jamesc
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Post by jamesc on May 22, 2018 10:51:02 GMT
Anyone have a view on this increase and renewal ?
I have been in this for a few renewals but have not renewed this time as the loan keeps increasing and the valuation seems to be a back of the envelope from a local estate agent. It also worries me that the last time this loan was renewed it was almost complete and 200+ days later its still almost complete.
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jamesc
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Post by jamesc on May 10, 2018 10:47:37 GMT
Property is now being advertised for sale at £1.9m (added to zoopla 3rd May 18, link on DD Central) Third charge loan, behind £790k, combined debt c. £950k The first renewal in Dec 17 was on time, and is due for renewal again in 31 days, so only available on the SM for the next 12 hours or so. Thanks missed this one before I guess third charge put me off but with a fairly low LTV and a solid valuation on residential property I grabbed a couple of K for my ISA on a nice discount.
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jamesc
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Post by jamesc on May 2, 2018 11:38:29 GMT
Nothing for DFL17 yet either at -6 days should be paying for most of April. Does anyone know if this is normal? This is the first loan that I've held that has gone under 0 days. Surely Lendy should pay the bulk of the month's interest, pro-rata, before accruing interest? Do I assume that the unpaid interest will be included in the accrued interest and paid on redemption? DFL12 went negative during the month and I received a partial months interest.
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jamesc
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Post by jamesc on Apr 18, 2018 13:10:38 GMT
That's not to say FS does not have its problems as an investor in both W----haven and K---borough I can personally attest but if you don't like it at least you can get out.
Not once loans pass 30 days remaining, you can't. Of my fairly carefully selected FS portfolio, I reckon at least 60% is now in loans that are in various stages of awaiting renewal / increasingly late / defaulted / all but dead. My "accrued interest" figure is now well over 10% of my capital invested, so my average loan age is over 10 months (and rising). I can't remember the last time I had a significant loan repay or renew. Several months at least. Meanwhile, new FS loans are shovelled out of the door daily and blindly filled by more charitable souls than me. When I made that post I knew someone would bring up the '30 days', I agree its a pain and see no reason why loans cant be traded for a longer period but at least they are consistent.
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jamesc
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Post by jamesc on Apr 18, 2018 12:16:44 GMT
Everyone's very keen to knock FS but fail to point out the biggest positive and that is they have a fully functioning secondary market. If you want to sell you can, you just need to discount whereas on others like L & MT where all sales are at par in many loans you can sit in a queue with little realistic likelihood of making a sale.
That's not to say FS does not have its problems as an investor in both W----haven and K---borough I can personally attest but if you don't like it at least you can get out.
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jamesc
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Post by jamesc on Apr 5, 2018 19:12:16 GMT
Hi some help please
I made the mistake of investing some of my P2P monies through a company which is great in one respect because you get to offset secondary market costs against interest. But it is now time to pay the piper and file a tax return and accounts. Can anyone recommend where to get/download (or purchase cheaply) a template for a set of micro accounts that I can populate with my figures and then file with HMRC and Companies House. Apologies if someone has already posted here I did not find but if so can someone point me in the right direction.
Many thanks
James I didn't know this till recently, normally does and sends my accounts into Companies House. I was late in completing these this year and he forwarded to me, asked me to sign and immediately submit to CH. I looked it up and for certain, uncomplicated accounts you can submit online. So I expected to have to upload and send the document the accountant had produced. When I actually came to do it, it was actually a series of boxes I needed to complete, rather than uploading a document. I used the figures the accountant had calculated, but if your confident in producing the figures yourself and as they dont require a hard copy (template), then I see no reason you cant simply enter the figures. If you wanted to know what figures they ask for, you could go through the process up to the final submission page. Therefore getting your "template" I would be interested to hear how you get on Do you have the financial knowledge to produce the accounts? I tell myself each year will look into producing my own accounts, but at the end of the day I never have time. My account only does the accounts, for my P2P and my business, so it is minimal (0.3% of turnover to be precise). Thanks Stevio that's really helpful I will try that but got to wait for my activation code to come through the post. I will let you know how I get on with the box filling think I will still need to produce accounts for companies house but that's a problem for another day. I was actually an ACA in another life but never practiced and went the investment banking route instead but I think I still have enough core knowledge to produce the figures its all the presentation I am lacking. Will let you know how I get on in a couple of days so fingers crossed and once again thanks James
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jamesc
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Post by jamesc on Apr 5, 2018 15:58:22 GMT
Hi some help please
I made the mistake of investing some of my P2P monies through a company which is great in one respect because you get to offset secondary market costs against interest. But it is now time to pay the piper and file a tax return and accounts. Can anyone recommend where to get/download (or purchase cheaply) a template for a set of micro accounts that I can populate with my figures and then file with HMRC and Companies House. Apologies if someone has already posted here I did not find but if so can someone point me in the right direction.
Many thanks
James
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jamesc
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Post by jamesc on Apr 5, 2018 11:24:23 GMT
Update just in the main property has sold for less than the first charge so looks like this will be a total loss. Although there may be some equity in the two small B2L properties but not holding my breath.
To have a 100% loss on a property backed loan is hard to stomach but it just highlights once again the dangers of 2nd charges particularly on non standard assets.
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jamesc
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Post by jamesc on Apr 4, 2018 12:27:43 GMT
I'm in this loan and plan to renew. I am puzzled why the borrower has been borrowing for a couple of years at FS rates but the asset looks fairly valued and the LTV is ok I have a very large chunk of this loan and was very pleasantly surprised that it renewed on time but left with a big decision to make whether to renew or not. The economics of this make no sense this will be the third renewal i.e close to half the borrowed amount would have been repaid in interest and given its a first charge residential property with an ok LTV What am I missing why has the borrower not secured cheaper financing ? The valuation looks reasonable although the development next door causes some concern.
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jamesc
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Post by jamesc on Oct 11, 2017 13:25:51 GMT
Just been to do my daily withdrawal from FC and check my ducks where still nicely lined up. Pleasantly surprised to find one of the long overdue property loans had repaid. I was briefly tempted to turn on autobid, luckily just at that moment my brain briefly flickered into life. I'm sure a new home for it will turn up soon. (the money not the brain) Please don't do that as I got a momentary warm fuzzy feeling thinking that the forever late London loans had repaid. After a micro second I was drenched in the cold and wet realisation that you were not actually talking about the London loans just another of FC's many late property loans. Oh well back to the drawing board !
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jamesc
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Post by jamesc on Oct 6, 2017 17:44:21 GMT
Perfect timing Ed looks like I might be finding a home for all my J M L monies
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jamesc
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Post by jamesc on Oct 5, 2017 10:35:34 GMT
This loan is currently no longer being listed in the pipeline loans section. It was there yesterday evening, but disappeared this morning at some point... Indeed it did. Can't tell you the precise time as I'm currently away from home on a short break.
Very short lived pipeline loan, only lasted 8 days, then gone.
What's concerning though this was the proposed exit for PBL57 so what's going to happen to that now ?
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jamesc
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Post by jamesc on Oct 2, 2017 20:10:53 GMT
Four I only have three PBL130, PBL141 and PBL74 did I miss one ? PBL047 has had another chunk repaid apparently Thanks I missed that.
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jamesc
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Post by jamesc on Oct 2, 2017 20:00:03 GMT
Another repayment PBL130 makes 4 repayments today totalling £1,233,000. Lendy are on fire! It is almost hard to believe - 4 loans repaid in one day. This will probably help to fund thirsty DFL12 and other new tranches in pipeline??? We'll see what happens for the rest of this month, if they repay 4 more, lenders confidence and SM might start improving. Four I only have three PBL130, PBL141 and PBL74 did I miss one ?
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jamesc
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Post by jamesc on Aug 24, 2017 16:54:47 GMT
Sorry if its already come up, but given this loan still has several months to run, why has this loan been defaulted ?
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