rogerthat
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Post by rogerthat on Mar 16, 2018 17:02:55 GMT
16th March 5pm £52K @ 12% LTV 67% Same property as recent B & C Flats 1055836976 which went live 15th March
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rs
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Post by rs on Mar 16, 2018 19:28:04 GMT
16th March 5pm £52K @ 12% LTV 67% Same property as recent B & C Flats 10558**976 which went live 15th March Strange that this new loan is 12% compared to the other loan (10558*976) which is at 13%. Maybe the risks are different since LTV is 67% for new loan compared to 70% for other loan. Or maybe borrowers are different.
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adrian77
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Post by adrian77 on Mar 16, 2018 19:49:28 GMT
unless I missed it there is no reference to the length of the lease or whether the conversion was passed by the council etc etc. Smutty Stick!
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rogerthat
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Post by rogerthat on Mar 16, 2018 20:41:00 GMT
unless I missed it there is no reference to the length of the lease or whether the conversion was passed by the council etc etc. Smutty Stick! No..it seems you didn't miss it...note to self to ask a question on Monday
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rogerthat
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Post by rogerthat on Mar 17, 2018 10:50:32 GMT
16th March 5pm £52K @ 12% LTV 67% Same property as recent B & C Flats 10558**976 which went live 15th March Strange that this new loan is 12% compared to the other loan (10558*976) which is at 13%. Maybe the risks are different since LTV is 67% for new loan compared to 70% for other loan. Or maybe borrowers are different. Probably no logic in my comment but I see that in mrclondon's DD this flat has a different council tax rate (A) as opposed to the previous two being B rated..just a thought
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rogerthat
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Post by rogerthat on Mar 19, 2018 16:49:33 GMT
Question asked regarding whether the 3flats (2 loans) were for the same borrower rejected. Further question regarding the length of lease/s remaining also rejected but assurance given that due diligence has been done
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adrian77
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Post by adrian77 on Mar 19, 2018 18:24:57 GMT
as always no doubt!
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mikes1531
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Post by mikes1531 on Mar 19, 2018 22:06:35 GMT
Question asked regarding whether the 3flats (2 loans) were for the same borrower rejected. Further question regarding the length of lease/s remaining also rejected but assurance given that due diligence has been done fundingsecure are now refusing to answer questions relevant to the decision whether or not to invest? Even those that don't mean identifying the borrower? How is that going to give investors the confidence to commit money towards an FS loan? No wonder there are ten FS loans still looking for funding at the moment!
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rogerthat
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Post by rogerthat on Mar 19, 2018 22:19:38 GMT
Question asked regarding whether the 3flats (2 loans) were for the same borrower rejected. Further question regarding the length of lease/s remaining also rejected but assurance given that due diligence has been done fundingsecure are now refusing to answer questions relevant to the decision whether or not to invest? Even those that don't mean identifying the borrower? How is that going to give investors the confidence to commit money towards an FS loan? No wonder there are ten FS loans still looking for funding at the moment! Couldn't agree more...having established that they weren't freehold I assumed that it only logical to ask what was remaining on the lease/s...clearly FS think otherwise. No matter, my bid/s were subsequently proportional
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sarahcount
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Post by sarahcount on Mar 29, 2019 20:34:27 GMT
Update on the other Strea**am loan (10558*976); "It now transpires that the borrower had impaired credit which is why the refinance has stalled several times." Who'd have thought that people with impaired credit would come to FS looking for loans?
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Post by df on Mar 29, 2019 21:49:32 GMT
Update on the other Strea**am loan (10558*976); "It now transpires that the borrower had impaired credit which is why the refinance has stalled several times." Who'd have thought that people with impaired credit would come to FS looking for loans? In pawn industry borrower's credit history is not relevant. Mixture of property and pawn is toxic.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 29, 2019 23:50:40 GMT
Update on the other Strea**am loan (10558*976); "It now transpires that the borrower had impaired credit which is why the refinance has stalled several times." Who'd have thought that people with impaired credit would come to FS looking for loans? In pawn industry borrower's credit history is not relevant. Mixture of property and pawn is toxic. It can still be a lucrative mix as long as the assessment of the asset is a true reflection of its worth and the LTV is on figures that would easily be attained. I suggest all pawn items should have an identified buyer before granting the loan. And property loans no more than 50% of actual distressed sale values.
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adrian77
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Post by adrian77 on Mar 30, 2019 9:41:34 GMT
totally agree but sadly isn't exactly happening at the moment - anybody queuing up to buy a second hand speedboat for a 6 figure sum? Maybe tomorrow...
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arby
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Post by arby on Mar 30, 2019 9:55:56 GMT
In pawn industry borrower's credit history is not relevant. Mixture of property and pawn is toxic. It can still be a lucrative mix as long as the assessment of the asset is a true reflection of its worth and the LTV is on figures that would easily be attained. I suggest all pawn items should have an identified buyer before granting the loan. And property loans no more than 50% of actual distressed sale values. If distressed value is 70% of market value, then you're suggesting a max 35% LTV of market value. That would be nice but there would only be a handful of loans a year so the sector would massively contract or even close
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 30, 2019 10:50:58 GMT
It can still be a lucrative mix as long as the assessment of the asset is a true reflection of its worth and the LTV is on figures that would easily be attained. I suggest all pawn items should have an identified buyer before granting the loan. And property loans no more than 50% of actual distressed sale values. If distressed value is 70% of market value, then you're suggesting a max 35% LTV of market value. That would be nice but there would only be a handful of loans a year so the sector would massively contract or even close Good point there could be higher LTV provided it is drip fed on proof of appropriate spending of previous sums issued. I can’t see why a weekly walk round by a developer showing progress cannot be submitted. This is a small inconvenience to borrowers but massive reassurance to investors.
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