michaelc
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Post by michaelc on Feb 16, 2018 17:56:13 GMT
Couldn't resist going in for my first second charge loan but _slightly_ nervous about it.
In the default scenario, how much I wonder can the 1st charge holder chew up in excessive interest, fees and other costs?
While I'm here, I've heard others say that BC has a great recovery reputation. Are there any loans I should take a look at ?
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Monetus
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Post by Monetus on Feb 16, 2018 18:01:38 GMT
Couldn't resist going in for my first second charge loan but _slightly_ nervous about it. In the default scenario, how much I wonder can the 1st charge holder chew up in excessive interest, fees and other costs? While I'm here, I've heard others say that BC has a great recovery reputation. Are there any loans I should take a look at ? Quite a few of BC's loans are 2nd charge and they still manage to recover them fine. No issues so far at least. The 1st charges are usually a major bank of some kind as all of their loans are residential property. Just be prepared for a fairly slow recovery process (out of their hands with courts and suchlike) but so far they're returned full capital and interest on every single loan. I also consider residential property to generally be a lot "safer' than some of the development and commercial loans we see on other platforms and the valuations so far have all added up.
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