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Post by brummiefred on Sept 14, 2017 14:13:07 GMT
It seems that two blocks of land have been sold. The option land available at £140k and 20 acres of the 26acres attached to the buildings.
So £740 less £140 less say £120 now valued at average £525!!!
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rs
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Post by rs on Sept 14, 2017 14:22:21 GMT
It seems that two blocks of land have been sold. The option land available at £140k and 20 acres of the 26acres attached to the buildings. So £740 less £140 less say £120 now valued at average £525!!! Looks like a desktop valuation with some pie in the sky assumptions! These would be the bramley apple pies mind you.
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r00lish67
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Post by r00lish67 on Sept 14, 2017 14:24:59 GMT
1 hr & 10 mins to go. This loan will be funded in minutes so surprised there's no limit set by FS. I agree it will probably fund reasonably quickly, although I'll be surprised if it's minutes, especially without big hitter bonuses. Perhaps I'm feeling negative today, but what I see is: a) A Farmhouse, and a dilapidated one at that. I tend to inwardly recoil a little with the four letter F word - Lendy's back catalogue has a few defaulted and FS have a couple themselves. b) A quoted LTV of 65%, which is higher than I'd like for said asset type - this supported by effectively a 1-liner email, with (obviously) no caveats or detail. c) An exit plan of a renovation and subsequent sale - with no timelines, costs, or expected future value. Although to be fair, it is a slightly better than one of the other FS farm exit plans which was to sell some pigs and get a tax refund (Yes, really. Yes, it defaulted). Not sure I like the bit in the press that (to paraphrase) said the council elected to keep those it deemed as being strategically important or having future development potential, which kinda suggests to me that this one isn't/doesn't, but perhaps that doesn't matter. In short, the only reason I suspect most of us are seriously looking at this is because new loans are a little thin on the ground in FS-land at the moment. I wouldn't ordinarily give it a second glance if it was in the usual bunch of 3 or 4 other more interesting opportunities. This is how I ended up with my NI loans. Bah, humbug 
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adrian77
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Post by adrian77 on Sept 14, 2017 14:35:11 GMT
I share your concerns- I am in this business and I thought - how much!!!!!
FS seem to be doing exactly the same as FC did- think of a number, get the bids in and forget about it.....
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phil
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Post by phil on Sept 14, 2017 14:46:06 GMT
1 hr & 10 mins to go. This loan will be funded in minutes so surprised there's no limit set by FS. Although to be fair, it is a slightly better than one of the other FS farm exit plans which was to sell some pigs and get a tax refund (Yes, really. Yes, it defaulted). Hahaha which loan was that? I vaguely remember the pigs and tax refund but can't remember loan name?
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rs
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Post by rs on Sept 14, 2017 14:55:51 GMT
Land will be worth a lot after brexit if this is used for sheeps rearing & cow milking due to food shortage! So valuation seems undervalued! But 5 mins to go and I can see the big hitters fingers twitching already!
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r00lish67
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Post by r00lish67 on Sept 14, 2017 14:59:27 GMT
Although to be fair, it is a slightly better than one of the other FS farm exit plans which was to sell some pigs and get a tax refund (Yes, really. Yes, it defaulted). Hahaha which loan was that? I vaguely remember the pigs and tax refund but can't remember loan name? It was this one: 1143034835 (the renewal defaulted). It was livestock actually, but obviously not enough cash cows in the end.
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SteveT
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Post by SteveT on Sept 14, 2017 15:01:46 GMT
Filled within 1 minute
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rs
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Post by rs on Sept 14, 2017 15:02:18 GMT
Loan funded in 1 min! I'm sure there must be old roman coins on that land.
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IFISAcava
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Post by IFISAcava on Sept 14, 2017 15:03:09 GMT
1 hr & 10 mins to go. This loan will be funded in minutes so surprised there's no limit set by FS. because there are no bonuses. In fact, I can't remember a loan of this size without bonuses. If it does get swallowed up quickly, then we need more loans, otherwise FS might start reducing lender rates. you're right - went in less than 1
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Post by badboyyardy on Sept 14, 2017 15:05:03 GMT
And all gone in two minutes.....much too much ISA money sloshing around. Baldricks cunning plan didnt work  |
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SteveT
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Post by SteveT on Sept 14, 2017 15:05:04 GMT
Given the number of outbuildings and the modest acreage of land retained, my guess is the purchaser's plan may be a series of barn conversions with gardens (in addition to the existing farmhouse).
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c88dnf
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Post by c88dnf on Sept 14, 2017 15:05:48 GMT
Loan funded in 1 min! I'm sure there must be old roman coins on that land. The usual two big bidders had £25k each. Other bidders had £33k and £17k, so that was nearly a third of the loan gone in seconds. Remarkable.
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rs
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Post by rs on Sept 14, 2017 15:05:50 GMT
Lucky guess I suppose.
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Post by badboyyardy on Sept 14, 2017 15:10:46 GMT
Loan funded in 1 min! I'm sure there must be old roman coins on that land. The usual two big bidders had £25k each. Other bidders had £33k and £17k, so that was nearly a third of the loan gone in seconds. Remarkable. Same big hitters got their bids in first again - hmmmmm really FS j***y - £25,000.00 j****y - £25,000.00
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