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Post by Collateral Rep on Aug 30, 2017 15:40:02 GMT
Hi cooling_dude, This is a straight forward bridging loan for the acquisition of the property. The exit will be a BTL mortgage. Many thanks, Gordon
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Post by Collateral Rep on Aug 30, 2017 15:46:49 GMT
Hi cooling_dude, Yes you are correct, the lease has just been created. Many thanks, Gordon
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Post by Butch Cassidy on Aug 30, 2017 16:26:25 GMT
Loan value of £108,500 (value £155,000), 12%, "This is a straight forward bridging loan for the acquisition of the property. The exit will be a BTL mortgage" Bid Limit - None, All gone in just over an hour; CONCLUSION: Lessons could be learned
Investors will be dissatisfied if this becomes the norm, a sensible bid limit, for a sensible length of time can hurt nobody; if it proves too strict then BH's & those who want more can always take up any residual after the expiry of the time limit.
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elliotn
Member of DD Central
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Post by elliotn on Aug 30, 2017 16:27:50 GMT
I felt sorry for the MH who wacked up 5k Chelsea and didn't sell a bean.
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m2btj
Member of DD Central
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Post by m2btj on Aug 30, 2017 16:53:53 GMT
Loan value of £108,500 (value £155,000), 12%, "This is a straight forward bridging loan for the acquisition of the property. The exit will be a BTL mortgage" Bid Limit - None, All gone in just over an hour; CONCLUSION: Lessons could be learned
Investors will be dissatisfied if this becomes the norm, a sensible bid limit, for a sensible length of time can hurt nobody; if it proves too strict then BH's & those who want more can always take up any residual after the expiry of the time limit.
Hey Collateral, disappointed that within an hour of receiving loan notice email this loan has funded! I couldn't even transfer funds in time. Can't we have a loan limit for 24 hours to give everyone on the platform an opportunity to lend...or even do some DD. As a new member of Collateral I am disappointed & have to say that MT do it far better!
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Post by elephantrosie on Aug 30, 2017 17:06:42 GMT
why is the property so expensive? zoopla estimates 67k only.
161k in lancashire is overpriced. but i see it is located near to the station.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Aug 30, 2017 17:17:19 GMT
I got a bit but I feel I was a bit rushed. 30mins is not enough time to study the docs & do your own research.
I think 24 hrs warning would have been more appropriate.
I also second the limit bid.
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elliotn
Member of DD Central
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Post by elliotn on Aug 30, 2017 17:21:58 GMT
why is the property so expensive? zoopla estimates 67k only. 161k in lancashire is overpriced. but i see it is located near to the station. Freehold sold for 250k a year ago although this is for a new long term lease - what basis is zoopla estimating?
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marka
Member of DD Central
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Post by marka on Aug 30, 2017 17:24:58 GMT
I have to echo previous comments. A bid limit for the first X hours would have been good. I just managed to get some at the death after half an hour or so of refreshing the page to see if my deposit had been credited.
Even better would have been to make people aware this was coming earlier to give them time to get some cash in place. What exactly is the "Pipeline loans" page for if not that? With said warning I also wouldn't have withdrawn cash just a few hours before, only to turn round and pay most of it back in again.
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Post by elephantrosie on Aug 30, 2017 17:35:50 GMT
why is the property so expensive? zoopla estimates 67k only. 161k in lancashire is overpriced. but i see it is located near to the station. Freehold sold for 250k a year ago although this is for a new long term lease - what basis is zoopla estimating? not sure on the zoopla bit. where did you get the freehold pricing?
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Post by elephantrosie on Aug 30, 2017 17:36:37 GMT
I have to echo previous comments. A bid limit for the first X hours would have been good. I just managed to get some at the death after half an hour or so of refreshing the page to see if my deposit had been credited. Even better would have been to make people aware this was coming earlier to give them time to get some cash in place. What exactly is the "Pipeline loans" page for if not that? With said warning I also wouldn't have withdrawn cash just a few hours before, only to turn round and pay most of it back in again. cols secret tactic to encourage investors to backup cash in their accounts
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Post by Collateral Rep on Aug 30, 2017 17:39:51 GMT
Evening,
Points taken on board, but to be honest a lot of our decision making is influenced by this board. Since we've started with property we've had feedback suggesting property isn't a preferred asset on Collateral, which is why we haven't put bid limits on any of our recent property loans.
We do have a development loan for tomorrow and maybe a grouped asset loan, which we will add bid limits to both.
Again your comments are taken on board and we will add bid limits to loans of this level in the future.
Many thanks,
Gordon
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Aug 30, 2017 18:00:30 GMT
A development loan ? Probably won't need a bid limit tomorrow. The irony.
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Post by lusitania on Aug 30, 2017 18:29:51 GMT
Well, well.... extremely disappointed! As if the platform expects you to drop whatever you're doing (at unbelievable short notice!) to just DD the loan, decide to invest or not and if so transfer the money.... on top of that no bidding limit?!? Seriously? This loan could have been easily taken by a single BH... Disappointing! Oh by the way.... nowadays, what exactly is the purpose of the pipeline loans tab? 'Cause it doesn't seem to have much use lately!
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btc
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Post by btc on Aug 30, 2017 18:55:52 GMT
Why are people moaning? There are £215k of other loans available.
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