poppyland
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Post by poppyland on Jan 11, 2018 17:09:12 GMT
The guaranteed 9% return for 3 years seems to have attracted lots of buyers and as far as I can tell it is sold out and is no longer being marketed, so it seems like a reasonable loan. Before we got into P2P I was tempted by one of those student flat offers, but then I realised that all they have to do is charge you an inflated price, pay you 9% or whatever per annum back out of your OWN money, while you fondly imagine your capital is nice and safe or even appreciating, and then, when it's time to sell the student flat on to someone else, there's a risk of finding out "Oh no, it won't sell for anything like we paid for it". In the end I felt it was too risky. I'm much happier with P2P loans, while someone else takes the risk of owning the actual flat.
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adrian77
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Post by adrian77 on Jan 11, 2018 17:33:08 GMT
This chap is borrowing a huge amount of money before ,I think, he has even started building. If such a cash cow he could borrow money at closer to 4% (as I can) and not 24% or whatever
Are these pre-sold properties simply a reserve on an option to buy or a watertight contract with them to be delivered and purchased at a pre-agreed price. If there are delays and cost increases this one could possibly go horribly wrong. Of course it may be OK but the first loan has already run its 6 months course and it worries me so much has already been spent and the only security FS have is a building plot with PP..
What do I know - not a lot What do I think - Smutty Stick!
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rogerthat
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Post by rogerthat on Jan 11, 2018 17:56:53 GMT
This chap is borrowing a huge amount of money before ,I think, he has even started building. If such a cash cow he could borrow money at closer to 4% (as I can) and not 24% or whatever Are these pre-sold properties simply a reserve on an option to buy or a watertight contract with them to be delivered and purchased at a pre-agreed price. If there are delays and cost increases this one could possibly go horribly wrong. Of course it may be OK but the first loan has already run its 6 months course and it worries me so much has already been spent and the only security FS have is a building plot with PP.. What do I know - not a lot What do I think - Smutty Stick! I have the 1st tranche at 195 days and as yet...no update but ive still had a dabble in this 5th tranche
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adrian77
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Post by adrian77 on Jan 11, 2018 18:15:57 GMT
well I guess explains where part of the latest tranche is going to go...good luck and I hope you prove me wrong!
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mikes1531
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Post by mikes1531 on Jan 12, 2018 21:16:33 GMT
well I guess explains where part of the latest tranche is going to go...good luck and I hope you prove me wrong! Yes, indeed -- but not just part! Today's update: "We have received part of the funds to renew - the balance expected next week".I'm really surprised that the £86k raised by T5 wasn't enough on its own to allow the renewal of the first loan. If none of the T5 money is available to be used towards the project, where are the funds to pay for the project going to come from? It's going to be interesting to see what happens when the £665k loan comes up for renewal. I don't expect it get a lot of support unless fundingsecure can show how the money from T1 to T5 has added value. Without that, I wouldn't invest, as it will look an awful lot like Whitehaven Mark II.
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rogerthat
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Post by rogerthat on Jan 12, 2018 21:54:37 GMT
well I guess explains where part of the latest tranche is going to go...good luck and I hope you prove me wrong! Yes, indeed -- but not just part! Today's update: "We have received part of the funds to renew - the balance expected next week".Tranche 2 is also on 150 days
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rogerthat
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Post by rogerthat on Feb 4, 2018 21:23:13 GMT
4 hours ago (04/02/18) Balance of funds to renew still outstanding - awaiting receipt
21/01/2018
Additional funds to renew the loan should now be with us in the coming week.
Loan 107***4732
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Post by mrclondon on Feb 25, 2018 20:41:50 GMT
A load of photos have been added to the developers corporate website page for this project, under the heading "Development Updates". The photos are actually part of a slide show (swipe left for the next pair, its not obvious thats what you are meant to do !) Here is one pair from the January 2018 slideshow:
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woodland
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Post by woodland on Mar 7, 2018 17:59:51 GMT
1st & 2nd tranches up for renewal tomorrow. Any thoughts on this one. Worth renewing?
BTW notice the deliberate mistake in the listing!
The fifth tranche was for £665,000.(loan ref 3991422470)
It was actually for £86000.
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rogerthat
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Post by rogerthat on Mar 7, 2018 18:40:29 GMT
1st & 2nd tranches up for renewal tomorrow. Any thoughts on this one. Worth renewing? BTW notice the deliberate mistake in the listing! The fifth tranche was for £665,000.(loan ref 3991422470)It was actually for £86000. I have a main course in both T1 (ISA) and T2 in Main..(and starters in T3 & T5) so more good news in that these two are renewing (not to mention some not too shabby interest) As all loans rank equally, the question "to renew or not to renew" must apply to all tranches in principle. The assumption that T1 & T2 will renew again after tomorrows renewal must be quite high but that has to be balanced against the size of the kitchen sinks I threw at them. What irks me more is trying to follow the loan numbers stated compared to what my understanding of them is. Its nothing short of a freakin nightmare p.s..It might have also been more informative if the borrower had put some date stamps on all the photos (borrowers website link in DD)..as someone who cant even erect a few Lego bricks, it would have enabled me to tell the difference between old mud and the same mud but just in a different position.
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adrian77
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Post by adrian77 on Mar 7, 2018 20:56:04 GMT
why renew when there are loans with a negative premium on the SM -am I missing something? This development has only just started and I really don't like to see so much money borrowed at this stage and especially when a residual valuation is used. I know a similar student housing development hits problems but came good in the end and I called that one wrong!
As mentioned elsewhere FS seem to have over £24m in overdue loans - not sure how long this can go on for...
I am passing on this one but another interesting one to follow - at least the SM holders should see their loans sold tomorrow!
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woodland
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Post by woodland on Mar 7, 2018 22:09:44 GMT
why renew when there are loans with a negative premium on the SM -am I missing something? Bonuses my son, bonuses.
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rogerthat
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Post by rogerthat on Mar 7, 2018 22:17:06 GMT
why renew when there are loans with a negative premium on the SM -am I missing something? This development has only just started and I really don't like to see so much money borrowed at this stage and especially when a residual valuation is used. I know a similar student housing development hits problems but came good in the end and I called that one wrong! As mentioned elsewhere FS seem to have over £24m in overdue loans - not sure how long this can go on for... I am passing on this one but another interesting one to follow - at least the SM holders should see their loans sold tomorrow! This still looks ok to me..according to the original blurb 31 of the 40 rooms are/were presold..however I would like to know if there is any update on that and what this means/meant "(NOTE: - this was the original aim of the development, but a new agent has been appointed) Ive rolled over T1 & T2 and will re-assess when T3 (106 days) & T5 come up for renewal..SM only has T3/4/5 and as I have already some in 2 of them, plus the fact that the discount and therefore margin is not enough to tempt me..furthermore my biggest wedge is already in my ISA so I'm quite happy with 13% tax free ...stick
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adrian77
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Post by adrian77 on Mar 7, 2018 22:48:42 GMT
fair point but I am not investing £5K+ in any FS loan!
To me this seems very high on a partially completed development - as I have said before if I had to borrow money at 30% the majority of my developments would have spectacularly failed...
Interesting one to follow.
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rogerthat
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Post by rogerthat on Apr 7, 2018 19:04:50 GMT
Strewth...a loan at 7pm on a Saturday ? 6th tranche £176K @ 13%..LTV 65%
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