sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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FundingSecure (FS) in Administration
Lancaster Hotel
Jun 7, 2015 11:38:25 GMT
Post by sqh on Jun 7, 2015 11:38:25 GMT
I asked some Q's of FS via their live chat and was told: a) planned exit route is to repay loan by selling further sub-leases to investors for the remaining 11 bedrooms, once refurbished (at approx £60-70k per room) b) that the hotel retains responsibility for general maintenance throughout the hotel and provides a guaranteed return (10-12%) for the first 12-24 months of the sub-lease. I guess these are negotiable depending on level of investor interest Very interesting. I wonder if this information has been provided to the valuer. My inference of the VR assumed the valuation was based on maintenance costs shared amongst all owners. EDIT: We have seen the advice of the valuer ignored on another P2P platform resulting in a very significant de-valuation when the loan defaulted.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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FundingSecure (FS) in Administration
Lancaster Hotel
Jun 6, 2015 22:31:38 GMT
Post by sqh on Jun 6, 2015 22:31:38 GMT
I guess many of you will have been digging away doing DD on this offering. I must admit from the limited look that I have had I am wondering what this place is all about. Book store on the Ground floor and 44 bedrooms owned by another business and now possible being used as student accommodation. To my mind this is really a bit weird. However what do others think about this. It is certainly unusual, and tricky to value. I hope FS get the following, from the VR, legally confirmed before drawdown. "At the time of underwriting we would advise the leasehold interest be verified and whether or not there are any onerous obligations under the terms of the lease for exclusive maintenance, repair and management."
"It is assumed for the purposes of this report that all the issues stated above are shared on a room basis and under the terms of the sub leases, guaranteed yields/return are factored into the agreement for a 24/36 month period."At 52% LTV it should be safe. It does have a substantial Director Guarantee, but can that be relied upon? My view is the DG was requested, because the valuation was fairly subjective. Lenders seem fairly cautious, plenty of lenders but no bids over 5k yet, which is unusual for a property loan. Might get a bonus rate for large bids next week.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Jun 5, 2015 8:17:37 GMT
MoneyThingI invested in £318 in the car loan and it accepted £8 because the £310 can't cleared. I didn't get a warning message to say insufficient funds. A few minutes later the £310 cleared but it won't allow a new bid. Can you sort this problem out? Morning sqh, We have manually deposited £310 (in addition to the £8), into this loan for you. Kind regards, Ed Thanks Ed.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Jun 5, 2015 7:48:08 GMT
MoneyThingI invested in £318 in the car loan and it accepted £8 because the £310 can't cleared. I didn't get a warning message to say insufficient funds. A few minutes later the £310 cleared but it won't allow a new bid. Can you sort this problem out?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Jun 3, 2015 0:20:53 GMT
Hi, I'm planning on selling a few bits but I'm just wondering what happens to the interest I have accrued once the parts are sold. Thanks guys! For loan parts that have drawndown you will receive interest up until the day you sell. It's paid on the last day of the month, so if you sell today you get 2 days interest paid on June 30th. For loan parts that haven't drawndown you will still receive interest up until the day you sell. Interest owed up to the last day of the previous month will be paid on drawdown, and dated last day of the month. Interest for the month of drawdown will be paid at the end of that month.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Jun 2, 2015 11:01:59 GMT
FAO andrewholgate because I'm not sure who from AC is actually tasked with acting upon this thread. Given the issue with loan#45 it seems appropriate. There are some loans where an interest payment buffer is built up over the first few months. This is important because it adds to the security of the loan. For loans where this applies, can you please add the amount held in the interest payment buffer to the security tab. It should show the amount collected and the date received. That way we all know what's held in the trust account.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Assetz Capital (AC)
L**DS C P
Jun 2, 2015 1:01:06 GMT
Post by sqh on Jun 2, 2015 1:01:06 GMT
I've just asked a question on the "official" Q&A board about some missing interest payments to be kept in reserve. I seems that we're nine months short of the reserve promised. That was a condition (within six months of the loan starting) contained within the revised credit report dated 20/11/2013. My bold What's going to happen if we get to a situation in four months when the three months reserve has all gone? Who will pay the interest due from month four onwards if required? I wonder why "z" asked the following question and the CR wasn't corrected and AC have only 3 months interest? Q How much of an interest buffer will be built over 6months as indicated in credit report? Asked by z 6th Nov 2013 at 13:25 A The interest buffer is to be for 6 months worth of interest so c£120k. Answered by Assetz Capital 6th Nov 2013 at 15:14
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 27, 2015 16:06:24 GMT
Save money on expensive pet carriers.If you need to take your cat to the vets,simply tie its tail to one of its back legs to make an excellent carry handle. If you also tie the front legs to the back legs and gut it, you get a Bagpuss.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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FundingSecure (FS) in Administration
New Loans (FS)
May 23, 2015 12:24:37 GMT
Post by sqh on May 23, 2015 12:24:37 GMT
Hello, The valuation of £330,000 as set out in para 19.4 of the valuation report is an open market valuation as of now i.e. without planning permission. The valuers have also provided an estimate of value with planning permission (para 19.2) which is £483,750. However, we are not relying on that valuation in determining the LTV. The borrower owns a piece of land (shaded grey on the VR), and is buying an adjacent piece of land (outlined in red on the VR). "The local council has refused to give planning consent on part of the site, requiring a comprehensive plan of the entire site."The loan security for the first loan covers only the red part. I assume it's the same for the 2nd charge. I would feel much happier if both pieces of land were offered as security.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 22, 2015 12:59:36 GMT
The new Projected Drawdown column in Upcoming Loans is very welcome, but the dates often get moved.
My understanding is that 3-5 days before a new loan drawsdown the underwriters are requested to settle their bids. This only happens when all documents are in place and the loan is ready to go.
Can AC please update the system when this event happens by setting a banner "underwriting called" on the appropriate loan in the Upcoming Loans section.
This would allow lenders to see which loans are definitely about to drawdown.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 21, 2015 13:38:45 GMT
Yorkshire Mixed Use Estate has appeared in the pipeline. Loan for £1,392,000 LTV 61%.
It's not mentioned in the weekly update but it is at stage 4 and has number 034.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 21, 2015 8:03:31 GMT
So I suggest we have to be a bit patient while he gets ducks in a row and get to stage 2 of a business. Ducks as well as chicken, no wonder he's busy Surely, he hasn't time to play Angry Birds !
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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ThinCats/ BLN (TC) in Administration
Minimum bids
May 20, 2015 8:19:06 GMT
Post by sqh on May 20, 2015 8:19:06 GMT
Also, TC has a similarity to FC Autobid in the shape of the TLCs. Do you know what happened to this month's TLC? I often log on near the end of the month and invest £1k but nowhere to be seen.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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FundingSecure (FS) in Administration
Range Rover
May 18, 2015 20:11:19 GMT
Post by sqh on May 18, 2015 20:11:19 GMT
It's my neighbours you should be jealous of. I've got a small plot surrounded by 3 mega properties, 2 have outdoor swimming pools and the other one has an indoor pool. Thanks for that, I was struggling without that last bit of info, I'll be round later to collect the protection money. Be careful, not all properties have normal occupants around here. Two of them had an argument about who owned the ditch between their gardens. It lasted years, and the legal costs were more than the price of a new Range Rover.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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FundingSecure (FS) in Administration
Range Rover
May 18, 2015 18:01:37 GMT
Post by sqh on May 18, 2015 18:01:37 GMT
Well spotted, my postcode should be P2P MUG P2P MUG looks like a nice semi-rural area, I'm jealous!! It's my neighbours you should be jealous of. I've got a small plot surrounded by 3 mega properties, 2 have outdoor swimming pools and the other one has an indoor pool.
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