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 Apr 20, 2015 13:53:08 GMT
There is a loan #654474218 where FS have just sold some of the paintings for less than 30% of their value. This loan had an LTV of 40% and now FS are "giving them away" without lenders getting a vote.
I would have thought the valuer should be liable, if the valuation is out by over 70%. What do lenders think?
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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)
Apr 17, 2015 22:24:49 GMT
Post by sqh on Apr 17, 2015 22:24:49 GMT
The assets page states "A charming 3 bedroom detached country cottage with modern stable and grazing land in all about 2.62 acres.", and there's a photo. If this defaults I will happily buy the property at the loan value and cover all accrued interest. I wouldn't even bother to get a valuation. But would you pay across £59k, plus accrued interest, to FS solely on the basis of the statement on the assets page? Or would you first want to satisfy yourself that the property actually existed? And that FS had a first charge against it. The point is that it is all too easy to make things up. Bernie Madoff did it for years. I'm not suggesting that FS are doing that, but I would feel a lot more confident if the info from FS included a valuation, redacted if necessary. Perhaps P2P needs a lender spokesperson who will contact the RICS valuer and the lawyers of all property loans to verify that loans are genuine and the appropriate charges are in place. easteregg, What do you think about this?
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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 Apr 17, 2015 19:04:01 GMT
Today's Shropshire property loan has gone live. The announcement of the loan stated "Additional details will be available on the loan page". The only additional info I can see on the website is the loan number and the words "Good Condition". Is this all the info FS are prepared to give in order to encourage investors to give them £59k? Am I the only one who considers the available info to be inadequate to allow a proper evaluation of the investment? For instance, they don't even state that there are no other charges against the property (i.e. that FS will have the first charge). I guess we're supposed to presume that's the case, but I don't feel that I should be making investments based on presumptions. Does anyone else feel similarly? I'm completely comfortable with this listing. It does say it's a first and only charge on the information page. The assets page states "A charming 3 bedroom detached country cottage with modern stable and grazing land in all about 2.62 acres.", and there's a photo. If this defaults I will happily buy the property at the loan value and cover all accrued interest. I wouldn't even bother to get a valuation.
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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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MoneyThing (MT) in Administration
Aircraft Loan
Apr 17, 2015 15:56:42 GMT
Post by sqh on Apr 17, 2015 15:56:42 GMT
I'm surprised this loan hasn't filled more quickly. The LTV is only 27.78%.
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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 Apr 15, 2015 14:06:56 GMT
What happens if the borrower actually owns 51% of the loan as a lender and votes for the 16p settlement. That is a licence to print money. In this case £140,000 x 49% x 0.84p = £57,624 This is now my new investment strategy You might like to refine the strategy. You could hold 25% of your own loan. When the 16p offer gets rejected, up your offer until 34% of the other lenders are fed up and accept, a 40p settlement would net more. In this case £140,000 x 75% x 0.6p = £63,000 Let me know when you get to Monte Carlo.
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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 Apr 15, 2015 12:22:12 GMT
What happens if the borrower actually owns 51% of the loan as a lender and votes for the 16p settlement.
That is a licence to print money. In this case £140,000 x 49% x 0.84p = £57,624
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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 Apr 15, 2015 9:29:17 GMT
Ton ⓉⓞⓃ. The last post is on the pink pages, I don't think it should be here as well.
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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 Apr 15, 2015 9:23:47 GMT
I think we need clarification from the FCA. I find P2P regulation impossible to understand. I'm not aware of any P2P platforms that have full FCA regulation, although most have Interim Permission. MT don't even have Interim P2P lending permission, but Lendy does. search and select permissions fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNewMorning, Just to mention that any new P2P platforms (like us) that were formed after the 1st of April 2014 (when the move occurred between the OFT to the FCA), were unable to include P2P Lending on the FCA Register whilst those that were formed prior to 1st April 2014 were. For your interest, MoneyThing's allocated window to apply for full FCA authorisation opened on the 1st February 2015 and closes on the 31st May 2015. Kind regards, Ed Hi Ed Very Interesting, will you be applying for full FCA authorisation? Out of interest, do you know if the platforms with Interim permissions have to get upgraded to full FCA authorisation by 31st May 2015?
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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 Apr 15, 2015 5:47:51 GMT
If this structure works on MT why not on SS? IMHO SS is far more vulnerable than MT. I think we need clarification from the FCA. I find P2P regulation impossible to understand. I'm not aware of any P2P platforms that have full FCA regulation, although most have Interim Permission. MT don't even have Interim P2P lending permission, but Lendy does. search and select permissions fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew
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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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Assetz Capital (AC)
Sipp
Apr 14, 2015 21:07:34 GMT
Post by sqh on Apr 14, 2015 21:07:34 GMT
You must also keep 2 years fees in cash at all times (£3000). That £3k gets no interest. I'm hoping that Assetz Capital arrange for a single platform SIPP, which is now available on TC, fees are £350 p.a. That's open to negotiation. For a start, £1500 comes out straight away, so only leaving £1500. There's also the argument that AC is interest bearing assets so the clause doesn't apply. Thanks for the TC numbers - too late for me but very good to know. I believe the annual fees can be paid externally from the SIPP.
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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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Assetz Capital (AC)
Sipp
Apr 14, 2015 20:07:54 GMT
Post by sqh on Apr 14, 2015 20:07:54 GMT
You must also keep 2 years fees in cash at all times (£3000). That £3k gets no interest.
I'm hoping that Assetz Capital arrange for a single platform SIPP, which is now available on TC, fees are £350 p.a.
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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 Apr 14, 2015 18:19:32 GMT
An Hotel in Upcoming loans #167 280k, 10%, 3yrs, 39%ltv Interest only monthly Mid-May Drawdown Unless I've got the wrong end of a stick looks like there's going to be another loan of £650k to the sister company/hotel coming up soon too. It seems to be part of the same package, with cross-charges between the two loans. Yes there is. You can view it by selecting loan#167 and then edit your browser header from DMH to CQH.
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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 Apr 13, 2015 12:24:22 GMT
Darn it. we have lost 3 days interest.
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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 Apr 13, 2015 11:23:57 GMT
I think we have got the needles and the needle. Good point Eye thought sew. We've been stitched up.
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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 Apr 13, 2015 11:01:38 GMT
I think we have got the needles and the needle.
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