ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 26, 2018 11:15:56 GMT
Forest Park, Sutton Coldfield
Date/Time: Monday 26th March 2018 at 1.00pm
Interest: 13%
Loan amount: £359,000 LTV: 60%
Bonuses: Yes Cashback: No
Restrictions: None
Overview:
A 6 month loan secured by a first legal charge against a property in Sutton Coldfield
The loan is available for preview here: 1211359918
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rogerthat
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Post by rogerthat on Mar 26, 2018 11:25:53 GMT
Any email on this ?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Mar 26, 2018 11:28:56 GMT
Yes, sent out 12:04
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Liz
Member of DD Central
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Post by Liz on Mar 26, 2018 11:29:00 GMT
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Post by badboyyardy on Mar 26, 2018 11:30:58 GMT
Anyone adding to DD central - just trying to find it on Rightmove (sold prices etc) cutting it fine loans (with short notice) are normally the good ones or the bad eggs - touch laminated wood.....
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Mar 26, 2018 11:39:48 GMT
Land Registry Transaction History for #2
A 2012-09-28 £485,000
A 1997-09-26 £215,000
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Liz
Member of DD Central
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Post by Liz on Mar 26, 2018 12:07:14 GMT
Land Registry Transaction History for #2 A 2012-09-28 £485,000 A 1997-09-26 £215,000 You can check this info on right move under sold prices. Looks a good loan to me. Shame I don't have the 100k to put in
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aj
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Post by aj on Mar 26, 2018 12:11:37 GMT
I've had a chunk with the remainder of my Flegg Green repayment. Looks like a fairly normal bridging loan, decent LTV, mortgage-able residential property so valuation should be fairly accurate. I expect full repayment will come in before 6 months.  |
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james21
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Post by james21 on Mar 26, 2018 12:35:49 GMT
missed this one, life does not always revolve around FS posting times. Clearly a better quality loan than most went quickly. The £100k to one investor helped; why FS offered bonuses on a loan that was bound to fill quickly says a lot about the quality of the management and judgment ability of FS
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Post by dan1 on Mar 26, 2018 12:52:58 GMT
missed this one, life does not always revolve around FS posting times. Clearly a better quality loan than most went quickly. The £100k to one investor helped; why FS offered bonuses on a loan that was bound to fill quickly says a lot about the quality of the management and judgment ability of FS I missed this one too, the weather is just too nice to be glued to a mobile/PC today I'm pretty nonchalant regarding the way FS posted this loan. I try to remember that FS have a business to run and high up on their list of priorities will be keeping their BHs happy I would of thought (compare to Lendy atm). Ultimately, the borrower is paying for these huge bonuses and I can only assume the borrower was persuaded to foot the bill to ensure the loan went quickly what with oncoming end of tax year shenanigans. The borrower probably didn't realise that it would have gone quickly anyway. All supposition of course because I can only dream of being a BH (and if I were I doubt I'd dump it in P2P but that's another story!). I also suspect that BHs knew of this loan a little before you and I, BH or no BH I'd feel distinctly uncomfortable with £100k sat in a client account awaiting a loan that may never arrive. Just my thoughts.
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rogerthat
Member of DD Central
Posts: 2,048
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Post by rogerthat on Mar 26, 2018 14:40:00 GMT
missed this one, life does not always revolve around FS posting times. Clearly a better quality loan than most went quickly. The £100k to one investor helped; why FS offered bonuses on a loan that was bound to fill quickly says a lot about the quality of the management and judgment ability of FS I'm pretty nonchalant regarding the way FS posted this loan. I try to remember that FS have a business to run and high up on their list of priorities will be keeping their BHs happy I would of thought (compare to Lendy atm). Ultimately, the borrower is paying for these huge bonuses and I can only assume the borrower was persuaded to foot the bill to ensure the loan went quickly what with oncoming end of tax year shenanigans. The borrower probably didn't realise that it would have gone quickly anyway. All supposition of course because I can only dream of being a BH (and if I were I doubt I'd dump it in P2P but that's another story!). I also suspect that BHs knew of this loan a little before you and I, BH or no BH I'd feel distinctly uncomfortable with £100k sat in a client account awaiting a loan that may never arrive. Just my thoughts. You try driving with your knees down the M5, supping a brew, eating a bacon sarnie and getting 4 nibbles using a mobile...a mere bagatelle 
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mikes1531
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Post by mikes1531 on Mar 27, 2018 16:23:17 GMT
...BH or no BH I'd feel distinctly uncomfortable with £100k sat in a client account awaiting a loan that may never arrive. I'd guess that BHs don't have to do that -- as long as they could transfer the £100k to FS upon demand.
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adrian77
Member of DD Central
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Post by adrian77 on Mar 27, 2018 17:14:52 GMT
£100K- WOW!
I passed on this one - not sure why the buyer needed to go to FS - is he a dealer?
I note he is selling a £595K house to buy a £590K one - gross profit; positive - net profit after
stamp duty and possible CGT; negative. If this chap is a dealer and he plans to rent it out then what happens if he gets a problem tenant. There was an offer on this house at £570K which,if used, nudges the LTV a bit higher. £359K at 30% = a tad under £9K per month. As the market rent is given at £12K (seems low to me) I wonder how this one is going to pay for itself if it is a business asset. I am not saying it is problematic but I am saying I don't think there was enough information for me to invest.
Another interesting one to follow...especially if the UK housing market cools!
Could be a nice little 17% (pro-rata) earner for somebody who has more bottle and money than I have.
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Jeepers
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Post by Jeepers on May 18, 2019 21:54:40 GMT
What’s happening with this? Now a month overdue and no meaningful update.
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Doc
Member of DD Central
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Post by Doc on Aug 21, 2019 16:10:20 GMT
Loan repaid in full.
Capital £359K, Interest £49K.
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