peteuk
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Post by peteuk on Sept 21, 2017 9:55:16 GMT
Just done my own desktop valuation by looking at whats for sale on rightmove with uptodate info , cant see the borrower is taking any risk at all . Collateral please dont go down the route that FS did with worthless valuations safer if you just phoned up local estate agents to get the feel for what the true value is. If you continue to use desktop valuations heres one investor who will be pulling out
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m2btj
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Post by m2btj on Sept 21, 2017 10:29:34 GMT
Just done my own desktop valuation by looking at whats for sale on rightmove with uptodate info , cant see the borrower is taking any risk at all . Collateral please dont go down the route that FS did with worthless valuations safer if you just phoned up local estate agents to get the feel for what the true value is. If you continue to use desktop valuations heres one investor who will be pulling out Accurate valuations are critical in ensuring our investments are adequately safeguarded. Any asset is only worth what a buyer is prepared to pay for it! I too would have no confidence in any platform making inaccurate valuations.
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Post by mrclondon on Sept 21, 2017 10:40:03 GMT
Yep, a rightmove search for 2 bed bungalows within a 1 mile radius of this one produces a range of £150k-£190k, so this one has been valued at the top of that range. (And a lot of the comparables in the VR are quite old, dating back to 2014)
At £150k, the LTV would be 89%
And the firesale value is very likely to be well below OMV - some of the bungalows have been for sale for many months.
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james100
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Post by james100 on Sept 21, 2017 12:51:01 GMT
This one is also much closer to the highway than the comparables...land registry records suggest growth in that postcode has stagnated or declined since 2007 and this valuation would represent a postcode record of +10%. Maybe a local (as in more local than South Shields) valuer could give a second opinion. On the other hand 60% filled already...
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Post by Collateral Rep on Sept 21, 2017 13:27:17 GMT
Hi cooling_dude, The borrower is a Limited Company. Many thanks, Gordon |
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guff
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Post by guff on Sept 22, 2017 9:23:48 GMT
Accurate valuations are critical… It doesn't exactly get off to an auspicious start: "… 2 storey semi detached bungalow…"
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GeorgeT
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Post by GeorgeT on Sept 22, 2017 12:39:47 GMT
It's only a cheapo desktop valuation though, so you get what you pay for. However, it doesn't look 'modern' to me. It looks like a 1930s build, or 1950s at latest. Nothing wrong with that though. Without any concrete information about the tenure situation and condition, it's not a valuation anyone can reasonably rely on.
I have avoided this one because it's the biggest loan of the trio. I invested in the 2 smaller, related loans for reasons of likely improved liquidity.
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2017 13:13:43 GMT
It may have had a recent loft conversion. (Out of date?) aerial pictures show that it hasn't, though next door No 39, and others in the street have. Hope this isn't too much to ID the property. The tiles look more post 1950s than pre 1950s - s/d houses further along are older. Hoever, it appears some of the bungalows have had to be reroofed for some reason ... quality??  |
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guff
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Post by guff on Sept 22, 2017 14:27:45 GMT
It may have had a recent loft conversion... Oh no it hasn't. 
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2017 14:30:09 GMT
Just had another think. Looking at the bay shapes on bungalows in this street, they look rather late forties, even late thirties. Just look at the garages in the image. That is definitely a 40s/50s type of garage door. Number 33/35 appears to be fairly recently reroofed. I'm thinking all the bungalows have needed retiling and possibly further refurbishing.
Just an opinion. I haven't invested in these yet.
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2017 14:35:42 GMT
It may have had a recent loft conversion... Oh no it hasn't. OK, you've been for a look then?
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guff
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Post by guff on Sept 22, 2017 14:39:57 GMT
Oh no it hasn't. OK, you've been for a look then? Whey aye man. 
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guff
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Post by guff on Sept 22, 2017 14:42:24 GMT
Just had another think. Looking at the bay shapes on bungalows in this street, they look rather late forties, even late thirties. Just look at the garages in the image. That is definitely a 40s/50s type of garage door. Number 33/35 appears to be fairly recently reroofed. I'm thinking all the bungalows have needed retiling and possibly further refurbishing. Just an opinion. I haven't invested in these yet. Fourties is about right although they look like concrete roof tiles rather than the originals which were probably slate.
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2017 14:42:45 GMT
Good work, that man. What a shame COL decide to use an August 2014 picture. So Collateral Rep The subject property is a 2 storey semi detached bungalow - no it isn't. Any comment? |
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Post by bracknellboy on Sept 22, 2017 14:52:27 GMT
Hope this isn't too much to ID the property.... I think you'd have to already be living in it, or carrying out a drone delivery, to id it from that.
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