sirius
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Post by sirius on Dec 16, 2017 15:16:56 GMT
Our borrower seems to be pretty competent at completing developments and the market in Glasgow student property seems to be hot so I think this one will be okay. Very true, but even experienced developers can struggle to get final tranches filled. Take DFL012. Looking at that one I would bet a small fortune on that development going to completion (In fact, I AM!!), but it still struggles to get funds at 12%. DF008 is similar. People do not like investing to the bitter end which is one downfall of P2P lending. Fickle investors who are not prepared to back investments in the final stages. The only reason I took a small bite on the last H.......n Q... tranche was that I, like many others I suspect, were already way over my comfort zone with it.
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sirius
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Post by sirius on Dec 15, 2017 13:00:10 GMT
Having again, even at this late stage read and re-read 'all' the information available to us I just cannot find a reason to invest.
We have not been shown any proof from HS2 confirming any definite payment that has been stated:
' we expect',
'final disturbance claim could be',
'submitted claim for a further £775k',
'at a minimum we expect',
'we expect final payment could be in excess of £1.5m',
'entitled to £75k basic loss payment',
'HS2 now has to pay 90% of what it believes <the borrower> is due' etc etc.
There is nothing there to convince me that <the borrower> may be able to re-pay the loan.
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sirius
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Post by sirius on Dec 14, 2017 14:50:45 GMT
Apologies Fellow Investors, for any who may have been waiting to see my "Report" from my Run By before possibly investing, I was alas unable to complete my gambol today. Ah! But the question is, will you have a gamble tomorrow?
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sirius
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Post by sirius on Dec 14, 2017 11:27:35 GMT
Not convinced about this one. It appears that there are a couple of charges against the company which I guess is the freehold issue mentioned above. I don’t understand why the existing charge holders would consent to a deed of priority relegating their charge below MT. I would have thought that the first thing that the company would have to do would be to clear any charge against the property before the trains go through it. Well sure, but we have been told we expect that an element of the compensation from the freehold could be used to pay off the gross loans, which I think means that the first charge holder AND our loan are covered. No need us to get priority As above: ...we expect that an element of the compensation from the freehold could be used to pay off the gross loans (bold mine) Not exactly legal speak to inspire confidence and certainty of a return of capital. (I know, I know, thats why it is not 1.5%!)
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sirius
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Post by sirius on Dec 11, 2017 18:31:53 GMT
A number of boats require a bargepole and i have a long one for this!
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sirius
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Post by sirius on Dec 8, 2017 22:40:52 GMT
?FS W********n is a third charge and the properties were overvalued by Savills. What is the similarity between W********n and BL00079? I think you are confusing W*******n with W********n. Yes, i am talking about Wh***h***n
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sirius
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Post by sirius on Dec 8, 2017 15:03:21 GMT
Hi westcountry , The borrower has owned the land for a number of years and is looking to refinance. Many thanks, Gordon It has the appearance and smell of an FS W********n to me.
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sirius
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Post by sirius on Dec 7, 2017 16:11:47 GMT
I just don't see nearly £1m quid here - it this were me I would take the money and say thank you and goodnight FS. But clearly this is not the case here. Are you sure!?
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sirius
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Post by sirius on Dec 7, 2017 9:50:24 GMT
Many concerns. The valuation has been based on the rebuilding of the house to a value of £350k and the redundant workshop unitsbeing rebuilt too.....(See 12.3 VR)
Real value? @ 30%!
Would state more, but late going out.
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sirius
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Post by sirius on Dec 5, 2017 19:02:43 GMT
It has ruined the view from that row of houses. Yes, but it has considerably enhanced the view of my bank balance!
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sirius
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Post by sirius on Dec 5, 2017 9:59:29 GMT
locutus , judging by the comparables in the VR ... despite being detached it is much smaller than most on the road 1100 sq ft compared to 1800 sqft for most. The 4th comparable is the closest match - a slightly bigger detached at £770,000 (Sept 16 price, £598 / sqft) I just can't see it selling for much above £600 / sqft being right next to the school. Think fire sale and the LTV is about 100%. Not for me.
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sirius
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Post by sirius on Nov 23, 2017 21:42:50 GMT
I may be becoming dreadfully unfair to all and sundry but once bitten etc....... So, the plan on 11/8 was to sell the properties for 180-200k each On consolidation of the loans at 23/11, the plan is now to keep the properties as an ongoing source of income. Is it just me that thinks that they couldn’t shift the properties and are now forced to hold on to them. Therefore, is not the LTV somewhat mythical? Interest on £450k @ a conservative (for FS) 20% is £1800 a month. Rent from the 4 houses?.........around a third to a half of that, so the borrower needs those btl mortgages like yesterday, or how else will he service the interest?
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sirius
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Collateral (COL) in Liquidation
Memorable Word
Nov 20, 2017 22:07:43 GMT
Post by sirius on Nov 20, 2017 22:07:43 GMT
Same problem with both Maxthon on Windows and Safari on Mac.
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sirius
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Post by sirius on Nov 20, 2017 17:06:08 GMT
Are you sure....... really sure......that it was an error!!!
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sirius
Member of DD Central
Posts: 161
Likes: 141
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Post by sirius on Nov 14, 2017 10:50:44 GMT
Having spent considerable time on the documents yesterday, I eventually added the paper profit to any money that one could 'spirit' away, then deducted the interest along with all the assumptions made by the Valuer, and came to the conclusion that a great number of investors probably had their bargepoles slolen to fuel the fires on bonfire night!
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