Post by greatmarko on Mar 15, 2018 22:28:41 GMT
Looks like Unbolted are considering a move into property... from an email just received:
"Dear ****
if you are interested in the below loan, you can express your interest here.
Also, A professional survey and valuation will be carried out under our instruction once we have established sufficient lender interest for this loan.
_______________________________________________________________________
We are looking to complete a five year business purpose loan with a second charge on a prime residential property at 60% LTV. The borrower has an impaired credit file and therefore cannot access unsecured credit. As this is a new type of loan, we are seeking investor appetite for this loan before we commit to the borrower. Please indicate your interest in this loan here. Your funds will not be committed now but you will be given preference to invest when the loan goes live.
Property: A 4 bedroom, 2 bathroom detached house in F******, H*******, with an estimated value of £540,000 (Zoopla). In 2017, five houses sold on the same street with sale values ranging between of £475,000 and £682,000.
Loan: A first charge mortgage of £225,000 is outstanding to L***** B***. The second charge will be taken with consent of the first charge lender and an agreed deed of priority, so that we will have the right to repossess and sale the property, without requiring the first charge lenders permission.
Loan Terms: A five year term with equated monthly payment of interest and principal. We commit to operating an active secondary market on this loan from day 1, so lenders will be able to exit their positions if they want to (provided sufficient interest from new lenders).
Borrowers credit: The borrowers (husband and wife) are co-Directors of a watch dealership. The primary borrower defaulted on his credit card debt and agreed a partial settlement last year. Because of his impaired credit, he is not able to borrow on an unsecured basis anymore.
Purpose: The loan will repay an existing second charge bridging loan of £92,000, which was initially taken out in 2016 and renewed in 2017. The funds will be paid directly to the lender to release the charge.
Documentation: Legal documentation and registration of charges will be completed by T** S*********.
Other loans: From the beginning of this year, the borrower has started to use the Unbolted asset loan facility, allowing him to significantly increase his business stock. As a result of it, he has seen significant increase in business turnover. You can see all his outstanding asset loans with Unbolted here.
Due-diligence: We have looked through stock and turnover data, and have analysed the financial and bank accounts of the business and the borrower. We believe that at current levels of sales, the borrower will be able to comfortably meet all his commitments and meet the repayment requirements on the second charge loan.
Timing: The loan will be completed in the 1st week of May."
Also, A professional survey and valuation will be carried out under our instruction once we have established sufficient lender interest for this loan.
_______________________________________________________________________
We are looking to complete a five year business purpose loan with a second charge on a prime residential property at 60% LTV. The borrower has an impaired credit file and therefore cannot access unsecured credit. As this is a new type of loan, we are seeking investor appetite for this loan before we commit to the borrower. Please indicate your interest in this loan here. Your funds will not be committed now but you will be given preference to invest when the loan goes live.
Property: A 4 bedroom, 2 bathroom detached house in F******, H*******, with an estimated value of £540,000 (Zoopla). In 2017, five houses sold on the same street with sale values ranging between of £475,000 and £682,000.
Loan: A first charge mortgage of £225,000 is outstanding to L***** B***. The second charge will be taken with consent of the first charge lender and an agreed deed of priority, so that we will have the right to repossess and sale the property, without requiring the first charge lenders permission.
Loan Terms: A five year term with equated monthly payment of interest and principal. We commit to operating an active secondary market on this loan from day 1, so lenders will be able to exit their positions if they want to (provided sufficient interest from new lenders).
Borrowers credit: The borrowers (husband and wife) are co-Directors of a watch dealership. The primary borrower defaulted on his credit card debt and agreed a partial settlement last year. Because of his impaired credit, he is not able to borrow on an unsecured basis anymore.
Purpose: The loan will repay an existing second charge bridging loan of £92,000, which was initially taken out in 2016 and renewed in 2017. The funds will be paid directly to the lender to release the charge.
Documentation: Legal documentation and registration of charges will be completed by T** S*********.
Other loans: From the beginning of this year, the borrower has started to use the Unbolted asset loan facility, allowing him to significantly increase his business stock. As a result of it, he has seen significant increase in business turnover. You can see all his outstanding asset loans with Unbolted here.
Due-diligence: We have looked through stock and turnover data, and have analysed the financial and bank accounts of the business and the borrower. We believe that at current levels of sales, the borrower will be able to comfortably meet all his commitments and meet the repayment requirements on the second charge loan.
Timing: The loan will be completed in the 1st week of May."
I've made my feelings known to the Unbolted team via email:
"Hi Unbolted Team,
Please stick to the "bling" - don't do a Collateral and move into property!!
Also, you've not provided any info on the interest rate/return for investors in this property loan.
For a "second charge" I suspect it would have to be significantly high (i.e. >14%) to warrant sufficient appetite from your investors.
Please stick to what you're good at - the "bling". Investors don't need/want yet ANOTHER property platform!"
Please stick to the "bling" - don't do a Collateral and move into property!!
Also, you've not provided any info on the interest rate/return for investors in this property loan.
For a "second charge" I suspect it would have to be significantly high (i.e. >14%) to warrant sufficient appetite from your investors.
Please stick to what you're good at - the "bling". Investors don't need/want yet ANOTHER property platform!"