alison
Member of DD Central
Sanctuary!!
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Post by alison on Feb 26, 2014 12:12:59 GMT
Interesting!!
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Post by westcountryfunder on Feb 26, 2014 12:36:47 GMT
H'm. Not sure I understand how this one works. "Narrowboat broker to undertake plating work as indicated by survey." So I suppose the broker borrows £12500 in order to 'plate' the boat, then presumably seeks to sell it at a profit so that he can repay Lendy. But how does Lendy retain control of the boat in the meantime, and is it normal to allow work to be undertaken on an asset which has been pledged as security? If this is all quite normal then I suppose it's OK, but the boating world is a blank canvas as far as I am concerned.
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oldgrumpy
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Post by oldgrumpy on Feb 26, 2014 12:46:34 GMT
I see the words "Black Prince" which suggests an ex-hire boat which may have been knocked about for a few years. Shouldn't have to do a re-plate after just 17 years, but having said that it was (probably) a hire boat doing eight months cruising, and post Black prince days lack of hull maintenance may have affected matters. Don't like the opinion regarding the engine. I wonder what the condition of the paintwork is. Price range isn't too far out. There's a 1998 one for sale near Leicester £28K, condition apparently OK. Grumpy (a narrowboat owner)  |
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Post by savingstream on Feb 26, 2014 12:50:23 GMT
The vessel is secured with a 3rd party. On this occasion Lendy has granted the borrower/narrowboat broker permission to work on the vessel during the loan to increase the value of the vessel. The plating work is only expected to cost £5k but the value of the boat after the work has been undertaken will be nearer £35k (making at LTV of 36%). The borrower is a large and well established narrowboat broker.
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Post by westcountryfunder on Feb 26, 2014 13:01:54 GMT
The vessel is secured with a 3rd party. On this occasion Lendy has granted the borrower/narrowboat broker permission to work on the vessel during the loan to increase the value of the vessel. The plating work is only expected to cost £5k but the value of the boat after the work has been undertaken will be nearer £35k (making at LTV of 36%). The borrower is a large and well established narrowboat broker. OK, thank you. That's useful information especially for those of us unfamiliar with such matters. Would it be possible in future for lenders to have more information such as this in future, somewhere on the website - perhaps as a link to a separate 'pdf' file?
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mikes1531
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Post by mikes1531 on Feb 26, 2014 21:46:44 GMT
Fairly recently -- and I don't know exactly when -- the last of the loan was taken up by SS lenders.
That's quite a contrast with the loan released for investment on Friday. Granted, that one is three times as big -- £37.5k vs. £12.5k -- but that one still had about £5-6k left after five days, though it seems to have had significant takers in the last few hours -- now that the narrowboat loan is gone -- and is down to just £1,896 available now.
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Post by westcountryfunder on Feb 27, 2014 10:19:45 GMT
Fairly recently -- and I don't know exactly when -- the last of the loan was taken up by SS lenders. That's quite a contrast with the loan released for investment on Friday. Granted, that one is three times as big -- £37.5k vs. £12.5k -- but that one still had about £5-6k left after five days, though it seems to have had significant takers in the last few hours -- now that the narrowboat loan is gone -- and is down to just £1,896 available now. SS seem gradually to be attracting new lenders - "325 investors have signed up with Saving Stream since launch", helped no doubt by the banner advert on this forum. I think that's about 20 in the last 10 days, although I have not deliberately been tracking numbers. Probably good news.
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oldgrumpy
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Post by oldgrumpy on Feb 27, 2014 11:49:37 GMT
"SS seem gradually to be attracting new lenders - "325 investors have signed up with Saving Stream since launch", helped no doubt by the banner advert on this forum. I think that's about 20 in the last 10 days, although I have not deliberately been tracking numbers. Probably good news."
One of those was me, curious about that narrowboat. I haven't lent anything - not sure whether I like the platform. (Opinions welcome).
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markr
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Post by markr on Feb 27, 2014 14:30:15 GMT
I dipped my toe in, my toe signed up using a gmail address, my toe's email address was sent to all other accounts registered with gmail address. If that had happened after April, surely it would get them an ear-bashing at the very least from the FCA? It's the sort of thing that suggests to me that they are nowhere near ready for regulation, so I'm removing my toe, or at least not putting any more toes in, until the regulatory dust settles.
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Post by westcountryfunder on Feb 27, 2014 15:54:59 GMT
I dipped my toe in, my toe signed up using a gmail address, my toe's email address was sent to all other accounts registered with gmail address. If that had happened after April, surely it would get them an ear-bashing at the very least from the FCA? It's the sort of thing that suggests to me that they are nowhere near ready for regulation, so I'm removing my toe, or at least not putting any more toes in, until the regulatory dust settles. That sure wasn't very clever, though fortunately I was not affected. I think I shall give them the benefit of the doubt, which probably makes me naïve. Perhaps it's a question of not going overboard! 
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Post by davee39 on Feb 27, 2014 17:38:45 GMT
I signed up to have a splash about, but will not be investing just yet. At the same time I am pulling my tiny contribution from Funding Secure (A place which makes paint drying look interesting). From now on it will be the big 3 + Welleslley.
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