criston
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Post by criston on Nov 16, 2019 15:47:01 GMT
I note this one is in default after missing 2 payments.
After re-checking the security, was this overvalued by the surveyor; who valued it 6 months ago, £350K or 26% over it's current marketing price.
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phil
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Post by phil on Nov 16, 2019 17:50:38 GMT
That's interesting, have you got the loan page number?
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criston
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Post by criston on Nov 16, 2019 18:05:39 GMT
That's interesting, have you got the loan page number? Page 8, fourth down.
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phil
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Post by phil on Nov 16, 2019 21:07:54 GMT
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criston
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Post by criston on Nov 16, 2019 21:31:32 GMT
Don't know where the number is, but your link is the right one. It's called W--- E-- H----, as it loses the first few words on my listing.
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phil
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Post by phil on Nov 16, 2019 22:03:17 GMT
It seems the valuer was optimistic to say the least...perhaps it's a lesson to us all to be wary of the valuations of "one-off" unique properties particularly when they're valued in the plus million bracket
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michaelc
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Post by michaelc on Nov 16, 2019 23:58:03 GMT
Zoopla still gives it around the original valuation of 1.7M but looks like its been on the market a good while and is now on with at least two different agents one of whom has dropped asking price several times.
2nd charge with a stated LTV of 70% on (as phil says) a bespoke property should and did demand a higher interest rate. Whether 0.9 is worth it for the risk is what we have to weigh up. I certainly don't want to gloat not least because I get it wrong many times, but at the time I must have judged 0.9 wasn't high enough for the risk.
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criston
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Post by criston on Nov 17, 2019 13:12:28 GMT
Changed the title.
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panda
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Post by panda on Nov 18, 2019 9:00:18 GMT
I note this one is in default after missing 2 payments. After re-checking the security, was this overvalued by the surveyor; who valued it 6 months ago, £350K or 26% over it's current marketing price. There is insurance on the valuation.
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criston
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Post by criston on Nov 18, 2019 9:14:56 GMT
I note this one is in default after missing 2 payments. After re-checking the security, was this overvalued by the surveyor; who valued it 6 months ago, £350K or 26% over it's current marketing price. There is insurance on the valuation. They also had it down as £1.2m 90 day auction & £0.9m cash. Would that be a get out?
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michaelc
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Post by michaelc on Nov 18, 2019 13:40:18 GMT
I have to say I've learned the hard way to only consider the 90 day or less figure in the valuations. If none is given, I deduct a percentage to compensate.
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Greenwood2
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Post by Greenwood2 on Nov 19, 2019 12:38:56 GMT
There is also a PG and another property (although that may be fully mortgaged) and the loan was to buy a BTL, so hopefully there will be a some more assets to make up any shortfall.
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p2pfan
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Post by p2pfan on Nov 21, 2019 12:15:21 GMT
I have to say I've learned the hard way to only consider the 90 day or less figure in the valuations. If none is given, I deduct a percentage to compensate. Valuations on P2P platforms tend to be overly-optimistic, so, like you, I deduct a significant percentage off their valuations. I didn't fund into this loan (thankfully) because £1.7m seemed unrealistic for a property in the West Midlands particularly when stamp duty has been massively hiked for larger value properties and is seriously affecting the £1m+ market. I sincerely hope they hold the Surveyor to account, as such a severe miscalculation is absurd, but based on past experiences it's highly unlikely this will be the case.
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Post by multiaccountmanager on Dec 6, 2019 9:03:55 GMT
I have to say I've learned the hard way to only consider the 90 day or less figure in the valuations. If none is given, I deduct a percentage to compensate. Valuations on P2P platforms tend to be overly-optimistic, so, like you, I deduct a significant percentage off their valuations. [snip].... I sincerely hope they hold the Surveyor to account, as such a severe miscalculation is absurd, but based on past experiences it's highly unlikely this will be the case. Is there any relevant past experience for Bridge Crowd that you or anyone else here has, ie facts not innuendo?
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Post by multiaccountmanager on Dec 6, 2019 11:56:43 GMT
PS I am confident in BC ability to recover and hope I don't learn otherwise. The penalty interest was part of my decision on this one.
Caveat. If JC becomes PM.
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