adrian77
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Post by adrian77 on Jan 4, 2018 17:10:17 GMT
Missed the Austin H car - despite left hand drive it looked a reasonable bet to me.
Any thoughts on this one - my immediate concern is that the developer has run out of money (tell me about it). As I have said before there are a lot of problems when buying a partially completed project. As I see it there must be a very small market for such properties - I mean how many buyers want the hassle and considerable expense of fitting out such a house. Also I am very keen to know what is the state with the services because connecting them can be expensive at best and eye-watering mega-expensive at worst. If such a sound proposition then why hasn't the bank advanced funds at a vastly cheaper interest rate
Methinks Smutty Stick!
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copacetic
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Post by copacetic on Jan 4, 2018 22:21:54 GMT
Further information will be posted with the loan Another loan without time to study the valuation report before hand. Given the low (advertised) LTV this one probably won't last that long so investors are likely going to have to go into this one blind if they want a slice. Hopefully the size might mean it might be around longer the usual couple of femtoseconds I wonder if the FCA are going to get involved in this kind of thing as it's promoting reckless investment without proper scrutiny of the assets and could well lead to a lot of losses for retail investors.
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ozboy
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Post by ozboy on Jan 4, 2018 22:38:47 GMT
And, personally, I wouldn't touch anything (property wise) in Northern Ireland.  |
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Liz
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Post by Liz on Jan 4, 2018 23:14:04 GMT
Further information will be posted with the loan Another loan without time to study the valuation report before hand. Given the low (advertised) LTV this one probably won't last that long so investors are likely going to have to go into this one blind if they want a slice. Hopefully the size might mean it might be around longer the usual couple of femtoseconds I wonder if the FCA are going to get involved in this kind of thing as it's promoting reckless investment without proper scrutiny of the assets and could well lead to a lot of losses for retail investors. Why can't you study the valuation report?
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copacetic
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Post by copacetic on Jan 4, 2018 23:21:25 GMT
I live here in sunny NI and there are good and bad properties and areas like everywhere else in the UK. I do know from an estate agent friend that certain areas especially in south Armagh that it's near impossible to get a mortgage. Some of the enterprising chaps around that neck of the woods threaten potential purchasers of their repossessed houses in order to buy them back for a fraction of the market price. There's also been a string of loans for properties (and wind turbines) based in NI on FS which haven't gone so well. The town that the properties on which this loan is secured is very near the border between NI and ROI which means there might be some risk to the value if brexit negotiations fail. Edit: Why can't you study the valuation report? They haven't provided one and say they will release it with the loan. |
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Liz
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Post by Liz on Jan 4, 2018 23:34:26 GMT
Edit: Why can't you study the valuation report? They haven't provided one and say they will release it with the loan. There is a link under "assets" on the available loans page(under investments coming soon) At such a low LTV these seem like a good bet. They are impressive houses; I just can't find comparables. Edit: If the LTV was70%, then I would be put off.
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michaelc
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Post by michaelc on Jan 4, 2018 23:46:17 GMT
And, personally, I wouldn't touch anything (property wise) in Northern Ireland. Why not?
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copacetic
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Post by copacetic on Jan 5, 2018 0:15:46 GMT
There is a link under "assets" on the available loans page(under investments coming soon) Wow, I've been with FS over a year now and hadn't noticed the 'coming soon' part at the bottom of that page. I'd been relying on their emails and when they didn't send out a preview link in the email for this loan and others I had been thinking they hadn't provided the valuation until it went live. Apologies to FS for my earlier grumble are in order I think!
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Post by mrclondon on Jan 5, 2018 1:37:39 GMT
Links to the planning application history for both plots are now on DD Central. The most recent planning applicant (2015 and 2017) is apparently based south of the border in Kells, County Meath. (Of course he may no longer be involved with the site, or may have since moved to NI). fundingsecure it might be helpful given this if you could add an update to the loan to confirm the borrower will be a UK registered company. |
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ozboy
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Post by ozboy on Jan 5, 2018 9:59:34 GMT
And, personally, I wouldn't touch anything (property wise) in Northern Ireland. Why not? Intuition, gut feeling, nothing else, NI makes me jumpy, for no specific reason.  Upon further reflection I would put forward the VERY cavalier attitude of many NI Borrowers does not impress me. Frankly, it scares the bejaysus out of me. So I simply refuse to give 'em my money.
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micky
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Post by micky on Jan 5, 2018 10:31:26 GMT
Oh and don't forget a range of Londonderry properties 14 months overdue, with a completion date seemingly sometime in the future or maybe not, as the borrower has still not committed to the refinancing deal. It does not seem to matter that he has borrowed our cash, signed on the dotted line and agreed to repay/refinance after 6 months.
So I agree NI loans are out for me.
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adrian77
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Post by adrian77 on Jan 5, 2018 10:44:53 GMT
Charming I am sure. Looked at the DD - these houses do look nice but the possible owner of the company may be a teacher. Granted they aren't grossly underpaid as they keep moaning about but the salary is not enough to carry such a large loan, £260k at 20% = £52K p.a. =£500 per week on a 6 month loan (I think) - nasty! I have no idea how strong the local market is but this is rural NI and not Chelsea!
So what happens if neither sold is house within 6 months which to me looks a
distinct possibility? Another refinance with higher LTV?
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Post by angrykittens on Jan 5, 2018 10:56:02 GMT
So what happens if neither sold is house within 6 months which to me looks a distinct possibility? Another refinance with higher LTV? That's the worst case scenario IMO I think these are good for at least one 6 month loan and then I will choose not to renew assuming it is a roll up or there is no other change in circumstance on the loan. Obviously the worst case is they don't renew at all and it drags out but I don't think FS would allow that given how much room there is in the LTV ratio. Edit: All gone in less than 3 minutes, I took a very modest holding (3 figures) compared to some! £40k and £28k stick out
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r1200gs
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Post by r1200gs on Jan 5, 2018 11:04:05 GMT
Gone in a flash.....
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hector
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Post by hector on Jan 5, 2018 11:07:51 GMT
So what happens if neither sold is house within 6 months which to me looks a distinct possibility? Another refinance with higher LTV? That's the worst case scenario IMO I think these are good for at least one 6 month loan and then I will choose not to renew assuming it is a roll up or there is no other change in circumstance on the loan. Obviously the worst case is they don't renew at all and it drags out but I don't think FS would allow that given how much room there is in the LTV ratio. Reading through the 'Updates' novels of the 70 or so non redeemed FS investments I currently hold, some of which go back nearly 3 years, I was under the impression that FS would allow anything
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