syalith
Member of DD Central
Posts: 62 
Likes: 102
|
Post by syalith on Sept 7, 2017 16:48:54 GMT
I got £35k, no special treatment, no pre-allocated investment, I simply refreshed the site repeatedly until I saw it available and as quick as I could selected the amount and clicked invest. In fact I managed to do this from my laptop in my car whilst stopped at a motorway services in Germany.
I will admit though it's getting harder to get invested but not impossible, and still better than limiting it to £25 as everyone here seems to be calling for. My suggestion would be to lower the interest rate but you would all whine about that too.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Sept 7, 2017 17:58:52 GMT
I am sure I recognise this house - was it on Grand Designs or similar ?
I note even the agent says there is audible noise from the M23!
However has anybody any idea what the "structural adjustments" actually refer to.
If this is the house I think it is then it was built on marsh ground by an amateur - good for him but I am in this business and such projects are not to be under-estimated. I wonder if the house is subsiding or whatever and repairing that won't be cheap!
This could be why the last sale fell through and the seller is going to the very high expense of FS (over 30%?) rather than a building society - in fact the property looks "cheap" to me, I can easily borrow money against my properties at under 4% ....
Thanks to this forum informing me about problems with disputed valuations etc (e.g. K********h) I am very careful when I invest in FS property
I can't find this house on Zoopla - I just hope there is not a major problem here and
nobody regrets pouring large sums of money into this one....
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Sept 7, 2017 19:11:13 GMT
I am sure I recognise this house - was it on Grand Designs or similar ? I note even the agent says there is audible noise from the M23! However has anybody any idea what the "structural adjustments" actually refer to. If this is the house I think it is then it was built on marsh ground by an amateur - good for him but I am in this business and such projects are not to be under-estimated. I wonder if the house is subsiding or whatever and repairing that won't be cheap! This could be why the last sale fell through and the seller is going to the very high expense of FS (over 30%?) rather than a building society - in fact the property looks "cheap" to me, I can easily borrow money against my properties at under 4% .... Thanks to this forum informing me about problems with disputed valuations etc (e.g. K********h) I am very careful when I invest in FS property I can't find this house on Zoopla - I just hope there is not a major problem here and nobody regrets pouring large sums of money into this one.... It was a barn conversion, so I'd be pretty surprised if any farmer built it on marsh ground. The "structural adjustments" refer to the lifting of the barn (see planning applications for details). I believe this is visible in the photos as the low brick wall on which the wooden structure is now sitting. The property was listed on Rightmove but was withdrawn when the previous sale was on. As FS state, it is not yet back on the market.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Sept 7, 2017 19:14:22 GMT
I am sure I recognise this house - was it on Grand Designs or similar ? I note even the agent says there is audible noise from the M23! However has anybody any idea what the "structural adjustments" actually refer to. If this is the house I think it is then it was built on marsh ground by an amateur - good for him but I am in this business and such projects are not to be under-estimated. I wonder if the house is subsiding or whatever and repairing that won't be cheap! This could be why the last sale fell through and the seller is going to the very high expense of FS (over 30%?) rather than a building society - in fact the property looks "cheap" to me, I can easily borrow money against my properties at under 4% ....Thanks to this forum informing me about problems with disputed valuations etc (e.g. K********h) I am very careful when I invest in FS property I can't find this house on Zoopla - I just hope there is not a major problem here and nobody regrets pouring large sums of money into this one.... It looks to be finished to a decent standard IMO, then again i'm no property expert. There is a link to it on the sellers website if you bother to look at the loan details, i'd be interested to know what sort of value "distressed properties" you buy, I note you tearing strips of the Knaresbrough property, you aren't the new owner of Wentworth woodhouse are you?
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Sept 7, 2017 19:25:43 GMT
No need to be rude or personal. I have seen many developments go sour and would not like to see fellow investors lose out. My main problem is not with the developers but with how FS have managed our funds. My personal business is strictly that if you don't mind.
|
|
|
|
Post by mrclondon on Sept 7, 2017 19:31:14 GMT
Well I missed this loan not because of slow website or BH's getting help from FS to place bids, but simply I didn't read the email properly ! A very quick scan resulted in my brain telling me "Oh, another one of those micro-tranches is renewing yet again, not worth bothering with". Only myself to blame  |
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Sept 7, 2017 19:32:42 GMT
And yes ,of course I looked at the seller's website (they said about the noise) - are you seriously telling me you think this house has been raised onto a small wall. Possible but have you any idea how much that would cost! The motorway was probably built after the farmhouse so it is just possible the land is now used to drain the motorway - interested to know what actually happened here.
|
|
|
|
Post by dan1 on Sept 7, 2017 21:40:58 GMT
I can only assume j***y is short for 'jolly fast fingers', as they also managed to get 2 consecutive £25k bids in the Marlborough loan. Over twice as fast as most other investors and managed to make both of the first two bids in that one - quite remarkable <cough> fast fingers. Note that a 25k tranche went to j***y and then the very bid was another 25k tranche, but this time to j**y ?? A 3-star BH followed by a 2-star BH ? Anyway not the same email address ................. or is it ?  Anyway , the plot thickens ....... Small point but are these not usernames rather than email addresses? In which case it could quite possibly be a jiffy and jify - perhaps when the spouses account was set up they wanted a similar username, no? Edit: and no, I didn't get any either!
|
|
ding
Member of DD Central
Posts: 238
Likes: 132
|
Post by ding on Sept 7, 2017 22:17:37 GMT
On the Property Partner Board it was mentioned you pre-invest 50K+ you don't get scaled back.
Stands to reason other sites make allowances for VIPs.
I don't mind it - just wish the regular exceptions were documented so the regular person has something to aim for.
So I do think the average punter sometimes gets a raw deal on opportunities. But the platforms need the VIPs.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Sept 7, 2017 23:06:03 GMT
Note that a 25k tranche went to j***y and then the very bid was another 25k tranche, but this time to j**y ?? A 3-star BH followed by a 2-star BH ? Anyway not the same email address ................. or is it ? Anyway , the plot thickens ....... Small point but are these not usernames rather than email addresses? In which case it could quite possibly be a jiffy and jify - perhaps when the spouses account was set up they wanted a similar username, no? Edit: and no, I didn't get any either! They are user names. And no, mine is not o*******y!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Dec 19, 2017 18:27:32 GMT
we have discussed this one before - interesting
I note it is now on the market for £695K as the last sale fell through but £200K is quite a drop
although very close to the original valuation
This is available on the SM for those of you who didn't agree with my orignal concerns...
This is due to end on 09/03/2018 - well I can't see this house sale being completed by then
Of course the SM may be a safe bet as a re-financing might be needed and will doubtless be funded
Interesting one to watch.
.
|
|
mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
|
Post by mikes1531 on Dec 19, 2017 20:01:13 GMT
I note it is now on the market for £695K as the last sale fell through but £200K is quite a drop although very close to the original valuation What was the agreed price for the sale that fell through? Might the sale have failed because the buyer couldn't find a valuer willing to support the agreed price? Or because lenders wouldn't accept the VR as reasonable, meaning the buyer couldn't get a big enough mortgage? Those are the sort of issues that could be behind the significant asking price reduction. Pure speculation on my part, I should add. I know nothing!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Dec 19, 2017 20:50:46 GMT
Agreed ; I did ask about the structural modifications but no reply, this site is also very close to the M23 and was raised when rebuilt in 2016 as a precaution against flooding...interesting and the agents state Please note: road noise from the M23 is audible
Wonder why it wasn't snapped up! I think the original asking price was £895K so I guess either the buyer pulled out 100% or the seller refused to drop the price to an acceptable level. If this chap has been borrowing money since 2016 then he has run up a fair few quid in interest charges. As I asked before - does anybody recognise this property from one of the TV property shows ? As a general point: I have invested today in a rival platform in a loan with a higher LTV but with proof of the lenders' considerable income and also rental income from the property. The rate was 5.5% which makes me wonder whatever sort of financial state are the lenders in who need to go to FS and pay vastly higher rates (about 5 times this?) I would rather lend at 5.5% on a property with say a 2% chance of default than one which pays 13% but with a 20% or higher chance of default. Some FS valuations really don't seem to reflect the disposal value to me; just look at what seems to be the situation with Wimbledon where it looks to me as if FS investors are facing a posible 100% capital loss. And if the UK property markets undergoes a short-tem correction in the near future ,which I think it will, then what?  ?? I thank you.
|
|
|
|
Post by rookey on Dec 19, 2017 21:38:31 GMT
I don't feel it's comparable. A 3rd charge on an overpriced house in central London against a 1st charge at 30% LTV. Of course there could be something fundamental wrong with the house (security) but in the end they only need to auction it for £300k to comfortably pay back capital, interest and fees.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Dec 20, 2017 7:39:01 GMT
never said it was - I wrote As a general point:
That said I am not happy with the overall level of DD done by FS and rely on other forum members who spend a lot of effort in doing this very professionally
Wimbledon is not in central London.
|
|
