Red (+ 4 other) Race Cars DEFAULT

I must confess to concerns over these two race car loans. This car hasn't been raced since 2012, and won't be raced while the loan is outstanding making the time it is not racing even longer and the likelihood of it ever being raced again even less which surely must impact on its value. In the four or five years since it was last raced, large parts have been 'rebuilt' but to what purpose? If it's not being raced, how much more work will be needed to make it capable of racing by a new buyer? Who is the natural buyer of this car in the event of a default? It is now being refinanced from another platform which has taken a strategic decision to no longer make loans on race cars. that other platform's listing cited the dealer which owns the car as the source of the valuation. Clearly they haven't been able to sell it. It's not a classic car, it's not a street car, and nobody has seen fit to race it for five years so where is the value? And it's a Kia Pro_cee'd. Maybe there will be a new class of Kia Pro_cee'd racing and these two cars can race each other - choose your favourite colour. Too many questions, too many negatives.

Exactly if MT think these cars can't be sold then its a very fim barge pole from me.  It's a fair bet that at some point they will end up as in default or unredeemed at FS.

So no more race cars for me!.

I asked the same question... and couldn't come up with an answer either, so I'm not going to take part.

The setting of a bid limit has had the 'desired' effect.  An hour after it was released, it's 61% funded.  Which is good, as long as it does finish funding by this time tomorrow (i.e. after the restriction is lifted).  I don't think that will be a problem since there are at least 20 bids of the maximum £500 and some of those investors are bound to be willing to take more if the loan still is available tomorrow.  The worry (from FS's point of view) of putting a bid restriction in place is whether giving investors more time to think about the loan before investing means more people will ask the above unanswered question and decide to give the loan a miss.  (Yes, investors can consider the merits of a loan before it goes live, but a factor in the investment decision is a loan's popularity.  If it's disappearing rapidly, it's easy to decide to jump on the bandwagon.  If it isn't filling, people will ask themselves why others aren't so enthusiastic and become more cautious themselves.  So the speed of funding tends towards the extremes -- if it starts going quickly then people pile in and fill it in no time, if it starts slowly then people hold off and it takes a long time.)

As long as it's fully funded in a reasonable time, FS should be happy.  If it doesn't, they may wish they hadn't applied a restriction so that investors would invest first and think later -- and the loan would be funded in minutes.

I'm selling at 4 months -1 day .   Let's not go below -0.2%.
I will try and sell at 1% premium after a few weeks first.

With the imminent (and timely) renewal of the two race car loans (green and red), can fundingsecure confirm the situation regarding insurance? If insurance is in place, a car such as this would typically have an agreed insurance value which is also essential to know. If the car isn't being used, then stolen seems to be the primary cause for a total loss... 

Clearly the borrower still wants them and that is the most important. Doesn't mean they have the ability to continuously pay interest though, at which point you have a valid concern. However, a 400hp race ready car always attracts a good price, but obviously there's no guarantees.