ali
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Post by ali on Sept 12, 2016 4:43:27 GMT
Does anyone have any thoughts on the Indian Restaurant loan? It's not a very large loan, and the security doesn't seem unreasonable, yet it's only about 40% funded after being available for five days. Why is it being so slow to fund? I declined because I didn't think the security was all that good. 90 day MV gives 76% LTV. Add in the extra uncertainly of a restaurant and I decided it was borderline and there were better choices available.
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ali
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FundingSecure (FS) in Administration
New Loans (FS)
Sept 9, 2016 18:34:19 GMT
Post by ali on Sept 9, 2016 18:34:19 GMT
Secured by a first legal charge on a property in Dunfermaline valued at £2,200,000 Loan Amount: £532,000 Interest: 12% pa (With added bonuses for larger investments) LTV: 24%This loan has the most confusing VR I think I've ever come across. Aside from the usual collection of typos, including an unfinished sentence at the bottom of Page 14, I can't get my head around exactly what's being valued. The VR starts referring to the property as being 7.26 acres, but the valuation calculation in Section 14 (Page 16) that comes up with the £2.2M value includes 7.5 acres of business space in addition to 8 acres of residential space (80 units at 10 units/acre) so seems to be including the part of the HVF002 site that isn't part of the security for this loan. My current interpretation of the Section 14 valuation is that all of HVF002 is worth £2.2M, and the part -- roughly half -- being used as security for this loan is worth £1.5M. (The value isn't divided equally between the two halves because of the ransom value transferred from the half with the access problem.) fundingsecure : Can you please take another look at the VR and explain the significance of the £1.5M value mentioned? Yes, that's my interpretation as well. Also note that the VR assumes 80 units whereas the local plan calls for 50 which might reduce the value and that the VR assumes 50:50 business:residential but states that this could probably be negotiated which might increase the value. All very complicated!
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ali
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MoneyThing (MT) in Administration
Sunday Loan?
Sept 9, 2016 18:27:45 GMT
SteveT likes this
Post by ali on Sept 9, 2016 18:27:45 GMT
Well done our North West correspondent! The neighbouring blocks look smart, occupied and well tended in the photos. Hope that's still the case. That's not North West! He's a long way South East of me
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ali
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MoneyThing (MT) in Administration
Sunday Loan?
Sept 9, 2016 17:40:44 GMT
Post by ali on Sept 9, 2016 17:40:44 GMT
Details now up on the pending loans page. You beat me to it! Sorry. I was so impressed that you had managed to get my deposit credited so late on a Friday that I got carried away
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ali
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MoneyThing (MT) in Administration
Sunday Loan?
Sept 9, 2016 17:35:00 GMT
Post by ali on Sept 9, 2016 17:35:00 GMT
Details now up on the pending loans page.
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ali
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Post by ali on Sept 9, 2016 14:47:05 GMT
There's currently less available on MT at the moment than SS. At least with SS there is the chance of picking something up on the SM if you can get in quick whilst FFF is out brewing a coffee... Very true. I've been picking up tidbits of PBL052 slowly but surely over the last couple of days. I'm not even bothering to watch MT at the mo.
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ali
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Post by ali on Sept 9, 2016 13:30:27 GMT
What other play forms offer 12% (or more) and it's a matter of minutes to sell loans? MT, of course.
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ali
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Post by ali on Sept 9, 2016 13:05:21 GMT
Jolly handy for me would be an entry under FUNDS/Overview/My Loans which gave the date and amount of my next interest payment. I find myself searching the loans page for "<date>/" and doing a mental tot-up (and then getting caught out by loans I've sold). I know I could use a spreadsheet, but I'm too lazy.
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ali
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MoneyThing (MT) in Administration
Sunday Loan?
Sept 9, 2016 10:35:13 GMT
Post by ali on Sept 9, 2016 10:35:13 GMT
Works for me as long as I have enough notice to do a deposit today.
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ali
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Post by ali on Sept 8, 2016 17:07:24 GMT
Surprised PBL 20 isnt on that list! 😁 Nor the fields. I think I just never even considered them and so they never got written up.
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ali
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Post by ali on Sept 8, 2016 11:40:34 GMT
PBL 35 Six month extension ?? My notes say I reviewed it yesterday at 182 days. Still wasn't happy.
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ali
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Post by ali on Sept 8, 2016 11:28:57 GMT
PBL104.... I think you need to update your list ali Good point. Done.
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ali
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Post by ali on Sept 8, 2016 11:17:45 GMT
Now that the SM is bare again, bearing in mind all that is known, remaining times etc, which loans do you think are the weakest? Which would you trim if you were holding plenty? This is my decline list. Can't tell you why, I don't keep records of that (and I haven't looked at every loan): PBL027 Decline PBL033 Decline PBL035 Decline PBL047 Decline PBL064 Decline PBL081 Decline PBL088 Decline PBL104 Decline
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ali
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Post by ali on Sept 7, 2016 12:50:33 GMT
Accommodation Block A, Huddersfield has appeared in the Pipeline Loan | £ 1,911,357 | Security | £ 3,935,000 | LTV | 49% | Stage | 2 |
Note that the VR says that MR is based on there being no section 106 payable for block A, but the examiner report on the granting of planning permission (14th Aug) says that it was decided that £233k was payable. I don't suppose it makes a huge difference, but still...
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ali
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Post by ali on Sept 7, 2016 10:44:54 GMT
Communication is important. A short email from SS would of been very helpful How much clearer do you want it to be? The go-live email says "Things may change". This is SS's strength for borrowers - moving fast. Sure. However, an email or an update which said they still expected the loan to go live today (7th) rather than, for example, next week would have been nice.
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