rogerthat
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Post by rogerthat on Jun 8, 2018 11:52:58 GMT
23mins to due DD...  2445469832£105 K @ 13%...LTV 70% 13.00hrs 08/06/18 |
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Post by mrclondon on Jun 8, 2018 12:13:36 GMT
23mins to due DD... Crazy / stupid / daft - and a lot of other adjectives as well.
Anyways, two points from the VR
VR 21: "The dwelling has been designed in such away that the main first floor living accomodation will have superb sea views over St Brides Bay"
VR 22: OMV = £150k , 90 day marketing = £70k, 180 day marketing = £100k (loan = £105,000)
Gut reaction is if the borrower / purchaser of this site is serious about developing it through to completion it should be low risk, but if this is simply a disguised land bank purchase and required a distressed sale in its current condition to recover the loan there is a discrete risk of loss on default.
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adrian77
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Post by adrian77 on Jun 8, 2018 12:24:57 GMT
As mentioned in the VR - there is no building survey - we don't know how long this property has been exposed to the elements etc, whether the builder hit a problem or whatever - hello Mr Smutty!
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Post by mrclondon on Jun 8, 2018 12:31:36 GMT
Whilst criticising FS for the ridiculously short notice prior to this loan going live, to be fair their loan origination remains impressive, and at the 10%+ yield risk level is well ahead of their competitors.
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michaelc
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Post by michaelc on Jun 8, 2018 12:48:20 GMT
Agree with both of the above. Its definitely not for me but for 12% it is obviously tempting some. Looking at past projects the 90 day valuation always seem closest to the mark and on this place as mrc says, it is just 70K.
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SteveT
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Post by SteveT on Jun 8, 2018 13:26:59 GMT
Whilst criticising FS for the ridiculously short notice prior to this loan going live, to be fair their loan origination remains impressive, and at the 10%+ yield risk level is well ahead of their competitors. I recall andrewholgate's observation that shovelling money out of the door is the easy bit; the real skill of the lending business lies in getting it back again. I wish fundingsecure would put as much focus and resource on the latter as they do the former...
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Post by mrclondon on Dec 17, 2018 17:15:26 GMT
Amidst all the gloom, and well deserved criticism levelled at FS, lets not forget that some borrowers do redeem their loans more or less on time, and in full.
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benaj
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Post by benaj on Dec 17, 2018 18:03:22 GMT
 , happy to receive full repayment. Now I have to decide what to do with it.
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, happy to receive full repayment. Now I have to decide what to do with it.