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Post by notascooby on Mar 2, 2018 22:27:58 GMT
I used to work in this area and know it quite well.
A couple of comments on the valuation - the local authority is given wrongly by the surveyors. It is not Barnet but next borough in, Br**t. Not so posh.
The area is a bit run-down, high crime and this property stands almost on top of the dual carriageway slip road. Lots of fast food shops and minimarts. Nothing good. There used to be an Iceland but I think it closed. Some of the nearby areas are nice enough. If you watched Lead Balloon with Jack Dee, that was about half a mile away. Hence I think the valuation is optimistic looking at the state of the house and location.
The surveyor says the borrowers state it will be a private house, but go on to make the comments that planning permission for HOMO is not certain nor the local auth license for such use. Lots of HOMO in the area.
Parking even with permits is really difficult.
The crime stats are as I recall. Disorder and fights, followed by burglaries.
The only point of interest was that the Kray Twins tailor had a shop in the high street.
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Post by df on Mar 7, 2018 17:35:43 GMT
LOAN TERM 180 days
LOAN AMOUNT £525,000
LOAN TO VALUE 62%
SECURITY VALUE £850,000
PRIMARY SECURITY First Legal charge
Market Value in its current condition subject to the special assumption that a 90 day marketing period is available in which to achieve a sale: £650,000 [LTV 80%]
Not filled by pre-funds, £172,808 is still available.
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jcb208
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Post by jcb208 on Mar 9, 2018 16:51:14 GMT
Now £244k available looks like all the non payment has been put back on the SM,can not see this getting fully funded before drawdown
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blata
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Post by blata on Mar 9, 2018 17:13:19 GMT
Like to invest but waiting for other loans to repay
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KoR_Wraith
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Post by KoR_Wraith on Mar 10, 2018 9:09:25 GMT
I like this one. Seems more akin to the PBLs of yesteryear than the goliath DFLs that now dominate.
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Post by mrclondon on Mar 19, 2018 13:04:39 GMT
1% cash back just been added to this one. £175k still available (896 lenders have funded £350k thus far)
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michaelc
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Say No To T.D.S.
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Post by michaelc on Mar 19, 2018 13:41:09 GMT
Lendy said, "Lendy are offering a generous 1% cash back on this loan, in addition to 1% interest per month.".
To a novice investor that _might_ sound a little too much like 2% per month.
I thought this loan was ok. If it was available on another platform it probably would have gone very quickly.
I like to see pressure being exerted by the lender community and hopefully it is starting to have some positive effects within Lendy. I just hope they don't get pushed too much as it would be good for nobody.
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spareapennyor2
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Post by spareapennyor2 on Mar 19, 2018 16:00:35 GMT
think we should have a poll which will repay first
pbl120
dfl005 part refund
that`s the only way i will have any fresh cash / until month`s end
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Post by shyinvestor on Mar 19, 2018 16:41:28 GMT
Not clear to me whether the owner intends to change the property to an HMO or not. Six bedrooms? Has not got planning consent for HMO, but he "successfully converted a similar property into a House in Multiple Occupation (HMO)", which seems to imply that he wants to do the same here. All a bit vague.
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Post by notascooby on Mar 20, 2018 17:02:01 GMT
Just come back to me - the Kray Twins tailor was a Jewish chap called Barry the Stitch (this is genuine I met him once)
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sl75
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Post by sl75 on Oct 23, 2018 15:54:32 GMT
Full capital repayment just received. I assume that interest will follow shortly, given that I just had an email saying I should have received it.
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invester
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Post by invester on Oct 23, 2018 22:29:21 GMT
This is more like what people want to see. Even in a declining market with an iffy valuation, had it gone pear-shaped it would still have returned most if not all money for investors because it had a liquid market with many potential buyers. The opposite seems to apply for many of the other ones that have gone wrong (ie castles, funky designed houses on the river, huge blocks of flats).
Just can't see why Lendy have not gone out and got more loans like this. The risk on this project is much smaller than a monster £30m loan on a leisure park that might needs 50 tranches, yet they both pay 12% to investors.
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sl75
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Post by sl75 on Oct 24, 2018 6:43:51 GMT
Just can't see why Lendy have not gone out and got more loans like this... I suspect mainly because they're undercut by other platforms who only pay investors about half that interest rate, never mind traditional lenders who have even lower cost of funds.
Edit: and a comment to add that as predicted in my previous post, the interest was indeed received too.
Another one nicely wrapped up, but that of course means that the remaining loan book is "worse" by the measure used over on the other thread... the more that repay in full, the "worse" that the loan book gets!
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