jimbob
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Post by jimbob on Sept 27, 2017 16:25:11 GMT
Having said that, it will be very interesting over the next year to see how the current plethora of speculative land loans bear out  : Have you continued your FS investment? If so, have you updated the loan performance statistics you provided in this thread about a year ago? I expect people here would be interested in any more up-to-date analysis you've done, and knowing how another year's worth of data has affected your view of FS. Well the borrower has paid interest to date, is working on the site and £600k should be recoverable in a fire sale scenario based off the previous valuation... I'll put the £25 in that arrived too late for yesterday's jewellery
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adrian77
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Post by adrian77 on Sept 27, 2017 16:28:10 GMT
Exactly - seems almost too good to be true! I wonder if there is another loan floating around in the background.
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rogerthat
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Post by rogerthat on Sept 27, 2017 16:39:14 GMT
Tempted by this , but with an LTV of only 21% , I'd have to ask why the borrower is unable to get cheaper funding from elsewhere ?? Especially given that this loan is now being renewed for the second time. Just seems a bit strange that a mainstream lender wouldn't be prepared to take this on at a much more competitive rate ? With a 21%LTV..does it matter ? How real is the 21% LTV? The valuation has gone from £1.2M before to £2.8M now. I accept that the borrower was going to install a few more holiday homes, and I presume they did that, but a more than doubling of the value does seem a bit excessive. I ignored the latest valuation so even based on the original and overlooking all the new planning consents, work already done and long leasesholds etc it still comes in at 50% LTV..if only more loans were of that ilk I would be eternally grateful
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rogerthat
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Post by rogerthat on Sept 28, 2017 11:01:57 GMT
Well that didn't take long did it..I wonder why  |
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phil
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Post by phil on Oct 1, 2017 9:30:13 GMT
Having said that, it will be very interesting over the next year to see how the current plethora of speculative land loans bear out : Have you continued your FS investment? If so, have you updated the loan performance statistics you provided in this thread about a year ago? I expect people here would be interested in any more up-to-date analysis you've done, and knowing how another year's worth of data has affected your view of FS. Hi Mike, given that FS now deals mainly in property loans the perfect ongoing analysis would be the figures based solely on property loans had one invested an equal amount in every property loan since FS started, at the moment FS own analysis across range of loans shows just a 0.05% capital loss. Most, if not all of us, are probably of the opinion that the overall property loan capital loss will be somewhat more than that in coming months. It will be very interesting to see how it pans out with loans such as Wimbledon, Knaresborough, Whitehaven and Londonderry, to mention just a few. I continue to invest in FS but like most of us I'm becoming wary of 70% development loans with "worked out backwards" valuations based on projected GDV that become 74% LTV loans after six months. Because of that I have somewhat reduced my investments in FS and invest my funds on sites that offer completed residential properties and the LTV remains static because of interest paid monthly. The main risk with established residential properties is a collapse in property prices but with development loans you have the twin risk of developer incompetence and house price collapse. The majority of property loans seem to be made to competent borrowers who are determined to make a success of their projects. A good completed example is a series of loans on Herne Bay Development (1439446165) - Herne Bay Property Supplemental Loan (9956936120), a veritable textbook example of successful P2P lending. On this forum there is too much dwelling on the negatives whilst positive aspects of FS are rarely mentioned.
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rogerthat
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Post by rogerthat on Mar 20, 2018 22:29:30 GMT
2811652081 (renewal of 2928842595) up 21st 11am 21/03/18
£600K @13%..LTV 21%
To renew or not to renew..with the historical posts on this in mind I was a little tentative in throwing anything too large at this but its up for renewal again and by my reckoning only 173/174 days in
*Update 20/03/2018*
The client has agreed long term refinance with a new mainstream lender and has paid the interest to renew this loan while this is finalised.
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mullet
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Post by mullet on Mar 20, 2018 23:46:33 GMT
*Update 20/03/2018* The client has agreed long term refinance with a new mainstream lender and has paid the interest to renew this loan while this is finalised. FS using the term 'finalised' is enough to jinx any transaction!
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rogerthat
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Post by rogerthat on Mar 21, 2018 0:42:06 GMT
*Update 20/03/2018* The client has agreed long term refinance with a new mainstream lender and has paid the interest to renew this loan while this is finalised. FS using the term 'finalised' is enough to jinx any transaction! Is the intended inference being that this renewal is unlikely to run its term ?
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Liz
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Post by Liz on Mar 21, 2018 12:20:20 GMT
FS using the term 'finalised' is enough to jinx any transaction! Is the intended inference being that this renewal is unlikely to run its term ? Did they send an email about this one? I didn't know it was renewing otherwise I would have bought an £1k to get uptodate £10k an earn the extra bonus. Unless it wasn't offered for renewal.
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rogerthat
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Post by rogerthat on Mar 21, 2018 12:37:09 GMT
Is the intended inference being that this renewal is unlikely to run its term ? Did they send an email about this one? I didn't know it was renewing otherwise I would have bought an £1k to get uptodate £10k an earn the extra bonus. Unless it wasn't offered for renewal. Yes...I received an email issued at 18.45 Tues 20th..i renewed and wanted more..but missed out. If I recall two investors on the renewed loan had £190K between them so I suspect out of the £600K loan, the vast majority were renewals
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Liz
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Post by Liz on Mar 21, 2018 13:12:36 GMT
Did they send an email about this one? I didn't know it was renewing otherwise I would have bought an £1k to get uptodate £10k an earn the extra bonus. Unless it wasn't offered for renewal. Yes...I received an email issued at 18.45 Tues 20th..i renewed and wanted more..but missed out. If I recall two investors on the renewed loan had £190K between them so I suspect out of the £600K loan, the vast majority were renewals Found the email in my trash, must have deleted it in error somehow! Good job I always keep the renewal button ticked on loans I want to keep, in case they renew early. Probably would have missed out on buying a top up anyway, if it was fff. I had to buy all I have now on the SM, in the ISA at a discount.
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mullet
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Post by mullet on Mar 21, 2018 16:56:28 GMT
Does the full bonus still get paid if the loan is repaid early?
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SteveT
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Post by SteveT on Mar 21, 2018 17:08:27 GMT
Does the full bonus still get paid if the loan is repaid early? FS offer bonus interest RATES, which apply for as long as the loan runs. A 1%pa bonus for 6 months therefore amounts to 0.5% of the capital sum lent.
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Liz
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Post by Liz on Mar 21, 2018 17:31:32 GMT
Does the full bonus still get paid if the loan is repaid early? FS offer bonus interest RATES, which apply for as long as the loan runs. A 1%pa bonus for 6 months therefore amounts to 0.5% of the capital sum lent. Exactly. The bonus is an annualised figure, so you will receive a pro rata rate, the same as the main rate. ie you will earn 13.5%/365 per day for 5k.
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r00lish67
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Post by r00lish67 on Jul 17, 2018 16:38:41 GMT
Both loans on this one to be redeemed on 27th July. Apparently. FS have, unusually, suspended them on the SM.
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