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Post by ohjames on Jan 26, 2017 14:43:18 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 26, 2017 14:52:05 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable. Surprise, surprise, APF, AH and BN again, and he's brought one of his mates this time. Need to delve a little bit deeper and look at cross exposure on the whole loanbook before I commit.
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Post by ohjames on Jan 26, 2017 15:12:23 GMT
APF total loan exposure with Ablrate is £2.5m.
From their business model seems they have more financing/refinancing deals with other P2P platforms too.
Hard to get a real feel for APFs solidity.
Cornerstone's numbers as stated on the proposal seem sturdy.
Thoughts?
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Post by d_saver on Jan 26, 2017 15:42:37 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable. For the Jersey one, I've seen that building. I visit that area a few times a year. Lovely spot. I think the security is reasonable and put some in this one. Market is a lot smaller, but other properties in the same building went / valued similarly. Next time I'm over, will make a point to go have a look.
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littonowl
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Post by littonowl on Jan 26, 2017 16:17:31 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable. For the Jersey one, I've seen that building. I visit that area a few times a year. Lovely spot. I think the security is reasonable and put some in this one. Market is a lot smaller, but other properties in the same building went / valued similarly. Next time I'm over, will make a point to go have a look. Thanks Mousey_saver always useful to hear from someone with 'boots on the ground', so to speak. Had a couple of holidays in Jersey, and know what a lovely Island it is, so would think if they can get the property in decent condition, in its (beach-front) location, it shouldn't be a problem to sell for at least the loan value... Think I'll be taking some too. Not so sure about the other one, will need to delve some more....
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shimself
Member of DD Central
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Post by shimself on Jan 26, 2017 17:51:50 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable. For the Jersey one, I've seen that building. I visit that area a few times a year. Lovely spot. I think the security is reasonable and put some in this one. Market is a lot smaller, but other properties in the same building went / valued similarly. Next time I'm over, will make a point to go have a look. The valuer didn't stretch to a single comparable, are you sure?
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Post by d_saver on Jan 26, 2017 18:04:19 GMT
Yes, I spotted that. Thought it was a bit weird given he left space for it in the VR and Jersey being such a small market/data so easy to find. I always think these values are a bit overstretched. But, loan is 282k. I'm vaguely familiar with Jersey/Guernsey prices (I live across the water in Guernsey which is a similar market) and you can easily find some online sale history online for that block showing prices that, assuming the unit was in decent condition, I reckon the security has to be worth the loan+some. One in that block listed 399k in Sep 2009. One appears on market now for 525k. 300k for an apartment right on the beach in Jersey is not overly expensive IMO. Whatever you do, don't invest on my opinion though. Housing market here has slowed, and might take a while to shift at full price, but at 300k, I'd be interested!  |
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hazellend
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Post by hazellend on Jan 26, 2017 18:12:47 GMT
I've put 2.5k into both.
I love jersey!
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Post by ohjames on Jan 26, 2017 19:00:02 GMT
Both loans live now. Anybody doing quick DD? Superficially both look reasonable. Surprise, surprise, APF, AH and BN again, and he's brought one of his mates this time. Need to delve a little bit deeper and look at cross exposure on the whole loanbook before I commit. ilmoro, How far did you get with your deeper delve!?
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fp
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Post by fp on Jan 26, 2017 20:45:17 GMT
APF total loan exposure with Ablrate is £2.5m.From their business model seems they have more financing/refinancing deals with other P2P platforms too. Hard to get a real feel for APFs solidity. Cornerstone's numbers as stated on the proposal seem sturdy. Thoughts? I make it £3.27m prior to these loans. As a side note, Collective borrowing via P2P for the ultimate borrower and associated businesses (i.e., the person APF are acting on behalf of) is around £4,057,050 as far as I can see, £1,112,000 of that is via ACF, these figures take these two loans in to account.
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registerme
Member of DD Central
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Post by registerme on Jan 27, 2017 9:06:36 GMT
I really wish all platforms had an obligation to make this completely transparent.
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Post by flobberchops on Jan 28, 2017 13:45:10 GMT
Have made (tiny!) investments into both. I do hope 10% isn't becoming the new norm, but to be honest I'm mostly just grateful for the new loans. The other usual platforms seem to be having something of a drought at the moment.
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Post by d_saver on Jan 22, 2018 11:44:56 GMT
Old thread I know, but after a year, this loan still has a year or so to run and I was just reviewing holdings. As this is property based in Jersey, I thought this might be of interest to anyone holding this loan. www.gov.je/Government/JerseyInFigures/HousingLiving/Pages/HousePrice.aspxSo, for the most part, the local market seems to be holding it's own, if a bit slowed down (like everywhere else). @60% LTV, this one hopefully still has a good enough buffer. If you want the short version - Jersey property transactions down 1%, avg property prices up 1% |
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