r00lish67
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Post by r00lish67 on Jun 30, 2017 10:09:52 GMT
We're a bit light on detail for this aren't we? A desktop valuation with no exit plan, I don't mind those if the LTV is sub-40%, but this is 70%!
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phil
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Post by phil on Jul 1, 2017 21:17:10 GMT
We're a bit light on detail for this aren't we? A desktop valuation with no exit plan, I don't mind those if the LTV is sub-40%, but this is 70%! I had a look into it regarding the two flats, I put the postcode into the box on the right on: planning.reading.gov.uk/fastweb_PL/welcome.asp (There are no details of applications prior to 1988 in this system.) There is no stated planning permission for any house in that postcode to be converted into two flats so it would seem to have been converted prior to 1988 except Rightmove have the same property listed in 2010 as a 3 bedroom house. I hope I'm wrong but a cursory glance at this property certainly doesn't provide much confidence given there's no proper valuation, no sign of PP for two flats and no stated exit plan.
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michaelc
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Post by michaelc on Jul 2, 2017 14:34:42 GMT
Do we even know if its a first legal charge?
Apart from the utter lack of information and possible planning issues (maybe no issue if converted more than four years ago and nobody complained?), I like this one as comparables seems easy to obtain.
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phil
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Post by phil on Jul 5, 2017 18:15:38 GMT
The picture shows number 11. The 'Known Valuation' relates to number 15. There is PP ("Certificate of lawfulness for conversion of single dwelling house into 2 flats") for #15 dating from 2007/8. Thanks for the info. where did you find out about the PP?
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michaelc
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Post by michaelc on Feb 17, 2018 17:52:11 GMT
Loan Updates:
Mid December: Borrower has said they will be paying the interest by next week 6 weeks later in late Jan: Whoopsie! No interest has arrived yet. We've asked nicely and the borrower has told us he will pay it end of Jan (i.e. next week.)
Starting repossession proceedings might speed them up a bit but what do FS care?
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rogerthat
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Post by rogerthat on Feb 17, 2018 18:26:03 GMT
Loan Updates: Mid December: Borrower has said they will be paying the interest by next week 6 weeks later in late Jan: Whoopsie! No interest has arrived yet. We've asked nicely and the borrower has told us he will pay it end of Jan (i.e. next week.) Starting repossession proceedings might speed them up a bit but what do FS care? Nearly had a fit when I just peeked at the VR...£278 K LTV 70%..loan amount £195K...then I realised that this a 2 flat property which begs the question why the VR gave 10 comparables all of which are single flats ! (although the VR only mentions 1 for this property ) another "real time" valuation for you..Didn't put much into this at the outset and will probably lapse if it ever renews.
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adrian77
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Post by adrian77 on Feb 17, 2018 20:30:00 GMT
I note we are getting the familiar codswallop
This was due to be repaid at the end of December!
I can tell you from personal experience - a lot of developers won't touch a property with tenants and if this one went to auction you can be assured it probadly won't sell at anywhere near the estate agent's valuation...yet again I think this valuation somewhat over the top so the LTV is, in practice, over 70%.
That said the recent BMW motorbike (and Rolex) valuation seemed very reasonable to me as it is a classic bike which seems to have been extremely well restored.
The above is worrying and I wonder if the landlord has financial problems and/or one of the tenants is being problematic. All it needs is for one of the tenants to stop paying and then it is at least 3 months (in practice) before you can evict them. I know comrade J C thinks the housing market is simply due to greedy landlords but for most of us it is a very difficult way to earn money and one bad tenant can be a total nightmare.
I invested in the BMW and Rolex watches but to me this screams "Smuttystick" so I won't be investing when it is relisted.
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Imothep
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Post by Imothep on Aug 16, 2018 21:41:56 GMT
Fake lenders , what’s your name Trump ? I thought the forum was for DD and for lenders to share info to everyone’s benefit . Clearly FS could have done better but lately the forum seems to be just a voice piece for a few (the same ) negative nellies to sound off all the time . So you’ve lost a few quid ? Get over it ... this forum needs some positive vibes ...😀
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empirica
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Post by empirica on Aug 16, 2018 22:02:20 GMT
This is yet again one of the very late loans FS mis-manages... _ _ _ In the meantime 7 months have gone and FS have done EXACTLY NOTHING (as usual). Is this the change seen by some fake lenders on the forum? How can anyone still trust these people? Given the value and nature of the security, what would you have preferred to see FS do and in what timeframe?
(PS: have reported this as a duplicate thread)
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empirica
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Post by empirica on Aug 16, 2018 22:34:46 GMT
What do I want from FS? I ask them to be HONEST first and foremost and clearly they either lie all the time or are totally incompetent. Not unreasonable to expect honesty. I'm not sure you could make a solid case for them either lying 'all the time' or being 'totally incompetent'. (They are running a profitable business which is some achievement in this line of work.) I had done before I posted. In future, please don't assume others are less informed than yourself. Thank you.
None of which are unreasonable and, as you say, fairly obvious. Have you asked fundingsecure why they haven't adopted this approach?
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empirica
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Post by empirica on Aug 16, 2018 22:49:29 GMT
OK. I'll give it a go, although I'm not in this loan (or any other) so FS may decline to answer beyond than acknowledging my enquiry.
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mjc
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Post by mjc on Aug 17, 2018 8:09:54 GMT
(PS: have reported this as a duplicate thread)
A duplicate of the Power Boat? Or most other threads? Manyana. It’s been “next week” since January. And in 6 more updates afterwards! I would like FS to explain WHY they thought it would be next week, etc etc. What proof did they ASK for and GET that it would be “next week”. And why not after the first broken promise demand (and provide us with) the evidence? This is why FS’s ability to manage loans sucks. The Power Boat saga suggests we could be here in 2 more years.
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rogerthat
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Post by rogerthat on Sept 13, 2018 12:13:42 GMT
6147432141..now at 440days
16/08/2018 We are expecting this loan now to be repaid within the next 10 days
16/07/2018 Apologies for the lack of updates on this loan. We have spoken at length with the borrower over the last 2-3 days and are confident that this loan will be repaid within the next 2-3 weeks.
17/05/2018 We are now expecting this loan to be renewed within the next 10 days
30/04/2018 We have been in discussion with the borrower at the end of last week and are expecting this loan to be repaid in full during the course of this week.
As another month has slipped by, has anyone any further info on this ?
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michaelc
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Post by michaelc on Oct 28, 2018 14:24:41 GMT
Last three updates below. I don't get why they don't repossess. Is it just an overall cost for them to do so, so they don't ever plan to do it?
17/05/2018
We are now expecting this loan to be renewed within the next 10 days
16/07/2018
Apologies for the lack of updates on this loan. We have spoken at length with the borrower over the last 2-3 days and are confident that this loan will be repaid within the next 2-3 weeks.
16/08/2018
We are expecting this loan now to be repaid within the next 10 days
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jcb208
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Post by jcb208 on Oct 28, 2018 14:48:46 GMT
Yes about time we had all these late loans defaulted or chased up, I can not see this property not being sufficient value to repay the loan and interest in full
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