DeafEater
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Post by DeafEater on May 30, 2017 11:29:28 GMT
I'm not entirely sure why this borrower (ACC00067) needs so much more of our money. S/He's already had plenty on the security of the property values in this block (BL00019 to BL00025) and is now trying to borrow against the freehold for them. Does anyone know what's going on?
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ilmoro
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'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 May 30, 2017 11:36:48 GMT
I'm not entirely sure why this borrower (ACC00067) needs so much more of our money. S/He's already had plenty on the security of the property values in this block (BL00019 to BL00025) and is now trying to borrow against the freehold for them. Does anyone know what's going on? At a guess, the money will be used to fund the company's other project next door/secure a loan extension on that. They cant sell the freehold until the 7 outstanding units sell so they might as well raise cash against its value in the meantime. I have a suspicion that Col are being quite aggressive in their property loan pricing to drive business so its cheaper than L.
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DeafEater
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Post by DeafEater on May 30, 2017 12:12:40 GMT
Could be I suppose but given that the loans on the 7 remaining properties have only 53 days to run, the length of the loan secured on the freehold seems a bit over the top at 6 months. I confess I wasn't aware the borrower had an interest in an adjacent site so that just goes to show how cursory my DD is.
Thanks for your thoughts ilmoro. It's not exactly racing off the shelves at the moment but I might take a modest punt when it gets closer to being filled.
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ilmoro
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'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 May 30, 2017 12:56:02 GMT
Could be I suppose but given that the loans on the 7 remaining properties have only 53 days to run, the length of the loan secured on the freehold seems a bit over the top at 6 months. I confess I wasn't aware the borrower had an interest in an adjacent site so that just goes to show how cursory my DD is.
Thanks for your thoughts ilmoro . It's not exactly racing off the shelves at the moment but I might take a modest punt when it gets closer to being filled. Block B is the same company (see Lendy DFL003), Block A (Lendy DFL019) is a separate borrower entity, same principal. Principal also behind Cardiff, Bradford, Glasgow on L, and the football club on MT.
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liso
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Post by liso on May 30, 2017 13:03:18 GMT
...and storage on MT. And Bolton on MT?
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ilmoro
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'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 May 30, 2017 13:11:58 GMT
...and storage on MT. And Bolton on MT? Nope, storage is his office mate/co footy owner, as is warrington (L), Barrowford (L), Doncaster (Coll) Bolton connection is indirect and not as clear as the write up suggests.
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baldpate
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Post by baldpate on May 30, 2017 14:18:11 GMT
I doubt the 7 remaining units will sell quickly, given we are now half way through the final term of the academic year, with the long summer break imminent. So I imagine our borrower will need to roll those seven loans for another 3 months. If he hasn't sold them by mid summer, I suspect his freehold deal could be in jeapardy.
Or maybe he'll slash the prices on the 7 units to get the sales, and save the freehold deal - he surely needs the money to keep all his other projects rolling.
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DeafEater
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Post by DeafEater on May 30, 2017 14:51:27 GMT
Block B is the same company (see Lendy DFL003), Block A (Lendy DFL019) is a separate borrower entity, same principal. Principal also behind Cardiff, Bradford, Glasgow on L, and the football club on MT. Ahhh I didn't know it was him. I'm not on Lendy so most of those loans mean nothing to me but tying Collateral's AC00067 borrower ID to Mr D give me good reasons for concern so I think I'll avoid the latest offering and sell down BL00019 to BL00025 over the next few weeks! You are a wealth of useful information sir.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 30, 2017 20:03:17 GMT
Not exactly flying for a 12%er is it?!!!!
Hmmmmmmmmmmmmmmmmmmmmmmmm.
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theshape
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Post by theshape on May 30, 2017 20:46:25 GMT
Not exactly flying for a 12%er is it?!!!! Hmmmmmmmmmmmmmmmmmmmmmmmm. What is? Almost £900k of available loans here, £250k at Ablrate and £1.6m at MT. I think there may just not be enough funds available to fill all these loans. The two big repayments (£3m+) due at Moneything by next Thursday will probably get things moving though.
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oldtimer
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Post by oldtimer on May 31, 2017 4:41:59 GMT
Could it be that people are now putting more of their money into sites that offer IFISA's?
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daveb4
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Post by daveb4 on May 31, 2017 5:34:04 GMT
Numerous large loans at same time, secondary markets slightly stalled, not enough repayments, money in leave alone ISA's, some opportunities n secondary market better than new loans.
I think also some people now needing to do more DD and be a little picky!
Once the summer comes along new deals usually slow down so the secondary markets will start to reduce and move quicker imho.
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Post by Collateral Rep on May 31, 2017 17:17:38 GMT
Hi baldpate, Just to give you an update on the seven loans we have on the platform. Our legals have been informed that all seven have been reserved and are awaiting completion. Many thanks, Gordon
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baldpate
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Post by baldpate on May 31, 2017 20:12:39 GMT
Hi baldpate , Just to give you an update on the seven loans we have on the platform. Our legals have been informed that all seven have been reserved and are awaiting completion. Many thanks, Gordon Hi Gordon, thanks for the update - good news for all concerned. And I think it makes the freehold loan that bit more attractive. If you are confident about the information, it might help to post an update in the loan description.
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elliotn
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Post by elliotn on Jun 6, 2017 14:08:40 GMT
14%
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