r00lish67
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Post by r00lish67 on Apr 11, 2018 9:55:16 GMT
Not gone yet! I think the 100 limit and 10am launch has really slowed take up down. I got lucky this time as was available at 10. I usually miss out as my finger isn't fast enough! I think the time has caught a lot out. I thought it was an 11am start before I read dan1 's deleted post. Just to cover the other possible reason off (spot the subtle emphasis): It's a * development loan* of *low recoverable value*, issued by * FundingSecure*  That said, still mighty tempted as at *34% LTV* <cough> it'll fly off the shelves on the SM as it is. Still, that's how I got so vastly overexposed to FS in the first place, so must resist even this wafer thin mint!
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rogerthat
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Post by rogerthat on Apr 11, 2018 9:56:45 GMT
I think the time has caught a lot out. I thought it was an 11am start before I read dan1 's deleted post. Just to cover the other possible reason off (spot the subtle emphasis): It's a * development loan* of *low recoverable value*, issued by * FundingSecure* That said, still mighty tempted as at *34% LTV* <cough> it'll fly off the shelves on the SM as it is. Still, that's how I got so vastly overexposed to FS in the first place, so must resist even this wafer thin mint! Snowflake generation 
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Liz
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Post by Liz on Apr 11, 2018 10:05:38 GMT
I think the time has caught a lot out. I thought it was an 11am start before I read dan1 's deleted post. Just to cover the other possible reason off (spot the subtle emphasis): It's a * development loan* of *low recoverable value*, issued by * FundingSecure* That said, still mighty tempted as at *34% LTV* <cough> it'll fly off the shelves on the SM as it is. Still, that's how I got so vastly overexposed to FS in the first place, so must resist even this wafer thin mint! Now 39%LTV. There is a spike in bids at 11am. Still surprised it didn't fill quicker. This is in my eyes a less risky development, as the structure is already in place, that combines with a low and hopefully falling LTV makes this a small buy for me. I will buy at a small premium on the SM, if you want a quick profit Edit: full 11.11am
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r00lish67
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Post by r00lish67 on Apr 11, 2018 10:20:34 GMT
Off topic I know, but this is an area we should be grilling fundingsecure on. New thread maybe. Do we know the agent for starts?Can you elaborate on that perhaps so that Neanderthals such as myself can understand your drift...have I missed owt ? Those glasses must be mighty dark and the smoke extra strong if you haven't noticed the 100+ page Collateral thread of late 
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r00lish67
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Post by r00lish67 on Apr 11, 2018 10:32:59 GMT
Just to cover the other possible reason off (spot the subtle emphasis): It's a * development loan* of *low recoverable value*, issued by * FundingSecure* That said, still mighty tempted as at *34% LTV* <cough> it'll fly off the shelves on the SM as it is. Still, that's how I got so vastly overexposed to FS in the first place, so must resist even this wafer thin mint! Now 39%LTV. There is a spike in bids at 11am. Still surprised it didn't fill quicker. This is in my eyes a less risky development, as the structure is already in place, that combines with a low and hopefully falling LTV makes this a small buy for me. I will buy at a small premium on the SM, if you want a quick profit Edit: full 11.11am I missed this, but hey - a futures market for Funding Secure loans - I like this idea!
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rogerthat
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Post by rogerthat on Apr 11, 2018 10:44:43 GMT
Can you elaborate on that perhaps so that Neanderthals such as myself can understand your drift...have I missed owt ? Those glasses must be mighty dark and the smoke extra strong if you haven't noticed the 100+ page Collateral thread of late Seeings you ask the glasses are Poundland's finest +3.00 and in a rather fetching tortoiseshell colour..and the smoke is always Grade A  ..but I digress a tad. Yes, I have been reading the sorry state of affairs on Collaterals thread and feel an enormous amount of sympathy for the position the lenders find themselves in. I hope it all resolves itself in time. Surely a reminder to us all, if one was needed, that we're all playing with matches which can ignite at any time without warning. Whether they get to the root causes of what has transpired remains to be seen but it may well set precendents for all P2P's in the future.
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Post by mrclondon on Sept 11, 2018 14:24:42 GMT
Photos taken 3pm Wed 5th Sept. The very steep slope is the bottom end of C***** St at its junction with V****** St. Whilst V****** St is industrial units, C***** St heading back up the hill is smart terraced housing.
Sounds of workmen busy inside. View from C****** St:
looking across Carter St down to far side to V****** St (light industrial units) End elevation at top of slope, and view through the door:
Views from V****** St
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rogerthat
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Post by rogerthat on Nov 22, 2018 22:28:56 GMT
12 hours ago (22/11/18) "We have been in contact with the borrower's broker who is looking to refinance the outstanding loans against C**** Street. We await an update to see how this is progressing" May I suggest fundingsecure that you don't wait too long...two of the three loans to date are already well overdue. I looked in a few shop windows today as well but bought nothing..if a refinance doesn't materialise and you end up issuing a supplemental (which you first mentioned 2 months ago) wont that just be kicking that ole can down the road again? quite an easy task looking at the streets in Accrington |
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adrian77
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Post by adrian77 on Nov 23, 2018 9:29:39 GMT
Thanks for the photos - would make a fantastic setting for a gritty violent drama set in the frozen North called Get C**** Street ! OK already done but I really would not want to live in any of these flats.
Tell you what I would do if it were one of my developments (no chance whatsoever of that!) I would contact the Council and try and get it rented out to the homeless. I have done this in the past but not sure what the current situation is now.
I said from the off that the costing for this one were way out...
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arby
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Post by arby on Apr 3, 2019 15:43:40 GMT
"Until now, the borrower has been disputing the terms of the legal contract for their loan. This now appears to be resolved and we hope that redemption will be following shortly." That's a potentially very concerning statement hidden in a positive message.... |
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adrian77
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Post by adrian77 on Apr 4, 2019 7:46:13 GMT
It sure is - totally baffled as to how they can dispute their FS contract!
I have looked at the photos and the work is not the highest quality I have seen - in fact if it were one of my developments I would immediately sack the people that did it but I am a fussy sod! Never seen filling foam to fit plasterboard before and there should be a gap at the base of the plasterboard in order to ensure ventilation.
Luckily the borrowed capital is not too great so hopefully this borrower can re-finance otherwise I don't see how he is going to repay his loans which are already late. I really can't see these flats going for much once finished - I think this one is going to be close...
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adrian77
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Post by adrian77 on Aug 27, 2019 16:02:57 GMT
I have looked at the latest photos - being in this business all I can say is interesting !
If nothing else the expanded foam is a pretty colour!
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Post by ron on Aug 27, 2019 17:20:06 GMT
Previous updates stated that a refinancing was in progress. Now it seems that the borrower is "in the process of applying for refinance"... What's going on?
Also, it would be useful if Funding Secure could write specifically where the progress with this development stands, flat by flat. The pictures that they posted might refer to a single flat being completed, and be not necessarily meaningful of the overall progress.
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thedog
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Post by thedog on Aug 27, 2019 17:54:12 GMT
I have looked at the latest photos - being in this business all I can say is interesting ! If nothing else the expanded foam is a pretty colour! Think you're looking at the photos from a year ago?
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adrian77
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Post by adrian77 on Aug 28, 2019 6:53:38 GMT
no - both sets and both interesting - also as mentioned we have no idea from the photos how many flats are nearing completion. The first loan is over 10 months late. I think the surveyors report is good especially referring to the "light" costings. I can see this one going to a housing association or whatever - luckily the loan is only £61K...
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..but I digress a tad. Yes, I have been reading the sorry state of affairs on Collaterals thread and feel an enormous amount of sympathy for the position the lenders find themselves in. I hope it all resolves itself in time. Surely a reminder to us all, if one was needed, that we're all playing with matches which can ignite at any time without warning. Whether they get to the root causes of what has transpired remains to be seen but it may well set precendents for all P2P's in the future.
