stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 30, 2018 9:49:51 GMT
Van anyone tell me what a real time valuation is please? Loan is low ltv with just 9% intrtest rate.
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Post by carol167 on Jan 30, 2018 10:04:13 GMT
According to Zoopla : a 4 bed detactched sold for £450,000 in June 2017 and a 5 bed EOT sold in May 2017 for £495,000, both in the same road.
This loan is for a 5 bed in need of refurbishment by the sounds of it.
So the LTV doesn't sound too bad to me.
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aj
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Post by aj on Jan 30, 2018 10:06:47 GMT
A rough guess based on previous sale price of the house and subsequent change in the local property market. Probably just as accurate as some of the 'professional' valuations we've seen.  |
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 30, 2018 10:15:31 GMT
A rough guess based on previous sale price of the house and subsequent change in the local property market. Probably just as accurate as some of the 'professional' valuations we've seen. That was where I was coming from aj. I have gone onto fs and had a look and they have a land registry dataset that they have used. Strange that it gives Spark Hill as a higher socio economic area than Moseley. Some of the comparables in Billesley are also questionable as to whether they are a good guide for Moseley. Not one for me.
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rogerthat
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Post by rogerthat on Jan 30, 2018 12:11:12 GMT
A rough guess based on previous sale price of the house and subsequent change in the local property market. Probably just as accurate as some of the 'professional' valuations we've seen. That was where I was coming from aj. I have gone onto fs and had a look and they have a land registry dataset that they have used. Strange that it gives Spark Hill as a higher socio economic area than Moseley. Some of the comparables in Billesley are also questionable as to whether they are a good guide for Moseley. Not one for me. Cant really see a problem...if it was worth half the given value...and with no other indebtedness..in other words freehold..a 1st charge should be as safe as..oh..wait a minute 
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stub8535
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personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Jan 30, 2018 12:18:24 GMT
That was where I was coming from aj. I have gone onto fs and had a look and they have a land registry dataset that they have used. Strange that it gives Spark Hill as a higher socio economic area than Moseley. Some of the comparables in Billesley are also questionable as to whether they are a good guide for Moseley. Not one for me. Cant really see a problem...if it was worth half the given value...and with no other indebtedness..in other words freehold..a 1st charge should be as safe as..oh..wait a minute It's the spin name for desk top, we CBA to send a true valuer, valuation. I hope the indemnity insurance is good😊
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Post by mrclondon on Jan 30, 2018 12:23:58 GMT
Google street view is worth a look (direct link on DD Central, or search on full address on "VR"). There appears to be graffiti on a wall towering above and behind the security, and the outlook at front is of a huge 9 storey tower block.
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 30, 2018 12:33:37 GMT
Google street view is worth a look (direct link on DD Central, or search on full address on "VR"). There appears to be graffiti on a wall towering above and behind the security, and the outlook at front is of a huge 9 storey tower block. Mmm. Do you think the writing's on the wall for this one then? 
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 30, 2018 12:35:36 GMT
I hope there is plenty left for my investment👿
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mullet
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Post by mullet on Jan 30, 2018 13:55:07 GMT
Not sure if I agree with all the negative sentiment here. Nobody is asking you to live here! Properties next to tower locks covered in graffiti do still sell (at a price!) I find it had to believe this can go for less than £85k in a distressed sale. Anyway, I'm in. Let's see what happens |
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Post by sirkillalot on Jan 30, 2018 14:01:37 GMT
Agreed - sems fairly low risk to me (worse case your money may take a while to come back, but it should not be lost - even with FS !)
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r1200gs
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Post by r1200gs on Jan 30, 2018 14:22:51 GMT
Not sure if I agree with all the negative sentiment here. Nobody is asking you to live here! Properties next to tower locks covered in graffiti do still sell (at a price!) I find it had to believe this can go for less than £85k in a distressed sale. Anyway, I'm in. Let's see what happens I too was surprised at the negativity. It seems that it's not exactly the nicest part of town but it's hard to see how this could ever be sold for less than the loan. I snapped up £500/
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rogerthat
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Post by rogerthat on Jan 30, 2018 14:26:05 GMT
Not sure if I agree with all the negative sentiment here. Nobody is asking you to live here! Properties next to tower locks covered in graffiti do still sell (at a price!) I find it had to believe this can go for less than £85k in a distressed sale. Anyway, I'm in. Let's see what happens I too was surprised at the negativity. It seems that it's not exactly the nicest part of town but it's hard to see how this could ever be sold for less than the loan. I snapped up £500/ Good man..so did I...9% isn't exactly living on the edge but as its into my ISA better half a loaf then no bread 
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lucky
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Post by lucky on Jan 30, 2018 16:14:11 GMT
I too was surprised at the negativity. It seems that it's not exactly the nicest part of town but it's hard to see how this could ever be sold for less than the loan. I snapped up £500/ Good man..so did I...9% isn't exactly living on the edge but as its into my ISA better half a loaf then no bread I stuck in £500, any p2p loan carries some risk but what’s the alternative?....
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Post by df on Jan 30, 2018 16:35:48 GMT
Good man..so did I...9% isn't exactly living on the edge but as its into my ISA better half a loaf then no bread I stuck in £500, any p2p loan carries some risk but what’s the alternative?.... I didn't have a second thought. In case of default this should sell at the price to cover the capital, interest, FS fees etc. 9% is fine for me as I intend to hold this one to term. I usually sell FS property loans half way though term at discount, so 9% approx is what I normally get.
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