adrian77
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Post by adrian77 on Sept 9, 2019 16:20:23 GMT
I literally nearly fell off my chair laughing when I read this - well for a 6 month loan I would have expected the builder to have already been organised! Good luck to the SM holder(s) trying to cash in at 1% premium with this one! I would say to FS if this chap can't afford a builder then either you or he should put the damn thing on the market as soon as possible in order to minimise lenders' exposure- unless you think the asset will appreciate more than the 20% or whatever interest you are charging...classic!
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james21
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Post by james21 on Sept 9, 2019 16:41:50 GMT
I literally nearly fell off my chair laughing when I read this - well for a 6 month loan I would have expected the builder to have already been organised! Good luck to the SM holder(s) trying to cash in at 1% premium with this one! I would say to FS if this chap can't afford a builder then either you or he should put the damn thing on the market as soon as possible in order to minimise lenders' exposure- unless you think the asset will appreciate more than the 20% or whatever interest you are charging...classic! Agreed, you will know the likely conversion costs is it viable I wonder, anyway, "engage builder at reasonable cost" is the key phrase, obviously he can engage the builder but does not like the quote. So if he wants a refinance why didnt he go to some one cheaper than FS in the first place. I think it will go to auction. What FS should do is when the first 6 months is due in Nov they should call it in and put it to auction which will be best for lenders, FS and the borrower. No point in messing around with this one
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adrian77
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Post by adrian77 on Sept 9, 2019 16:54:45 GMT
Exactly!
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rs
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Post by rs on Sept 9, 2019 20:03:34 GMT
Was this loan set up FS new management?
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Post by mrclondon on Oct 6, 2019 13:03:46 GMT
A late post from my road trip last month, as I have been patiently waiting for my loan parts to sell. The OP on this thread reports the disturbing news that there has been no progress (original loan dates from Aug 2018, so 12 months ago). This news was released on a Monday morning following my visit 36 hours previously on the Saturday evening ... I wonder if I was clocked taking the photos or triggered some remote cctv monitoring, or whether the timing of the admission by the borrower was pure co-incidence. Irrespective I didn't get much of a head start on the SM before the news broke ! Its clear that there has been minimal, if any, work done here, the door and frame are covered in cob-webs. Its is possible to see a load of building material through the glazed door, but not clearly due to reflections. The stone work on the external corner is slightly damaged. Overall, the property doesn't present a particularly appealing face even for a refinance valuation. Photos taken Sat 7th Sept 4:30pm.
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Post by mrclondon on Oct 6, 2019 16:28:17 GMT
And a footnote that was one of the themes of the trip .... I had been misled by one of the photos attached to the loan listing asset tab - specifically the kitchen, which was infact a CGI mockup. This only appeared on the renewal of the 1st tranche, not the original loan, nor the 2nd tranche and its renewal. At a quick glance it fooled me (and no doubt others) into thinking there had been progress during the first six month term.
If nothing else this year's trip has taught me to not be so gullible, and to closely examine every photo related to a p2p loan for authenticity.
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Post by mrclondon on Nov 30, 2019 13:12:42 GMT
The first loan has been defaulted on the website in the last 7 days. Maturity date was 22nd November. The second loan (maturity date 4th Dec) will surely follow in the next 7 days. Final ids are 1069114752 and 1065851361 (both 1st ranking) |
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Post by multiaccountmanager on Sept 1, 2020 13:01:14 GMT
"28/08/2020
The solicitors have advised that the borrower has now completed the property, and the final building inspection to enable the property to be marketed for sale has been passed. The property is being marketed at £160,000. We will provide a further update in due course."
Looks hopeful as the GDV was 120,000 or 140,000 (two figures given in different places)
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iRobot
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Post by iRobot on Oct 29, 2020 16:19:13 GMT
Repaid in full with a slightly reduced yield.
Unclear what it fetched at auction - and I am guessing, a bit - but the breakdown suggests somewhere around the £80k mark? The actual figure will appear on LR soon enough.
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pfffill
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Post by pfffill on Oct 30, 2020 3:51:04 GMT
Repaid in full with a slightly reduced yield. Unclear what it fetched at auction - and I am guessing, a bit - but the breakdown suggests somewhere around the £80k mark? The actual figure will appear on LR soon enough. Got my £0.23 including interest back on this then; I'm well satisfied.
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Post by multiaccountmanager on Oct 30, 2020 10:12:08 GMT
Repaid in full with a slightly reduced yield. Unclear what it fetched at auction - and I am guessing, a bit - but the breakdown suggests somewhere around the £80k mark? The actual figure will appear on LR soon enough. Appreciate any insight as to how the breakdown suggests a guesstimate £80,000 sale. Auction starting bid was advertised at £120,000. FS Loan 1069114752 was repaid in full with interest which "My investments" records as 10.4% (nominal 13% less CG fees presumably) and "Payments" records as 10.2% Round figures Receipts 76k Legals 7k
Net 69k
Lenders Cap 52k 100%
Lenders Int 8k £7651.50
CG 2k £2066.04
FS Admin 4k £4226.91
Default Int 3k
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iRobot
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Post by iRobot on Oct 30, 2020 10:17:10 GMT
Repaid in full with a slightly reduced yield. Unclear what it fetched at auction - and I am guessing, a bit - but the breakdown suggests somewhere around the £80k mark? The actual figure will appear on LR soon enough. Got my £0.23 including interest back on this then; I'm well satisfied. Every little helps 
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iRobot
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Post by iRobot on Oct 30, 2020 10:49:30 GMT
Repaid in full with a slightly reduced yield. Unclear what it fetched at auction - and I am guessing, a bit - but the breakdown suggests somewhere around the £80k mark? The actual figure will appear on LR soon enough. as to how the breakdown suggests a guesstimate £80,000 sale. Auction starting bid was advertised at £120,000. FS Loans were repaid in full with interest which "My investments" says is 10.4% (nominal 13% less CG fees presumably) Round figures Recovered 76k Legals 7k
Net 69k
Lenders Cap 52k 100%
Lenders Int 8k £7651.50
CG 2k £2066.04
FS Admin 4k £4226.91
Default Int 3k
To do that I'd have to slice my abdomen open and you'd have to rummage through my intestines - and I think that would spoil both our weekends!  It is mostly gut instinct backed up with a few clues: - FS had first charge, so would have received all the monies from the sale - less auction fees (if it did actually sell via auction) or similar
- That figure was 76k so I'm guessing a 2-3k for those fees and rounding it up to £80k
- FS received 'partial' repayment of their interest element on the redemption; suggest to me it sold for something a good deal closer to the 80k mark than the 120k mark
Nothing more insightful than that, I'm afraid.
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adrian77
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Post by adrian77 on Oct 30, 2020 11:36:57 GMT
The above is correct - not sure I am entirely happy with how the estate agent runs his business - also I seem to remember there was another bid higher than this so one if not 2 bidders dropped-out - really? Maybe they did but who knows...
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iRobot
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Post by iRobot on Oct 30, 2020 11:50:34 GMT
The above is correct - not sure I am entirely happy with how the estate agent runs his business - also I seem to remember there was another bid higher than this so one if not 2 bidders dropped-out - really? Maybe they did but who knows... I read through DoorSteps Ts&Cs / 'How it works' / FAQ at the time the link was posted on FS DD. The £120k was the 'Starting Bid'. It's one set by the seller rather than an actual 'live' bid. I did monitor the auction listing up to the point it got tagged as 'Sale agreed' (or similar) toward the end of September (the auction itself was due to end - according to the 'clock' on the listing - at 2pm on the 5/10) and it was still showing as £120k at that point. We'll probably never know, but I suppose there's a possibility the borrower found some funding elsewhere, withdrew the auction (on the basis it seemingly wasn't attracting any interest at £120k) and agreed a redemption figure with CG/FS in the region of £80k. Lenders got their cap and interest (less CG's fee but that wasn't the borrower's concern) and FS got most of their fees / interest. Borrower got to keep the asset which they may subsequently be able to sell and make something on after all the various financing cots etc. Dunno. Just speculating out load. (Maybe Land Registry will provide a clue in a couple of months or so.)
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