Nomad
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Post by Nomad on Aug 22, 2017 14:16:07 GMT
One of the things I never liked about P2P platforms is they do not allow you to sell high interest long term loans you have held for a long period of time for a premium. With bonds you can often sell at a premium if you have held them for a period of time because of the upward slope of the yield curve. For example, when I sold out of Rate Setter I had a number of 6% loans with 1 or 2 Years to run well above the current 1 year market rate which in a fair market would have carried a premium above the face value of the loan. Ablrate?
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Nomad
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Post by Nomad on Aug 20, 2017 22:47:54 GMT
I pay around £600/yr for my accountant to do my company tax return and corporation tax. I think that's pretty good, how does it compare? Anyone do there own company tax returns? He was in the same town but now it's about 30 miles away. I drop off my bank statements to him, which is a bit less convenient now. Just wondering how close an accountant needs to be and can things be done completely online? Apart from one annual visit to hand over my records and discuss matters, I deal with my accountant solely by email. Switching from a large city firm with high overheads to a small rural practice cut my fees by around 60%.
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Nomad
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General P2x Discussion
HNW Lending
Aug 18, 2017 15:40:16 GMT
Post by Nomad on Aug 18, 2017 15:40:16 GMT
I emailed HNW with 3 straightforward questions about one of their loan offerings.
I received a prompt one-line reply, addressing one of my questions and completely ignoring the other two.
Fuhgeddaboudit!
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Nomad
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Post by Nomad on Aug 18, 2017 15:19:21 GMT
And this one?
Property Development *U*****E *O** 4 (22074) — 122 days late, exposure £xxx Downgraded (No risk band - More info)
10 Aug 2017
The borrower has advised that completion of the external refinance has been delayed as the required documentation will not be signed until early next week. However the borrower has advised that funds should be received by next Friday. We will update investors next week.
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Nomad
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Post by Nomad on Aug 16, 2017 11:26:04 GMT
It smacks of desperation, this "ideal world syndrome" is used constantly to our detriment. The other way around would be the borrower selling their asset for more than they thought it was worth and saying, "Dear borrowers, I made 20% more from the asset than I thought I would and that was all down to you people helping me achieve this, therefore I am going to pay 50% of this excess profit back to you as a thank you for your support", do you think this would ever happen? Well it happens the other way around without any choice being afforded to us! In an ideal world the asset is worth X, the borrower will honour the contract they signed for repayments, a buyer will be found quickly if the asset needs to be sold, the borrowers is honest, the valuer is honest, the facilitator is honest, etc etc etc. But most importantly (from their perspective) in an ideal world the lender will and accept every excuse under the sun, trick in the book and should/will ultimately feel grateful if they escape a loan unscathed. Just like if you lend somebody money in the pub and have to ask for it back because the borrower has reneged, you often become the enemy, the parasite. Yet you were the only person willing to lend that person money in the first place. This is what is happening now to us, we are being treated as parasites in my opinion, "what do you expect for 12% interest?". I expect the rules to be followed and the information provided to be accurate! Many of us are investing thousands of pounds on nothing more than what seems to be wishful thinking, we shouldn't have to learn this the hard way. The facilitator are making money by carrying out due diligence and managing the contract, yet this is being mismanaged horrendously. I'm tired of excuses, I want my money back as agreed, after all I provided it - as agreed! In an ideal world we as the lender/funder of these transactions would be treated with the same respect that the borrowers and facilitators are (or more respect even), but we are not despite being the people that shoulder the risk. I believe valuations are inflated to increase profits for the facilitator and to attract business in a competitive market, or the facilitator is ridiculously incompetent - otherwise they would nip any problem in the bud, the second a borrower fails to fulfill their obligations the asset is no longer theirs. Defenders of this will exclaim "we all know the risks and it can't work like that", but we also were told the rules of the game, these rules are constantly bent or broken to accommodate the people that are reneging on their contractual obligations. If a borrower breaks their commitment it means they can't be trusted, they are not in control - therefore anything they say moving forward is to be considered untrustworthy, however the opposite occurs due to desperation and fear - fear that the truth of the inflated asset value and incompetence is made public! So we have the borrower scurrying to avoid recourse, the facilitator scurrying to avoid recourse and meanwhile us lenders are left attempting to figure out what the hell is going on and when we will get our money back from people who are desperately trying to hide the truth or avoid it at the very least. I don't care if property isn't the same as a clock or painting. If the money isn't repaid after 180 days somebody is violating the agreement, the asset should be seized immediately and sold. If it can't be sold because there were lies told then the facilitator of those lies should compensate the people that fulfilled their end of the bargain (us), and if the fault lies with the borrower for misleading the facilitators then they should deal with that between them through litigation, nothing to do with us, that isn't what we signed up for. We put the money up, we want our money back as agreed. The LTV 70% rule is meant to protect us, not to be abused. We are not banks providing overdrafts, but we are treated worse than banks because we have no recourse or choice. In summary I can't wait to be out, it all seems very crooked, whether by design or incompetence it is us the lenders that are suffering. If their business model is flawed that is not our fault, we shouldn't be on the hook or strung along like this. I appreciate there are often extenuating circumstances, sorry that shouldn't be my problem, too many crooks have used the same excuses before and we do not have the opportunity/responsibility to meet and befriend the borrowers - they are numbers on a spreadsheet and should be seen as nothing more, exactly how we are viewed to them. There is no honour anymore, no decency and certainly no appreciation for the people that enable this business to happen, we are treated with such disdain at every step of this journey it makes me sick. I'm annoyed that I invested so much of my hard earned money on people and facilitators with such little appreciation or decency. Enough with the lies and excuses, act with ruthless efficiency and it will soon get rid of the chaff and maybe lenders will trust more. There is a short window to do the right thing, it might be expensive for the facilitator short term, but by procrastinating they are compounding the problems. Do they not realise that every crook in the land is now looking at how softly they tread and how easy it is to obfuscate and ultimately con people like us out of our money - niceness is seen as weakness and it's easy to be nice with other peoples hard earned money at stake?! Well said. Have FS ever responded to comments on this forum?
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Nomad
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Post by Nomad on Aug 15, 2017 17:47:01 GMT
Are there any further updates on the construction progress?
On what date were the progress photos taken? Is the predicted completion date still realistic?
As this loan ranks ahead of the tranches DL00001/2/3/4 is it fair to say that it offers a high level of security?
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Nomad
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Post by Nomad on Aug 14, 2017 20:54:18 GMT
charles , You recently wrote: "We will be offering a number of deals in the coming weeks which I think you will find very attractive from a yield and underlying asset perspective. Kind regards," Charles Anything coming up yet, you can give us an idea about? Email just received - We are pleased to announce a new bond issue backed by a high quality senior loan available for funding on Property Crowd.
Our Southend Seafront bond offers an annualised yield of 11.35% over a 12-month term, via exposure to a senior loan secured by first charge on a mixed use development asset in Southend-On-Sea.
Planning permission has been granted, allowing the demolition of the existing building and the erection of a building with 23 residential units, ground floor commercial space, and basement car parking. The contemporary design of the scheme makes full use of the seafront location. The Borrower requires the loan to purchase the property.
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Nomad
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Post by Nomad on Aug 14, 2017 15:56:31 GMT
Rates are noticeably lower than other places, with nothing I can see even getting to the advertised 'up to' rate of 10%. Would existing lenders consider the risks to be lower too? Safer loans than FS, MT etc? Not aware of any dramas with their loans, such as appear regularly on this forum regarding other platforms. That has encouraged me to make substantial investments. That's not to say dramas are not brewing unbeknownst to me... They have done one loan above 10%; most of the pending ones are 8.75% and 9%.
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Nomad
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Post by Nomad on Aug 8, 2017 13:35:28 GMT
Are they going to be focusing on Scottish property? Looks like the current properties are all in Scotland. The W***** pub is just up the road from where I work, I haven't been but it looks like it's an Irish/Celtic Football Club pub. All three initial loans filled.
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Nomad
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Post by Nomad on Aug 8, 2017 12:52:40 GMT
Afternoon all, We have a new loan listed on our website. Conwy Residential Bridging Loan at 8%pa, 61% LTV for 12 months. Don't forget that we offer an IFISA now so you can make use of our tax-free wrapper. Any questions, I'm always here. Regards, WengYee 28 parts of this loan have appeared on the Resale Marketplace today. And now they're all gone...
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Nomad
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Post by Nomad on Aug 8, 2017 12:41:46 GMT
oh okay thats great. just been reading much about this thread and see everyone has been worried. i think this loan will be fine. It is what it is now. I am confident moneything and Broadoak will do everything they can to get investors as much as possible. We will just have to wait and see if more money is required to finish the development and who will provide it, how long it will take, if any of the flat buyers have pulled out, if the 25 pecent deposits for the flats are still held by the solicitor and if the flats will have to be reduced in price to get a reasonably timely sale once completed. We don't know if any building work has been done since the adminstrators were appointed nearly two months ago. I'm guessing there is a lot of work going on behind the scenes. There must have been a reasonable cause for concern for administrators to have been appointed several months before the loan was due to be repaid rather than considering negotiating an extension of the loan. Although given the slow progress of the development over several months I am sure it was the right thing to do. Can MT indicate when an update may be forthcoming?
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Nomad
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Post by Nomad on Aug 8, 2017 12:37:23 GMT
Afternoon all, We have a new loan listed on our website. Conwy Residential Bridging Loan at 8%pa, 61% LTV for 12 months. Don't forget that we offer an IFISA now so you can make use of our tax-free wrapper. Any questions, I'm always here. Regards, WengYee 28 parts of this loan have appeared on the Resale Marketplace today.
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Nomad
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Post by Nomad on Aug 7, 2017 18:59:58 GMT
This is a tad annoying... The Chartered Surveyors used for the VR is from London, and whilst (after a quick glance at their website) there is no doubt they carry out business across the country, I can't help but think that a Surveyors closer to the site would have been more appropriate There can't be a lack of Chartered Surveyors in and around Glasgow! How about the Chartered Surveyors that marketed the property back in July (and have an office in Paisley!). I note that the valuer for Plymouth MTAS781 hails from north Lancashire...
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Nomad
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Post by Nomad on Aug 7, 2017 18:16:54 GMT
The Chartered Surveyors used for the VR is from London, and...... I can't help but think that a Surveyors closer to the site would have been more appropriate.
There can't be a lack of Chartered Surveyors in and around Glasgow! How about the Chartered Surveyors that marketed the property back in July (and have an office in Paisley
To repeat CD's point, it seems a surprising choice of surveyor. MT, can you explain this please? Report preamble - "The day the inspection took place 16th June 2017 at 10.30 PM, we can confirm that it was a sunny day." Even up there in June the sun sets by 2200?
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Nomad
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Post by Nomad on Jul 28, 2017 5:24:28 GMT
What do you store all the passwords in? A Google Drive document.
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