michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Oct 25, 2017 13:52:43 GMT
This is the first unsecured loan I've seen so far.
The borrower is a "high net worth individual" (that needs to borrow around 90k at maybe 20% and has had several rollover loans and is no doubt caught in an interest trap)
Oh well, we all know FS is famed for its ultra cautious approach to assessing risk so this sounds like a really "great" and "sustainable" investment opportunity. Hmmm....
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Post by martin44 on Oct 25, 2017 14:08:48 GMT
Been at least one in the past iirc UNSECURED LOAN (1089233557) £125k To a HNW... completed ok.
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r00lish67
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Post by r00lish67 on Oct 25, 2017 14:22:39 GMT
Been at least one in the past iirc UNSECURED LOAN (1089233557) £125k To a HNW... completed ok. That was just the original of the one going live now. In fact, the one about to go live is a renewal of 2367955045 which itself is a renewal of 2962493698 which was then a renewal of 1089233557. The only (and I mean only) merit I can see to this loan is that the borrower has actually paid interest and repaid some of the capital, which shows some sort of intent at least. Otherwise, even the figleaf of their new contract has fallen through, leaving us with 'other income' and of course, zero collateral. Yeurgh!
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DiQ
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Post by DiQ on Oct 25, 2017 14:32:25 GMT
Is this loan a wind up?
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ding
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Post by ding on Oct 25, 2017 14:54:28 GMT
The 'Park Home' 100% LTV loan now looking much more attractive.
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DiQ
Member of DD Central
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Post by DiQ on Oct 25, 2017 15:53:33 GMT
The 'Park Home' 100% LTV loan now looking much more attractive. Have I missed something or is that loan the equivalent of buying a park home for full price? What's going on at Funding Secure ?
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maxmarengo
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Post by maxmarengo on Oct 25, 2017 16:11:37 GMT
I know its bad but this loan is so cheeky I will have to take a small amount (am in the current version). At least we know this one has an accurate security valuation.
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rambler
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Post by rambler on Oct 25, 2017 17:21:42 GMT
The email states 'high profile individual' and not 'high net worth individual'
Surely someone with high net worth would be able to borrow at a cheaper rate than here? High profile could mean a well publicised bankrupcy couldn't it?
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adrian77
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Post by adrian77 on Oct 25, 2017 18:04:03 GMT
if this is yet another renewal of loan 1089233557 then I am confused
FS tells us this is an unsecured loan and then
I guess this one is not secured? Looks to me as if this chap or chappess is hoping for an advertising contract but has been waiting for over 18 months...wonder who it is - on second thoughts I doubt if I have heard of him or her!
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mikes1531
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Post by mikes1531 on Oct 25, 2017 18:38:35 GMT
if this is yet another renewal of loan 1089233557 then I am confused FS tells us this is an unsecured loan and then I guess this one is not secured? What FS meant by "underwritten" at the time the loan first appeared was that they had arranged for an underwriter to provide the necessary funds before FS made the loan available to their investors. That way they could make to loan to the borrower immediately. The underwriter's funds were replaced by FS investors' funds as those came in over the following days. It's a different use of the term from when FS use it to mean they have already arranged for a buyer to take on the security in the event that the borrower doesn't repay the loan at maturity. I've seen FS do that occasionally on automobile loans. In that circumstance it should mean investors have a minimal risk of having the loan become overdue and unredeemed/defaulted. There is no security for this loan except the borrower's promise to repay.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 25, 2017 18:38:38 GMT
This is the first unsecured loan I've seen so far. The borrower is a "high net worth individual" (that needs to borrow around 90k at maybe 20% and has had several rollover loans and is no doubt caught in an interest trap) Oh well, we all know FS is famed for its ultra cautious approach to assessing risk so this sounds like a really "great" and "sustainable" investment opportunity. Hmmm.... It is probably not much more risky than the original loan that was against 'an expected contract". At least the borrower has reduced the loan amount, unusual on FS where the normal is to add the 6 months interest to the borrowings. At 15% interest it will be easy to offload to those that do not read the proposal. Thank goodness I am out of FS apart from the defaults. It was my largest pot at one time.
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Post by eascogo on Oct 25, 2017 18:40:42 GMT
if this is yet another renewal of loan 1089233557 then I am confused FS tells us this is an unsecured loan and then I guess this one is not secured? Looks to me as if this chap or chappess is hoping for an advertising contract but has been waiting for over 18 months...wonder who it is - on second thoughts I doubt if I have heard of him or her! I was invested in that loan (1962493698 -- a renewal of 1089233557) and it repaid in full on time (06/03/17). I thought it was worth a punt at 15%. I didn't renew thereafter. FS assertion was of a "prominent high net worth individual who has signed heads of terms with a major brand to represent the brand as an ambassador".
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adrian77
Member of DD Central
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Post by adrian77 on Oct 25, 2017 19:03:15 GMT
thanks for the reply above - now I read
So we have Mr or Ms X who got a loan based on a forthcoming contract that wasn't forthcoming
but he/she still has substantial income but can't get cheaper finance than this - yeah right!
So what security have we on offer should this person go bust - as I see it , exactly zero.
Surely FS are having a giraffe!
MC Hammer was also very wealthy before he went bust (I was gutted!)
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Post by dan1 on Oct 25, 2017 19:27:00 GMT
if this is yet another renewal of loan 1089233557 then I am confused FS tells us this is an unsecured loan and then I guess this one is not secured? What FS meant by "underwritten" at the time the loan first appeared was that they had arranged for an underwriter to provide the necessary funds before FS made the loan available to their investors. That way they could make to loan to the borrower immediately. The underwriter's funds were replaced by FS investors' funds as those came in over the following days. It's a different use of the term from when FS use it to mean they have already arranged for a buyer to take on the security in the event that the borrower doesn't repay the loan at maturity. I've seen FS do that occasionally on automobile loans. In that circumstance it should mean investors have a minimal risk of having the loan become overdue and unredeemed/defaulted. There is no security for this loan except the borrower's promise to repay. I've raised this a couple of times previously (I think you commented on one mikes1531), see p2pindependentforum.com/post/200342/threadp2pindependentforum.com/post/183030/threadbut to little avail... I don't understand why these loans are not the most desirable loans on the platform ahead of the bling that isn't underwritten. Perhaps it's because of the lower rates or higher LTVs? From memory the Landrover is underwritten, as is the Philippe Patek and camera - I'd really like a list rather than having to trawl through the listings.
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Post by beepbeepimajeep on Jul 19, 2018 20:47:54 GMT
Only the small amount of (nearly) 3 months overdue now but....
23/05/2018
We continue to chase the borrower for interest
03/05/2018
We are chasing the borrower's accountant for payment of interest.
Then silence. The borrowers accountant no doubt laughing all the way to the bank as he crosses it off his clients books. Just gonna write off the tiny amount I have in this now.
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