Unfortunately, without some specifics, I'll sit on the sidelines for this one. I was hoping to get an insight to the project's viability but remain unconvinced.
If the VR is accurate and appropriate to the loan / Borrower with regard to section 12.5 and 12.6 (which given its age, it may not be) then the amount of work required and the necessity for Planning Permission with the attendant costs and time delays leave me wondering how a sale could be completed, or even how the project could be far enough progressed for alternative finance to be sourced within the six month loan term.
Taking a £42k 90-day valuation against a £33.6k loan, would only leave c.£8k to cover all costs involved in realising the asset's value should the Borrower default, and that seems insufficient.
Given the above, one starts to understand why the VR's Executive Summary concludes: "1.5 We would consider that the property represents poor lending security for mortgage purposes."
You are quite right. You learn something new everyday - I wasn't previously aware of the "Recent Updates" tab. Looks new as not available on any others (only looked at a few).
I also referenced back to your weekly "Existing Loan Update" Email - It is there right at the top. Hindsight I should read the whole email, I tend to jump straight to each loan and see its status (Renewal/Extension/Redeem).
Presume borrower will cover additional interest when it is repaid.