC on Aug 8, 2017 15:06:29 GMT
Do they still have Peers of the Realm (any particular Realm?) up there in Scotland? .. I sort of assumed the SNP would have rounded them all up and disposed of them by 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 8, 2017 15:11:19 GMT
I thought it was a lovely touch on one of the many overdue records at CH to have for occupation: 'Peer of the Realm' lent a certain gravitas. Hopefully his lordship secures the speculative funding to repay the 500K (on a 580K purchase) he's spirited away for one of his other diverse range of interests. (Although given the less than spectacular track record - good luck punters) Ironically even in P2P there is aristocratic pecking order. A lord whose a borrower but you need a higher rank to run a platform
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oik
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Post by oik on Aug 8, 2017 15:13:40 GMT
Likewise a token amount from me rather than 4 figures just so I get the info. I am from Ayrshire and the peer involved is well known locally for all the wrong reasons. Was just reading about his lordship on the Daily Record. History of bankrupcy, conviction for assault, and setting up a real estate business, no longer trading, with a boxing promoter under investigation for fraud they claim. Then said to be facing bancruptcy again (2013) over a £50k debt. What would the tabloids do for stories without the aristocracy. He's probably a lot of fun and I wish him well but won't be putting any money his way.
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GeorgeT
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Post by GeorgeT on Aug 8, 2017 15:14:58 GMT
The good news is that we won't have to wait very long for some follow up action. A someone pointed out near the start of this thread and as I quote from the loan partics - "The underlying loan agreement with the borrower is an interest only agreement, where interest is paid monthly .....".
So it will be very interesting to see if the monthly interest payments are made in a timely fashion or if the borrower's bank makes a mistake, the borrower is taken ill, attacked by a lion or unable to make payment for another reason.... (* Insert your own explanation for late or non payment of monthly interest).
I assume if the borrower fails to make a monthly interest payment that MT won't cover it and that investors won't get paid their interest. So there's a risk from month 1.
Hopefully all will turn out well but it's one to watch closely.
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am
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Post by am on Aug 8, 2017 15:21:01 GMT
From the side letter "We understand that some investors are concerned with values being expressed on the website Zoopla, which is stating £595,000. Zoopla is a website that collates land registry data at point of sale of asset and adjusts this figure according to property fluctuations pegged against the postcode. This is not a website to be relied upon for accurate valuation of assets."
If my understanding is correct things have been lost in the telling. As I understand the concern was not about Zoopla's price estimate, which we know to be unreliable, but that the property had apparently been on the market until last December (it seems that this may have been estate agents being sloppy about changing the status) at a price well below the valuation.
However I have now found another portal where the portal suggests that the property was removed within the last 24 hours, and where the Google cache has it on the portal at £675,000 as late as 12th July 2017. I have not been able to identify the date of instruction.
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Post by beeje13 on Aug 8, 2017 15:25:59 GMT
Can't even bring myself to put £10 on this.
I would reiterate what has been said about all the investigative work by members on here, it's very appreciated thank you!
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oldgrumpy
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Post by oldgrumpy on Aug 8, 2017 15:28:24 GMT
What the ..... The college may have obscured its website, but they are already recruiting teaching staff!!
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