stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Apr 12, 2017 13:12:58 GMT
How are people feeling generally about COL property loans?
I want to invest more in COL, but not sure via properties as no track record so far and I have multiple other platforms doing this to a better or worse degree...
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Apr 12, 2017 15:31:04 GMT
The smaller Liverpool area loans have stacked up against recent sales although wiser investors will point out that professional fees will soon wipe out any profit in a recovery situation.
After the nightmare on Elms, the similar sized offering made in Chelsea looked v reasonable and closed in days (rather than months).
The latest is a multi-tranche dfl so a whole new level although purchase for land value looks reasonable.
As property offers greater platform profits but are still new then the recovery specialist they have said is lined up remains untested.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Apr 12, 2017 15:50:22 GMT
Ditto everything elliotn just said, and double-ditto-two-times his comment re: the fees eating into any LTV headroom on the much lower value properties should a default occur. Wise words indeed!
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Apr 12, 2017 15:58:23 GMT
The smaller Liverpool area loans have stacked up against recent sales although wiser investors will point out that professional fees will soon wipe out any profit in a recovery situation. Agree with your comments but particularly the above point with respect to the smaller sized loans which I have mostly steered clear of. I can understand that Collateral might be able to secure agreements for some fees to be proportional to value, but if things get complicated, courts and lawyers for example, I can see they might get well out of hand and veer off the proportional slide in a default/recovery situation.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Apr 12, 2017 18:12:45 GMT
Ditto everything elliotn just said, and double-ditto-two-times his comment re: the fees eating into any LTV headroom on the much lower value properties should a default occur. What would be the limit on size then?
|
|
|
Post by spareafewcoppersguv on Apr 13, 2017 16:50:24 GMT
What would be the limit on size then? Ahhh, well... can't really say... that's grandma's secret recipe! Just kidding! Each to their own I guess, but on lower value properties (<£1M) I take the 90-day valuation and so long as there is £150k(ish) wriggle-room to cover default legals and accrued interest, then I'm happy. Remember though that Valuation Reports must always be taken with a pinch of salt - and ideally with a slice of lime and a large tequila shot, too. Independent verification of recent local sales is worthwhile - eg: be sure the Valuer isn't cherry-picking sales to justify their valuation. (Legend has it some rascally Valuers may elevate the valuation to satisfy the lender's requirements. Surely not!) The above has ruled out most of the COL property loans for me, but I do have a lot of bling from COL so I'm happy enough with that. (I do have a chunk of the Chelsea flat - that's quite blingy, I suppose.) Re Chelsea, I have some too, and yep, the owners will be sporting some Collateral-esque time-pieces, precious metal and stones, and parking a MT-esque supercar in the garage
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Apr 13, 2017 21:10:07 GMT
" (Legend has it some rascally Valuers may elevate the valuation to satisfy the lender's requirements. Surely not!)"
They're not rascally, these "RICS Professionals" and their commissioning P2P Platforms are thoroughly dishonest f****rs.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Apr 14, 2017 8:58:12 GMT
Won't be long until **** symbols get censored!
|
|
DiQ
Member of DD Central
Posts: 61
Likes: 48
|
Post by DiQ on Apr 20, 2017 10:40:17 GMT
I didn't sign up to COL to invest in bricks and mortar, I signed up to diversify away from bricks and mortar
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Apr 20, 2017 10:51:02 GMT
Agree, and today's property offerings don't appeal to me, at all. Expect more property Loans of course from COLL because that's where the money is.
Unless COLL gets into flying machines or something similarly exotic.
|
|
|
Post by Deleted on Apr 20, 2017 12:15:44 GMT
Trouble is COL will never make enough loans to be profitable if it sticks to bling. They will have a break-even figure that will need the likes of cars and prop to make it work. Look at the clever concepts MT came up with to get the business growing. COL will have to develop some original ideas or just be a me-too that will be indanger of wipe-out come the next drop. So accept the prop, but hope for something more interesting. The S@@@@ t Cs were on somewhere else (L@@dy I think) until the 7 flats deal fell flat on its face.
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on May 15, 2017 16:27:31 GMT
I see the farm - BL0005 just repaid without fuss today.
I didn't put too much in, since the buildings were in pretty ropey condition, but ...
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on May 15, 2017 16:39:18 GMT
I see the farm - BL0005 just repaid without fuss today. I didn't put too much in, since the buildings were in pretty ropey condition, but ... Yep, I only had a bit of pin money in it as well because it looked decidedly unattractive - but it came good!
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on May 15, 2017 17:21:37 GMT
I had a bit over £1K at max and recently ran it down in chunks whenever something else I was interested in came up.
I think the value may have been that it owns an underpass under that highway providing an easy connection to other properties - wasn't there some mining activity?
Pity we'll probably never find out the end of the story ... but it paid off, so who's complaining?
So that's 5 out of 26 property loans (plus the interesting movie one) that have completed without fuss - not including the hotel that got hung up in probate.
One can only hope the trend continues.
I see the student accommodation is up to 62%, I'm guessing some of the repaid 0006 has found its way there.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Jun 9, 2017 12:07:32 GMT
Afternoon, We have five new loans going live now with a £1,000 bid limit on each loan. The 5 loans are individual apartments in the same block. 5 x Property Loan Interest P/A - 12% Loan value of £45.00 (value £65,000) LTV 69.23% Loan Term - 6 months Bid Limit - £1,000 You can see these loans in Available Loans now - the loan is offering interest at a rate of 12% per annum.Many thanks, Gordon 45? Mods, Collateral Rep pls edit accordingly
|
|