lobster
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Post by lobster on Apr 13, 2018 11:17:40 GMT
Why is it that every time that FS put up a boat as security , I get that sinking feeling ?  . LTV of just 40% on this new boat loan is tempting , but interest is a relatively modest 10% , and (seriously this time) in terms of security, boats aren't nearly as reliable as bricks & mortar. |
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rogerthat
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Post by rogerthat on Apr 13, 2018 11:53:33 GMT
Why is it that every time that FS put up a boat as security , I get that sinking feeling ? . LTV of just 40% on this new boat loan is tempting , but interest is a relatively modest 10% , and (seriously this time) in terms of security, boats aren't nearly as reliable as bricks & mortar. Which boat ? are you referring to my tasty pink crustacean...if its mine shall we get the Mods to merge ?
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adrian77
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Post by adrian77 on Apr 13, 2018 12:20:06 GMT
Being very busy I had a quick nibble without proper DD - the report seems very good and I note he estimates the value for a quick sale at 45K which makes the LTV 67% which is a lot less appealing than 40%. Surely not an over-optimistic FS valuation!
adrian77 take 1000 lines "only slapheads invest without proper DD and especially when it comes to boats"
Hopefully the Volvo engine is worth a few quid and the boat will be worked upon in order to increase her value...
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Post by angrykittens on Apr 13, 2018 13:33:00 GMT
Being very busy I had a quick nibble without proper DD - the report seems very good and I note he estimates the value for a quick sale at 45K which makes the LTV 67% which is a lot less appealing than 40%. Surely not an over-optimistic FS valuation! adrian77 take 1000 lines "only slapheads invest without proper DD and especially when it comes to boats" Hopefully the Volvo engine is worth a few quid and the boat will be worked upon in order to increase her value... I'm paraphrasing here but the report said the engine is essentially worthless. The report has a laundry list of problems with the boat, even with the fire sale value of 45k, by the time FS get around to getting receivers involved there would probably be 18 months outstanding interest; and 18 months more degradation to the boat. Add to that that he did not perform a below waterline inspection... Not sure about a barge pole, I need a yacht sized pole for this one.
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trium
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Post by trium on Apr 13, 2018 13:55:19 GMT
Yet it all went in about 70 mins (at max £150)
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Imothep
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Post by Imothep on Apr 14, 2018 21:12:32 GMT
Being very busy I had a quick nibble without proper DD - the report seems very good and I note he estimates the value for a quick sale at 45K which makes the LTV 67% which is a lot less appealing than 40%. Surely not an over-optimistic FS valuation! adrian77 take 1000 lines "only slapheads invest without proper DD and especially when it comes to boats" Hopefully the Volvo engine is worth a few quid and the boat will be worked upon in order to increase her value... the electrics of volvo engines are the work of the devil !
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Post by Deleted on Apr 15, 2018 9:57:18 GMT
I think £45k is a sensible value for this sort of boat. Sale on confirmed default would start say January 2019 which would be fine.
No the boat is not in great shape but for 52' the value works out ok.
I wouldn't go big on the loan though.
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Liz
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Post by Liz on Apr 15, 2018 12:09:41 GMT
I think £45k is a sensible value for this sort of boat. Sale on confirmed default would start say January 2019 which would be fine. No the boat is not in great shape but for 52' the value works out ok. I wouldn't go big on the loan though. I haven't looked at this one, was busy when it went live, but the value will soon plummet if this boat isn't maintained.
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rogerthat
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Post by rogerthat on Oct 8, 2018 11:28:55 GMT
Renewal from (2854008811) to 2957044455
As the valuation was done in 2016 it might have been helpful to know whether any of suggested remedial works had been carried out..just a thought. As this is the 4th renewal ? I wonder if the question was asked !
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