rogerthat
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Post by rogerthat on Mar 5, 2018 17:03:32 GMT
Renewal up 11am 06/03/18
£236K @ 13%..70%LTV
Further details on DD
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lucky
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Post by lucky on Mar 5, 2018 18:03:43 GMT
Renewal up 11am 06/03/18 £236K @ 13%..70%LTV Further details on DD I'm considering a punt on this listing, any skeletons in the cupboard? unfortunately I don't have DD access
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rogerthat
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Post by rogerthat on Mar 5, 2018 18:54:07 GMT
Renewal up 11am 06/03/18 £236K @ 13%..70%LTV Further details on DD I'm considering a punt on this listing, any skeletons in the cupboard? unfortunately I don't have DD access Not that I can see..though I notice both properties were sold for £150K each in Aug/ Sept 2017..so £300K and post development the value is £380K..seems a lot of work for not a huge gain (but they appear to have been in reasonable condition re VR). If you look at the VR it estimates what all the flats would pull in through rental. Borrowers appear to be based in Cardiff so not sure how they intend to manage the properties. Could be husband and wife team..50% equal shareholders.There was more than one tranche..and it says they're rolling over the interest..
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lucky
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Post by lucky on Mar 5, 2018 19:39:48 GMT
I'm considering a punt on this listing, any skeletons in the cupboard? unfortunately I don't have DD access Not that I can see..though I notice both properties were sold for £150K each in Aug/ Sept 2017..so £300K and post development the value is £380K..seems a lot of work for not a huge gain (but they appear to have been in reasonable condition re VR). If you look at the VR it estimates what all the flats would pull in through rental. Borrowers appear to be based in Cardiff so not sure how they intend to manage the properties. Could be husband and wife team..50% equal shareholders.There was more than one tranche..and it says they're rolling over the interest.. Thanks for the help, worth a small wager I think.🏦
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rogerthat
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Post by rogerthat on Mar 5, 2018 20:56:51 GMT
Thanks for the help, worth a small wager I think.🏦 Used DD link to access CH..2 charges..not surprisingly 1 for each property to FS..Nothing untoward that I can see..
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adrian77
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Post by adrian77 on Mar 6, 2018 10:22:20 GMT
Personally I am not touching this one - only 66% occupancy and most tenants on housing benefit ; if Comrade Corbyn gets in then rent controls and even more tenant rights will follow...just my opinion
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rogerthat
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Post by rogerthat on Mar 6, 2018 10:54:00 GMT
Personally I am not touching this one - only 66% occupancy and most tenants on housing benefit ; if Comrade Corbyn gets in then rent controls and even more tenant rights will follow...just my opinion If Comrade Corbyn gets in then we're all f****d anyway.
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r1200gs
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Post by r1200gs on Mar 6, 2018 11:39:28 GMT
Personally I am not touching this one - only 66% occupancy and most tenants on housing benefit ; if Comrade Corbyn gets in then rent controls and even more tenant rights will follow...just my opinion If Comrade Corbyn gets then then we're all f****d anyway. While I do like my new surroundings in the north east of England, having to clamp my mouth firmly shut when some bloke down the pub (unemployed, natch) starts singing the praises of how life is going to be so much better once Jeremy starts doing a little wealth redistribution is a quite the challenge. On topic, having stayed there a while some time back purely because it was cheap, I'm not investing in Blackpool. I think it has a way to go downhill yet, though that's purely gut feeling.
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rogerthat
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Post by rogerthat on Mar 6, 2018 12:07:59 GMT
If Comrade Corbyn gets then then we're all f****d anyway. While I do like my new surroundings in the north east of England, having to clamp my mouth firmly shut when some bloke down the pub (unemployed, natch) starts singing the praises of how life is going to be so much better once Jeremy starts doing a little wealth redistribution is a quite the challenge. On topic, having stayed there a while some time back purely because it was cheap, I'm not investing in Blackpool. I think it has a way to go downhill yet, though that's purely gut feeling. Blackpool will always retain some appeal for the party faithful as its ingrained on the psyche. I did visit several times in the distant past (out of season) and found it to be a surreal experience. Apart from the 'front' the rest seemed like a hotchpotch of guest houses and residential development scattered willy nilly across the landscape, much like a Mad Max movie. Thankfully someone had the foresight to build a motorway (M55) to get the hell out of there as quickly as possible.  I had a small nibble based purely on a relatively quick sale.
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aj
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Post by aj on Mar 26, 2018 7:03:06 GMT
I must have missed this renewal and increase. I'm pretty pissed about it TBH.
I have a chunk of tranche 2 (4339507471). I bought when total lending was 240K, total lending has now increased to 266K.
I wasn't offered an out at the point of the increase so my investment is now much riskier. All the numbers on my tranche have been updated to show the new LTV, with no update note explaining that FS chose to erode my stake in the security. All a bit sly and underhand.
It is a fair expectation that FS will have to offer another renewal on my tranche having held back funds from the last increase to cover the interest on this one. If they haven't held back funds or the renewal does not fill, it makes to a very awkward situation in case of a default.
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mikes1531
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Post by mikes1531 on Mar 27, 2018 19:48:44 GMT
I must have missed this renewal and increase. I'm pretty pissed about it TBH. I have a chunk of tranche 2 (4339507471). I bought when total lending was 240K, total lending has now increased to 266K. I wasn't offered an out at the point of the increase so my investment is now much riskier. All the numbers on my tranche have been updated to show the new LTV, with no update note explaining that FS chose to erode my stake in the security. All a bit sly and underhand. Sorry, aj, but I don't think you really have any cause for complaint. FS stated from the beginning that the borrower had a facility of £266k, so you were told that at the time you invested. And FS haven't lent any more than that to the borrower. The value of the property has increased as the work has been done, and that meant FS could make a further advance to the borrower without exceeding the LTV they said they wouldn't exceed at the time you invested. The LTV might have been lower at some point(s) during the development, but it should have been clear from the beginning that FS could lend up to £266k on a development that was expected to be be worth £380k when complete -- for a LTV of 70% -- and that's just what they have done.
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Post by mrclondon on Sept 7, 2018 22:02:54 GMT
Photos taken 4:30pm 4th Sept. About ten minutes walk to the north Blackpool bars and restaurants around the tower. On a main-ish road, which is VERY litter strewn - the last photo is of the neighbouring property's parking area at the front.
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Post by mrclondon on Nov 12, 2019 14:18:46 GMT
Loan has now been defaulted on the website
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adrian77
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Post by adrian77 on Dec 3, 2019 15:35:24 GMT
As reported in FS owners in FS DD company now insolvent - looks like yet another large capital loss to me...
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Post by FSAG Forum on Dec 4, 2019 10:32:41 GMT
As reported in FS owners in FS DD company now insolvent - looks like yet another large capital loss to me... What makes you say LARGE capital loss? I would have thought that this was one of the "better" loans.
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I had a small nibble based purely on a relatively quick sale.
