IFISAcava
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Post by IFISAcava on Feb 11, 2018 14:56:59 GMT
I think that ideally, since the valuers recommend a 8-10% discount, the calculated LTV should include that too. Brings the LTV to around 63.5% on total borrowed. Still plenty of headroom for a collapse in wine values, but not as much as with a 57% LTV.
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ding
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Post by ding on Jun 28, 2018 21:47:35 GMT
So we were told in February this guy needed a loan to pay HMRC tax bill. He borrowed £180k and has paid back £9k ish early. Now we are asked to fund another £123k without a reason on more plonk. Does it matter though, it all comes down to security.
Wonder how many bottles of wine he has left... Not sure to increase beyond my £25 on this (got £500 on the other loan).
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liso
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Post by liso on Jun 28, 2018 22:24:27 GMT
This is the third loan to this borrower. The first loan was for 20K, paid for by the second loan for 180K, which is due to be repaid in about 5 weeks time, repayment to come from an expected US tax refund and by wine sales.
Now UB are offering a third loan of 123K, and with no term date. No term date? Seriously?
Definitely not for me.
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Post by Ace on Jun 28, 2018 23:13:20 GMT
This is the third loan to this borrower. The first loan was for 20K, paid for by the second loan for 180K, which is due to be repaid in about 5 weeks time, repayment to come from an expected US tax refund and by wine sales. Now UB are offering a third loan of 123K, and with no term date. No term date? Seriously? Definitely not for me. Thanks for the warning liso . I totally missed the fact that this loan had no end date. I just presumed it was UB's usual 6 month term. Is this common on UB? I just checked my portfolio and I don't have any others without end dates. Phew! Could it be that this is a procedural 'anomaly' and the usual 6 month end date gets filled when the loan draws down?
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shuff27
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Post by shuff27 on Jun 29, 2018 6:14:30 GMT
I quite like this as an asset (put a bit in the last one) but won't partake this time unless there is a finite term.
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invester
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Post by invester on Jun 29, 2018 7:05:16 GMT
From the time of the last loan, this guy must have made a couple of hundred grand in salary from his job (maybe more with bonuses?)
Yet he is needing money so bad and is not able to raise finance elsewhere apart from borrowing at large interest rates?
I suspect the reasons ain't published because the platform don't know - all they are interested in is the security, and it seems to stack up.
Almost reads to me like the guy has gambling debts or similar and can't turn to anyone else (ie. employer)... wouldn't be the first time a high-net worth individual got themselves into trouble...
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star dust
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Post by star dust on Jun 29, 2018 8:50:03 GMT
I emailed them, and apparently this is a 'system display' glitch - you've all heard that before, they seem pretty prevalent in P2P
"The loan term is standard six months."
I have taken a nibble as I already have a bite in the other one.
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Ukmikk
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Post by Ukmikk on Jun 29, 2018 8:51:26 GMT
So we were told in February this guy needed a loan to pay HMRC tax bill. He borrowed £180k and has paid back £9k ish early. Now we are asked to fund another £123k without a reason on more plonk. Does it matter though, it all comes down to security.
Wonder how many bottles of wine he has left... Not sure to increase beyond my £25 on this (got £500 on the other loan).
The previous loan has had 4 interest payments only as far as I can see, no capital repayment. The new loan has no term specified. Difficult to assess the strength of the security IMO. I'm already in the first loan and I'm very cautious on this one. Will stick to my standard nibble I think. Edit: term now clarified above, thanks star dust.
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savernake
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Post by savernake on Jun 29, 2018 9:19:32 GMT
If the borrower is so wealthy why does he need to pawn his wine collection? I don't know enough about wine to make an educated judgement so I'm staying out of this one.
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Post by dan1 on Jun 29, 2018 10:06:36 GMT
If the borrower is so wealthy why does he need to pawn his wine collection? I don't know enough about wine to make an educated judgement so I'm staying out of this one. Perhaps all of their assets are tied up in P2P? Just a (facetious) thought In all seriousness, I can only assume that all of their assets are sufficiently illiquid to warrant seeking such a loan. Perhaps they don't wish to release equity from their property(s) for reasons of anonymity, and it would seem that they have insufficient eligible stocks and shares to raise the cash via a margin loan.
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marka
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Post by marka on Jun 29, 2018 10:20:10 GMT
I have £500 in this guy's previous loan, but like others here decided against this one due to a) no end date b) no explanation for need for second loan.
Reading that it is a 6 month loan I thought I'd maybe just bung perhaps 50 or 100 quid in, but having just taken a look on the site the loan term is still showing as "none". If this still hasn't been amended even though it has now been brought to their attention, then it leaves me with doubts, so I'm back to passing on this thanks.
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markyg61
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Post by markyg61 on Jun 29, 2018 11:06:07 GMT
Web site now shows 6 months loan term So took a small nibble
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picnicman
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Post by picnicman on Jun 29, 2018 13:16:34 GMT
Web site now shows 6 months loan term So took a small nibble Sensible approach - similar loans on MT get snapped up very quickly - asset can be sold if necessary and is in bonded warehouse
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 29, 2018 15:17:50 GMT
Thirty years ago I had cause to visit a client and they graciously showed me around their extensive wine cellars in which they held loads of wine in storage on behalf of customers, including the lead singer of a popular to this day rock combo. What struck me was the huge amount of smashed bottles which seemingly were still part of the inventory and of which their customers were completely and blissfully unaware. My point is that Wine Valuations can be as deadly accurate as the Property Valuations we love and respect. I have no idea if being "Bonded" makes any difference? [ EDIT: As to how and whether they may be handled and stored more carefully if Bonded. ]
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agent69
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Post by agent69 on Jun 29, 2018 15:56:10 GMT
including the lead singer of a popular to this day rock combo. Not that bunch of geriatrics that have been on a UK tour recently?
Can we play spot the OAP?
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