sirius
Member of DD Central
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Likes: 141
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FundingSecure (FS) in Administration
New Loans (FS)
Feb 21, 2017 17:12:03 GMT
Post by sirius on Feb 21, 2017 17:12:03 GMT
B******* C***** L********
"We will be posting a loan on 22 February at 11am for £26,000.
This loan is secured by a first charge over a mixed use property in Liverpool valued at £800,000.
This loan falls behind previous loans issued for £420,000 under loan ref 3078439367, £20,000 under loan ref 1336137316 and £35,000 under loan ref 2558710189
Combined lending is £501,000 giving an LTV of 62%
The loan is offering interest to investors of 14% p.a.
There will be no bid restrictions on this loan".
So, is it a first charge, or does it fall behind previous loans?
My guess is the latter. What do you say FS?
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sirius
Member of DD Central
Posts: 161
Likes: 141
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Post by sirius on Feb 16, 2017 17:31:16 GMT
Despite being told 4 hrs ago about the 12 month rolling contract, and the fact that the Portacabins are already at P******* S******, the site still reads:
"The funds are required to finance the costs of supplying and installing the Property at P******* S******.
The agreement with P******* S****** will generate £19,042 pm / £228,500 pa of income. The loan will be repaid by way of monthly payments of interest and capital financed through the rental income generated from the Property and supplemented by Company profit".
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sirius
Member of DD Central
Posts: 161
Likes: 141
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Post by sirius on Feb 16, 2017 16:39:55 GMT
Hi all
As a Newbie to P2P, I can state that having placed 1K on this loan, on the understanding that the rental was for 5-15 years, I am not amused at the revelation today that it is actually a 12 month rolling contract.
I would have refrained from investment if that extremely material fact had been revealed earlier.
I trust Ablrate will do the honourable thing should this go t*ts up.
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