rogerthat
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Post by rogerthat on Dec 23, 2017 11:12:20 GMT
Thought no one would want to throw any serious sovs at this rag n bone offering but see a high roller is in town amongst others...and that's some serious intent..penny for your thoughts guv ?
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Post by routlep on Dec 23, 2017 11:15:26 GMT
Seems to have frightened off all other bidders...
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rogerthat
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Post by rogerthat on Dec 23, 2017 11:31:03 GMT
Seems to have frightened off all other bidders... Maybe..but the moniker is familiar..ive seen it against many a large deposit...rollover perhaps ?..institutional investor..maybe ?
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bfish
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Post by bfish on Dec 23, 2017 12:22:08 GMT
Thought no one would want to throw any serious sovs at this rag n bone offering but see a high roller is in town amongst others...and that's some serious intent..penny for your thoughts guv ? Delighted to see this loan up for renewal at last, AND a third of it covered already - especially with the help of Mr/Ms Tg (the HR) !! However I assume, contrary to the Assets listed, that all previously declared 'current debts' HAVE been paid off long ago? Otherwise the LTV is really up the shoot !!
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rogerthat
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Post by rogerthat on Dec 23, 2017 13:45:21 GMT
Thought no one would want to throw any serious sovs at this rag n bone offering but see a high roller is in town amongst others...and that's some serious intent..penny for your thoughts guv ? Delighted to see this loan up for renewal at last, AND a third of it covered already - especially with the help of Mr/Ms Tg (the HR) !! However I assume, contrary to the Assets listed, that all previously declared 'current debts' HAVE been paid off long ago? Otherwise the LTV is really up the shoot !! There are far more knowledgeable folk on here than myself and maybe I'm barking up the wrong tree but I see this (as presented) 'Value' of properties P1 - P7 = £1,099,500 (dose of salt to taste) Current outstanding debt = £ 348,500 Current net value = £ 751,000 If those values are to believed then how can anyone then borrow £725,000 with the above as security Then just to confuse me further this comment by FS appears "Update 22/12/17 All properties are secured by our first charge - with no other debts apart from this loan.
In essence I'm just repeating your point above but I need the typing experience...is something missing and in their haste to get down the pub, did FS not have time to check their posting ?
I also note the previous loan was over 3 months late in being repaid
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Post by fundingsecure on Dec 23, 2017 14:48:22 GMT
Just to clarify - the original loan was to replace the previous debt. We do not edit the asset description when renewing a loan - so that potential investors are able to see the history. We also provided a link to the original loan which explains the purpose of the loan was to refinance and remove the previous debt.
The asset description was updated on the new loan on 22/12 when the loan was posted - confirming that we have first charge on all properties and that this loan is the only debt secured against them.
Hopefully this is now clear.
FundingSecure
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rogerthat
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Post by rogerthat on Dec 23, 2017 17:20:32 GMT
Just to clarify - the original loan was to replace the previous debt. We do not edit the asset description when renewing a loan - so that potential investors are able to see the history. We also provided a link to the original loan which explains the purpose of the loan was to refinance and remove the previous debt. The asset description was updated on the new loan on 22/12 when the loan was posted - confirming that we have first charge on all properties and that this loan is the only debt secured against them. Hopefully this is now clear. FundingSecure Thankyou...this is now clear
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adrian77
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Post by adrian77 on Dec 23, 2017 17:52:50 GMT
my thoughts are that this Big Hitter
1) can afford to lose this money
2) probably has a very large and wide portfolio so any default would be minimised
3) knows what he is doing
4) is a high rate tax payer and can reduce his tax bill by any default
Sadly I am none of the above and if I think there is the slightest sign of any problem with repayment I avoid it as I am doing here.
Also I note FS are starting to wrack-up an ever increasing amount of refinanced loans- personally I like to cut my losses early on rather than keep digging. If (when!) the UK housing
market cools then I wonder how much stress this will put on such loans as sooner or later the refinancing music will stop playing...
In the meantime I invest in about 50% of property loans and initial tranche only with no rollover.
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rogerthat
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Post by rogerthat on Dec 23, 2017 20:24:28 GMT
my thoughts are that this Big Hitter 1) can afford to lose this money 2) probably has a very large and wide portfolio so any default would be minimised 3) knows what he is doing 4) is a high rate tax payer and can reduce his tax bill by any default Sadly I am none of the above and if I think there is the slightest sign of any problem with repayment I avoid it as I am doing here. Also I note FS are starting to wrack-up an ever increasing amount of refinanced loans- personally I like to cut my losses early on rather than keep digging. If (when!) the UK housing market cools then I wonder how much stress this will put on such loans as sooner or later the refinancing music will stop playing... In the meantime I invest in about 50% of property loans and initial tranche only with no rollover. Hope you don't think Ive put my hard earned into this  ..and ive only ever rolled over once..and that was done manually...squeaky orifice time for me in the next few weeks though..The Italian Job/s will hopefully mature without a fuss. I bale out, count to three and pull the ripcord 
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adrian77
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Post by adrian77 on Jan 10, 2018 12:19:45 GMT
well this one is certainly filling slowly - granted there has been the Saturnalia break but this has been over 2 weeks now which worries me and I guess the underwriters - wonder if it will hit the month?
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rogerthat
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Post by rogerthat on Jan 10, 2018 13:07:20 GMT
well this one is certainly filling slowly - granted there has been the Saturnalia break but this has been over 2 weeks now which worries me and I guess the underwriters - wonder if it will hit the month? Is it withdrawn after a month ? ..think I read something somewhere at some point
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mikes1531
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Post by mikes1531 on Jan 12, 2018 22:19:34 GMT
well this one is certainly filling slowly - granted there has been the Saturnalia break but this has been over 2 weeks now which worries me and I guess the underwriters - wonder if it will hit the month? Is it withdrawn after a month ? ..think I read something somewhere at some point : That might apply for a brand new loan, but it's hard to see how it could apply to a renewal like this one -- the borrower already has the money! In the case of the Rishton renewal, FS didn't call in underwriters. So when FS abandoned the renewal, the new investors were let off the hook and the old investors were stuck in the original loan -- which now is up to 686 days and still counting.
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rogerthat
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Post by rogerthat on Jan 13, 2018 10:33:28 GMT
Is it withdrawn after a month ? ..think I read something somewhere at some point : That might apply for a brand new loan, but it's hard to see how it could apply to a renewal like this one -- the borrower already has the money! In the case of the Rishton renewal, FS didn't call in underwriters. So when FS abandoned the renewal, the new investors were let off the hook and the old investors were stuck in the original loan -- which now is up to 686 days and still counting. Thanks...wasn't aware it was a renewal..I didn't look..but I'm in neither so by the sound of it, my naivety is a blessing..up to now 
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adrian77
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Post by adrian77 on Jan 13, 2018 12:48:21 GMT
I am not in this loan but for interest am I reading this correctly This renewal increase was for £725K against a £1.1m (1,099,500.00) valuation. BUT now the morgtage has apparently been repaid so now there is 725K debt against £1.1m. As FS have probably noticed if you need to shift a property you are very unlikely to get the estate agent's asking price. Question to me is, where have the funds to repay the mortgage come from - FS? If so then this is worrying to me i.e. borrowing money at a higher rate to repay lower rate loans! If this borrower has £348K cash then why not reduce the FS loan ! Also should the valuation be an overestimate of 10% then we have 725K against 900K = 81% LTV and that is before costs. And if the overvaluation is by 20% then really not good news... The NI property market seems to be slow in the short tem e.g. www.wilson-nesbitt.com/news-updates/Conveyancing/8346/31-per-cent-of-NI-property-buyers-deterred-by-BrexitShort of a short-tem NI property boom I can see this one being very problematic Wonder why it is slow to shift - think smutty think stick!
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mikes1531
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Post by mikes1531 on Jan 13, 2018 13:43:19 GMT
Question to me is, where have the funds to repay the mortgage come from - FS? If so then this is worrying to me i.e. borrowing money at a higher rate to repay lower rate loans! If this borrower has £348K cash then why not reduce the FS loan ! The funds to repay the mortgage did come from FS -- at the time this loan was first made, in Mar.'17. We don't know the terms of the mortgages that were repaid. They could have been at a low interest rate, or they could have been high-rate bridging loans. The mortgage lender might not have been willing to allow the borrower to take out a second charge loan. The lender might have been wanting to get out of the market entirely. The lender might have offered the borrower a discount to repay early. The mortgages might have been coming to their end, with a bullet payment due. Lots of possibilities. The end result is the borrower raised about £350k by replacing £350k of loans with a £700k FS loan. BUT now the morgtage has apparently been repaid so now there is 725K debt against £1.1m. As FS have probably noticed if you need too shift a property you are very unlikely to get the estate agent's asking price. Also should the valuation be an overestimate of 10% then we have 725K against 900K = 81% LTV and that is before costs. And if the overvaluation is by 20% then really not good news... : I accept the general point you are making, and it's an important one that all lenders/investors should bear in mind. But I think there's a problem with your numbers. If the £1.1M valuation is a 10% overestimate then don't we have £725K against £1.0M? (= 72.5% LTV)
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..and ive only ever rolled over once..and that was done manually...squeaky orifice time for me in the next few weeks though..The Italian Job/s will hopefully mature without a fuss. I bale out, count to three and pull the ripcord 
