ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 26, 2018 17:12:18 GMT
Security Value: £320,000.00
Loan Amount: £223,000.00
% PA: 14%
Loan to Value (LTV): 69.69%
Loan Start Date: 26/01/2018
Time Remaining: 181 days
2% Cashback
The Property comprises a principally single stone former parish hall which we understand dates from the 1860s. Internally the accommodation provides a church hall with associated meeting room, stores and WC accommodation.
The Property is located approximately six miles to the south of Liverpool City Centre on the boundary of G*********e and G*****n.
Planning permission has been granted for the development into three two storey dwellings.
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I have no idea yet about The Borrower's other two Loans but so far this one looks decent enough? .................... Except perhaps for (?) :-
From Valuer's Report - "We understand that a Phase 1 and 2 investigation report has been undertaken for the site of the Subject Property (and wider St A*****s site. The reports highlight elevated levels of contaminants Polycyclic Aromatic Hydrocarbons (PAH’s) Naphthalene, Benz(a)anthracene, Chrysene, Benzo(b)fluoranthene, Benzo(a)pyrene and Dibenz(ah)anthracene. We understand a clean topsoil cover will be required. Gas protection measures are not required. The findings indicate that the soil concentrations of hydrocarbons are within the threshold concentrations permitted under the UKWIR and UUW guidance for normal PE water mains. On this basis, new water mains may be specified as normal alkathene."
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Post by Badly Drawn Stickman on Jan 26, 2018 20:17:40 GMT
In theory at least your... Except for (?) shouldn't come in to play. If it is just a bridging loan then the only real question is what it would sell for 'as is'.
On a different note, its nice to see the cashback equally distributed and in place at the outset, this one will fill regardless. The other 2 might need a good bit more scrutiny.
(i only really posted so you didn't feel unloved and ignored)
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 26, 2018 20:23:09 GMT
I love you too Village Idiot. And "Village Idiot" reminds me of an absolutely filthy limerick, which I couldn't possibly post here!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,841
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Post by ozboy on Jan 26, 2018 20:29:24 GMT
Funded: Available Amount: 61.921% £84,915.15 @ 20:27 73.452% £59,201.41 @ 21:53 I just dived in for a low four figure punt.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 26, 2018 20:48:51 GMT
I love you too Village Idiot. And "Village Idiot" reminds me of an absolutely filthy limerick, which I couldn't possibly post here! Ah go on Ozboy! Dare ya😁
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
Likes: 4,841
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Post by ozboy on Jan 26, 2018 21:56:04 GMT
My name's Billy, not Silly. 'twould ban me for life. And then some!
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GeorgeT
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Post by GeorgeT on Jan 26, 2018 22:21:04 GMT
What a day today was given that I was out nearly all day because I had an appointment with a psychiatrist. This appointment involve me undertaking an hour+ of travel time in addition to 2+ plus hours at the venue for my assessment and I have only just had time to log into my email account and see that today has been an exciting day on this platform with new 14% loans and 2% cash back across the board.
I have not had time to peruse the loan details with any great scrutiny but I have to say that 14% with a mega 2% cashback irrespective of the size of the investment has been enough to tempt me to just make a transfer of funds into Collateral. Whether they will action my deposit tonight or whether that will be tomorrow who knows but even on a £1,000 investment you are looking at £20 cash back in addition to your 14% ongoing interest.
I have to say the returns that this platform is offering to investors are second to none and it's very hard to resist the temptation to fund these projects and also I would add that the projects on this platform look to me to be as high class or higher than projects on other platforms which are paying worse rates of return to us investors.
I will fund both new loans to an equal amount at this early stage and once I have had time to study the details I may well come into them a lot bigger.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 26, 2018 22:49:14 GMT
We all know that these Borrowers do The P2P Milk Round, and if they accept these rates from COLL it's because they couldn't do any better with The Others. The mind boggles. So a boggling I will go.
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GeorgeT
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Post by GeorgeT on Jan 26, 2018 23:31:51 GMT
We all know that these Borrowers do The P2P Milk Round, and if they accept these rates from COLL it's because they couldn't do any better with The Others. The mind boggles. So a boggling I will go. You may be right but then we don't know what margins the different platforms demand? It could be that COL are offering rates to borrowers as competitive, or even more competive, than other platforms but are prepared to accept low margins in order to grow their business? Unless someone knows different, I don't think we can conclude that because COL are paying higher rates to investors it means they are charging higher rates to borrowers and are therefore taking on business that other platforms have declined.
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Post by mrclondon on Jan 27, 2018 0:19:02 GMT
The borrower of the farm BL00083-85 and this loan BL0082/86 (Church etc, Liverpool) are the same SPV (borrower id ACC00153). The director/shareholder of this borrower, is also the director of the borrower on loan BL00071 another church hall (different SPV, borower id ACC00117 )
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Post by ribble on Jan 27, 2018 9:01:33 GMT
---------------------------------------------------------------------------------------------------------------------------- I have no idea yet about The Borrower's other two Loans but so far this one looks decent enough? .................... Except perhaps for (?) :- From Valuer's Report - " We understand that a Phase 1 and 2 investigation report has been undertaken for the site of the Subject Property (and wider St A*****s site. The reports highlight elevated levels of contaminants Polycyclic Aromatic Hydrocarbons (PAH’s) Naphthalene, Benz(a)anthracene, Chrysene, Benzo(b)fluoranthene, Benzo(a)pyrene and Dibenz(ah)anthracene. We understand a clean topsoil cover will be required. Gas protection measures are not required. The findings indicate that the soil concentrations of hydrocarbons are within the threshold concentrations permitted under the UKWIR and UUW guidance for normal PE water mains. On this basis, new water mains may be specified as normal alkathene."I may be confused here (I usually am) but I don't think this quote from the valuer's report applies to BL00082. I think it applies to BL00086, the property named after the patron saint of car-makers.
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ding
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Post by ding on Jan 27, 2018 9:43:49 GMT
10591.60 left on PM. Thought I would F5 before I invest. Still 10591.60 left, but noticed it's changed to secondary market. The guy who took the final 10591.60, immediately dumped it on the SM. Will he still get the cashback? If so looks like a good strategy.
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GeorgeT
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Post by GeorgeT on Jan 27, 2018 9:56:31 GMT
10591.60 left on PM. Thought I would F5 before I invest. Still 10591.60 left, but noticed it's changed to secondary market. The guy who took the final 10591.60, immediately dumped it on the SM. Will he still get the cashback? If so looks like a good strategy. Don't get me started about cashback hunters. I have said it before and I will say it again,if there is a cash back available and you qualify for it then you should have an obligation or should I say you should be locked into holding that loan until either term end or for at least a set period of say 2 months. The cashback is fantastic especially when it is as generous as 2% across the board but we know the inevitable will happen and the secondary market will be blocked up with this loan for weeks to come so enjoy your cash back but do not expect great liquidity on this one.
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GeorgeT
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Post by GeorgeT on Jan 27, 2018 10:36:38 GMT
Owing to a schoolboy error I missed the boat on this one as regards receiving cash back. I have invested in the loan today on the secondary market and therefore will not receive 2% cashback. This is especially infuriating for me because I will be the Investor holding the loan part when the loan draws down yet the original purchaser will be carrying no risk at that point yet will have bagged himself 2% cashback and I think the rules have to change on this. At the very least you should only get cashback if you are holding it when the loan draws down so that effectively it is your money that is going to the borrower.
A second mistake I have made in the last 24 hours is confusing this loan with the other Liverpool loan split into three tranches. I had not realised there were as many as three different loans all paying 2% cashback.
It is clear that in just one day away from the Fray I have fallen behind in terms of my knowledge and expertise and I need to do some catching up very fast.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 27, 2018 10:40:24 GMT
Thanks ribble, I hope I haven't been the harbinger of falsies (!). The quote is from the direct VR link pertaining to this Loan alone (!) and does say " report has been undertaken for the site of the Subject Property (and wider S* A*****s site." so ISTM it does refer to this Loan/site, as well as the next door Loan/site? Either way I do wonder what the hell they've been doing on these sites, running a petrol station?
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