ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 18, 2017 19:52:19 GMT
Date/Time: Friday 19th May 2017 at 11.00am
Interest: 13%
Value:£800,000.00 Condition: Good Loan amount: £330,000 LTV: 41.25%
Bonuses: Yes Cashback: No
Restrictions: None
A 6 month loan secured by a first legal charge against a house, farm land and associated buildings in Northern Ireland.
The client requires the funds to refinance existing debts against the property and will repay the loan through longer term commercial finance.
The property is a detached residential dwelling, commercial farm yard including associated buildings and 50 acres of agricultural land.
The loan is being made to a company and we have a PG in place from the director.
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micky
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Post by micky on May 18, 2017 20:35:47 GMT
I'm very reluctant Ozboy. The present loans that are way over due, haven't encouraged me to invest further in NI loans.
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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 18, 2017 20:52:58 GMT
I tried to do some quick & dirty (!) OzBoy DD, which I'd have posted, but got nowhere. Mainly because I'm fairly useless at it, but I do try!
Couldn't find nowt by Googling nor on Land Registry, but maybe LR only covers the mainland?
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09dolphin
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Post by 09dolphin on May 19, 2017 8:31:21 GMT
I too feel cautious re making an investment.
The issues that concern me are: Using money to repay existing loans (I know that they are seeking other sources to raise money). If there was an explanation re existing loans ie built a barn, purchased expensive farm machinery I would feel much more inclined to invest. Just saying there are existing loans suggests to me that the business could be running at a loss. Previous experience with loans in N.I. Low LTV although the sum required isn't (comparatively) that great and there is a bonus scheme.
I may "dip my toe in the water" but will be ultra cautious - perhaps only 10% of my average investment
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09dolphin
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Post by 09dolphin on Aug 9, 2017 9:26:40 GMT
Great news??? Daisy says the loan is expected to be activated on Friday. I really do hope that this information is more reliable than the information we receive in the loan updates, but I have no reason to believe it is.
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bg
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Post by bg on Aug 9, 2017 11:09:15 GMT
Great news??? Daisy says the loan is expected to be activated on Friday. I really do hope that this information is more reliable than the information we receive in the loan updates, but I have no reason to believe it is. Does it matter? You are accruing interest either way.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 9, 2017 11:11:14 GMT
Wow 3 loans that updates said would pay back this week have done so. Gobsmacked and happy. Now, wheres that withdraw button?
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rogerthat
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Post by rogerthat on Feb 8, 2018 22:26:52 GMT
Renewal of 188****057 11am 09/02 LTV 45% £360K
Not invested before in this..any comments anyone ?
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woodland
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Post by woodland on Feb 8, 2018 22:42:35 GMT
Renewal of 188****057 11am 09/02 LTV 45% £360K Not invested before in this..any comments anyone ? I liked the look of this one until I saw that the loan is to a company & that a PG is in place. The latter comment actually has the opposite effect on me to what is intended - it puts me off! A PG is not worth the paper it is written on as far as I have seen to date! Also in Northern Ireland. This one’s not for me but please someone try & persuade me otherwise!
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Liz
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Post by Liz on Feb 8, 2018 23:07:01 GMT
Renewal of 188****057 11am 09/02 LTV 45% £360K Not invested before in this..any comments anyone ? I liked the look of this one until I saw that the loan is to a company & that a PG is in place. The latter comment actually has the opposite effect on me to what is intended - it puts me off! A PG is not worth the paper it is written on as far as I have seen to date! Also in Northern Ireland. This one’s not for me but please someone try & persuade me otherwise! Lots of property is owned in companies for tax purposes. Yes ignore the PG. Low LTV makes it far better than most 70+% loans on FS. We just have to trust that the valuation is no worse than 50% off!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 8, 2018 23:15:42 GMT
"We just have to trust that the valuation is no worse than 50% off!". Precisely.
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Liz
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Post by Liz on Feb 8, 2018 23:24:12 GMT
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rogerthat
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Post by rogerthat on Feb 8, 2018 23:25:31 GMT
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copacetic
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Post by copacetic on Feb 9, 2018 0:03:25 GMT
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Liz
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Post by Liz on Feb 9, 2018 0:32:08 GMT
The article was talking about £20,000 an acre for Warren point and £12,500 for southern NI. I think the land could be worth anything from £7-15k an acre. It's just a shame the valuation report didn't explain its valuation.
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