jcb208
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Post by jcb208 on Jul 6, 2018 11:22:27 GMT
One reason I'm withdrawing my ISA from FS, along with all the bad quality loans with renewal after renewal with addition borrowing.Theres not much chance of getting decent low LTV loans with them.OK if you want to invest in high risk junk  |
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james21
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Post by james21 on Jul 6, 2018 11:26:55 GMT
Missed out; half went to 2 investors attracted by the low LTV, I would not expect FS to put a limit on they dont have the brain power to be able to know a small loan with low LTV will go to the few; frustrating
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rogerthat
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Post by rogerthat on Jul 6, 2018 11:34:33 GMT
Nowt !  Me too; and FS stupidity allowed greedy bast*rd g.....A to take £20,000. Indeed though another bid of £25K went down too...so 62.5% disappeared in 2 bids...ive given up trying to understand the 'logic' of FS who have 12 loans on the platform in various stages of funding some of which are clearly struggling to fill. But as Josey Whales once said.."to hell with them fellas..buzzards gotta eat, same as worms"
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james21
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Post by james21 on Jul 6, 2018 12:03:47 GMT
Me too; and FS stupidity allowed greedy bast*rd g.....A to take £20,000. Indeed though another bid of £25K went down too...so 62.5% disappeared in 2 bids...ive given up trying to understand the 'logic' of FS who have 12 loans on the platform in various stages of funding some of which are clearly struggling to fill. But as Josey Whales once said.."to hell with them fellas..buzzards gotta eat, same as worms" That quote; quality. FS should show it on all emails advising a new investment coming where low LTV and small amount where no limit is put on
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syalith
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Post by syalith on Jul 6, 2018 16:59:22 GMT
Me too; and FS stupidity allowed greedy bast*rd g.....A to take £20,000. Greedy bast*rd here! You don't have anything to moan about. If there was a restriction in place you would only have gotten to invest a small amount. You can now take that small amount to the secondary market and buy into a similar low LTV loan such as italian library at a small premium and earn the same 10% that you would have earned in this loan. I planned ahead to get this investment, worked out beforehand the quickest way to get the investment submitted with the minimum amount of keystrokes and mouse clicks but even then I was far from being the first to invest. That means there are people that have worked out a faster method than I have, perhaps using bots or some other clever method. If I had not succeeded in getting my slice of this loan, would I have b*tched and moaned about it? No! I would figure out a way to be faster than the others or have to take my money somewhere else. It's competition, capitalism, and it is a GOOD THING. If every decent loan was shared out equally then we would all get a couple quid invested and earn our 25p interest but then what's the point. The mistake fundingsecure made was not in failing to put a restriction on the loan, but in setting the rate of interest far too high at 10%. They should reduce the rate on good loans which would reduce demand for them and allow more investors such as yourself to invest.
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adrian77
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Post by adrian77 on Jul 6, 2018 17:34:31 GMT
wonder how much DD FD did to validate this claim - I have 2 properties for sale and I sure don't need to borrow money at 20% or whatever. Wonder if pre-sold means "exchanged" or deposit taken. How many times have we been told "sold" "exchanged" "all systems go" "sale imminent" "money has been released from Dubai but stolen by Camel rustlers" blah blah...
If a thing appears too good to be true ... I would not be bothered if I only got a small slice not that I thought this one worth bidding on...
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 7, 2018 11:37:09 GMT
Me too; and FS stupidity allowed greedy bast*rd g.....A to take £20,000. Greedy bast*rd here! You don't have anything to moan about. If there was a restriction in place you would only have gotten to invest a small amount. You can now take that small amount to the secondary market and buy into a similar low LTV loan such as italian library at a small premium and earn the same 10% that you would have earned in this loan. I planned ahead to get this investment, worked out beforehand the quickest way to get the investment submitted with the minimum amount of keystrokes and mouse clicks but even then I was far from being the first to invest. That means there are people that have worked out a faster method than I have, perhaps using bots or some other clever method. If I had not succeeded in getting my slice of this loan, would I have b*tched and moaned about it? No! I would figure out a way to be faster than the others or have to take my money somewhere else. It's competition, capitalism, and it is a GOOD THING. If every decent loan was shared out equally then we would all get a couple quid invested and earn our 25p interest but then what's the point. The mistake fundingsecure made was not in failing to put a restriction on the loan, but in setting the rate of interest far too high at 10%. They should reduce the rate on good loans which would reduce demand for them and allow more investors such as yourself to invest. Wow!! what a pro. So sound financial investment strategy is down to minimising keystrokes and mouseclicks. Tell you what mate, Gordon Gekko you ARE NOT. Jeez, I really do despair.
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syalith
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Post by syalith on Jul 7, 2018 12:58:51 GMT
Wow!! what a pro. So sound financial investment strategy is down to minimising keystrokes and mouseclicks. Tell you what mate, Gordon Gekko you ARE NOT. Jeez, I really do despair.
On the stock market, investments are made within fractions of a second after news is announced. This is no different, the investment has been mispriced and people have competed for it. The interest rate should have been lower to reflect the lower risk on the loan, but then you don't want that do you? You want 10% interest or more, with no risk and no effort, handed to you on a silver platter. You would rather throw insults around and blame "evil greedy assholes" than put any effort in and get rewarded for it.
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adrian77
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Post by adrian77 on Jul 7, 2018 13:04:50 GMT
Not so sure this one is so under-priced - no need to throw insults and bad language around all over the place - due to the huge number of uber FS c*ck ups I just don't trust anything FS tells us. Maybe this one will come good and I am wrong - time will tell.
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syalith
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Post by syalith on Jul 7, 2018 15:38:35 GMT
Not so sure this one is so under-priced - no need to throw insults and bad language around all over the place - due to the huge number of uber FS c*ck ups I just don't trust anything FS tells us. Maybe this one will come good and I am wrong - time will tell. The borrower had a loan for the £140k against this property and paid it back with interest, they are now borrowing half that amount. If they weren't going to pay back why would they repay the interest and half the loan amount back? The cheapest property within 1 mile is a 2 bed terrace for £150k. This is a 4 bed detached farmhouse so the security looks to be good enough. What negatives are there that I'm not seeing?
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adrian77
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Post by adrian77 on Jul 7, 2018 18:14:56 GMT
I had an early nibble in this one myself but didn't want to push my luck.
Prior repayment is no garantee of later repayment.
However (unless I have missed it) we have no idea of the borrower's finances and what is the state of play with the these "pre-sold" properties. True they may realise a large profit or they may have hit a snag and cost more to build then the selling price as per Wimbledon etc.
If these borrowers have had £140K for a year at 20% then that is £28K which is a fair few quid. And if these borrows have other charges against the building developments and they don't sell within the expected timeframe then things could get interesting.
As I have said before (I am in this business) it is hard to turn a profit on borrowing money at 20% as this is a very tough business.
I raised concerns about the Litchfield cinema and was criticised for that despite the fact it now looks like it is going to be a belter of a disaster...
I regard most FS statements as flimsy and unreliable - just look how many loan problems they now have.. I hope for the lenders my concerned are misplaced but an interesting one to watch - from the sidelines!
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syalith
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Post by syalith on Jul 7, 2018 19:03:58 GMT
Prior repayment is no garantee of later repayment. Thanks for your comments, very helpful to hear other points of view. I tend to ignore any comments by Fundingsecure and the surveyors valuations, and just look at the security. I ask myself if I would pay the loan amount plus say 25% to buy that security and if I would, then I invest. I've had no defaults following that method, some have been delayed a couple of months, but all repaid or renewed in the end. I don't see how I can lose on this one unless there is a huge economic crash, or fraud of some kind. If the borrower runs into difficulty financially then the property will be sold (admittedly it might take a while) and I will get my money back with the accrued interest.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 7, 2018 19:24:56 GMT
I met with a Director of one of the Top Twenty AB (Asset Backed) P2Ps several weeks ago and what struck me is that they said "The biggest single risk in P2P by far is fraud, and most lenders are quite unaware of this."
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Post by brightspark on Jul 7, 2018 19:39:34 GMT
New lenders may be unaware of the fraud risk when they start but bitter experience soon teaches hard lessons. Hopefully most of them have followed the diversity mantra so are only singed rather than done to a crisp.
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agent69
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Post by agent69 on Jul 8, 2018 8:52:34 GMT
I met with a Director of one of the Top Twenty AB (Asset Backed) P2Ps several weeks ago and what struck me is that they said "The biggest single risk in P2P by far is fraud, and most lenders are quite unaware of this."Did you ask if this applied to his own platform?
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