criston
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Post by criston on Apr 16, 2019 17:36:05 GMT
Update say's 'being paid down in a few weeks' after only a few weeks live !!!!!!!!!!
Surely the borrower has paid around £30,000 for arrangement fees !!!!!!!!
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trium
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Post by trium on Apr 18, 2019 10:07:10 GMT
Update say's 'being paid down in a few weeks' after only a few weeks live !!!!!!!!!! Surely the borrower has paid around £30,000 for arrangement fees !!!!!!!! Summary on new loan 2800319461 indicates this is to be taken over by a bank, secured on the North and West fields. The new 200k loan from FS (max facility 475k) will be secured on the South and East fields. Bit complicated for me - and a 12-monther to boot (ie virtually unsaleable at 6 months on)
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lobster
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Post by lobster on Apr 18, 2019 11:44:22 GMT
Well 12 month loan or not, it didn't last long.
200k snapped up in double quick time - would probably have had a nibble myself if I'd seen it in time. Not sure though -I'm confident enough in the loan, but the risk in my mind lies in the viability of the entire platform.
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rs
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Post by rs on Apr 18, 2019 12:15:59 GMT
Interested to find out if this is a 1st charge or 2nd charge (ie bank has 1st priority on capital/interest). Hopefully FS will clarify this soon.
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arby
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Post by arby on Apr 18, 2019 12:23:15 GMT
Interested to find out if this is a 1st charge or 2nd charge (ie bank has 1st priority on capital/interest). Hopefully FS will clarify this soon. Isn't it just that the 4 sites have been split into two packages? Bank has charge over 2 of the 4 sites and FS is over the other two which are not as developed (currently)
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rs
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Post by rs on Apr 18, 2019 12:26:18 GMT
Interested to find out if this is a 1st charge or 2nd charge (ie bank has 1st priority on capital/interest). Hopefully FS will clarify this soon. Isn't it just that the 4 sites have been split into two packages? Bank has charge over 2 of the 4 sites and FS is over the other two which are not as developed (currently) Yes you would have thought that. I still would like FS to confirm this point though. I've emailed FS and FS said it's 1st charge and manager was supposed to update the loan record!
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arby
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Post by arby on Apr 18, 2019 12:33:25 GMT
Isn't it just that the 4 sites have been split into two packages? Bank has charge over 2 of the 4 sites and FS is over the other two which are not as developed (currently) Yes you would have thought that. I still would like FS to confirm this point though. I've emailed FS and FS said it's 1st charge and manager was supposed to update the loan record! I take your point that just assuming what seems logical will be the case isn't always the smartest thing to do with FS...
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Post by fundingsecure on Apr 18, 2019 12:55:15 GMT
Just to confirm - it is first legal charge.
The earlier loans did spell this out but it had not been added to this loan went it went live at 11 o'clock. The specific wording to confirm was added at 36 seconds after the loan went live.
Happy Easter from FundingSecure.
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sarahcount
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Post by sarahcount on Apr 18, 2019 20:19:06 GMT
Just to confirm - it is first legal charge.
The earlier loans did spell this out but it had not been added to this loan went it went live at 11 o'clock. The specific wording to confirm was added at 36 seconds after the loan went live.
Happy Easter from FundingSecure.
Happy Easter to you to fundingsecure . The old IOW loan was one of my favourites and I did use my available platform funds to buy into the new one. But it sold out quick and now I have funds from the sale and other successfully completed loans that all happened today just before Easter. There are some IOW loan parts available from flippers as I write which has drawn me in to actually reading the VR. As always the different methodologies used to value the site in different situations are always difficult to assess. Especially as I've moved from gin to wine as the evening has progressed. It does seem that you have additionally asked the valuers to give a value based on a closed down operation. This is always important as that's the one that matters in the event of default. I'm also mindful that the bank have the loan on the fully developed part of the site while we get the land on which there are intentions to expand. But then it's good to see that a bank will entertain this borrower. More than can be said for many in P2Pland. The quoted low LTV is always good which is helpful for those looking to sell out midterm. Handy to know - but most of all I just need to form an opinion of whether this is a good loan which will ultimately pay back with interest. That's the challenge for all of us. That and being comfortable that the platform has a future despite all the hotheads threatening to sue at the drop of a hat, the decrease in new loans coming through and the mixed results from some recent bedrock pawn loans. All in all FS is still my largest platform and while common sense tells me I'm exposed here more than I really should be and therefore should be pulling back a little I do want it to succeed and still feel that the new management have a plan to get there.
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criston
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Post by criston on Apr 19, 2019 8:26:04 GMT
I go back to my opening thread, rather strange that the borrower is prepared to pay out £30000 odd arrangement fee for a month or so, for the now finished loan. When there were up to 4% discounts available, on the loan, the £30000 can't be far out.
I was in on it (less than a minute to fill) at around 20% LTV & 13% interest, why not.
However missed the 'replacement' which was not classed as a 'renewal' & got my funds back about 6 hours after.
The replacement appears to be super safe on paper.
An hour later they throw in another loan at 70% LTV with very little upside in value (lower %) with regard to LTGDV.
Was it done purposely because they knew £600,000 was hanging around in accounts from the pay back an hour earlier. Not for me though.
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