rogerthat
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Post by rogerthat on May 2, 2018 22:23:06 GMT
New Loan 1117425944
£145K @ 10%..LTV 16% 11am 03/05/2018 £1K restriction..closure of original loan (5479624434) prior to listing. Property nearing completion and developer self financing and in the money hence a reduced loan requirement..must grease my skates  Nice house, if you're a goldfish..give me Farnham any day or if I can grit my teeth hard enough, Barnoldswick 
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pier2pier
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Post by pier2pier on May 3, 2018 10:04:15 GMT
site like treacle at 11.00  got a bit eventually |
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ding
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Post by ding on May 3, 2018 10:06:28 GMT
Took longer to fill then I expected. A bit under 6 mins.
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pier2pier
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Post by pier2pier on May 3, 2018 10:14:32 GMT
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pier2pier
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Post by pier2pier on May 3, 2018 10:15:50 GMT
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Post by badboyyardy on Jun 25, 2018 9:35:13 GMT
Renewal filling very slowly..... Can any one else find the listing - not on Rightmove sold or otherwise? Another porkie pie listing?
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r00lish67
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Post by r00lish67 on Jun 25, 2018 10:02:32 GMT
Renewal filling very slowly..... Can any one else find the listing - not on Rightmove sold or otherwise? Another porkie pie listing? This is a second supplemental loan rather than a renewal. Also to be fair, I'm not aware of FS usually stating properties are up for sale when they're not. That said, I'm pulling a blank too, can't see it on t'interweb.
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adrian77
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Post by adrian77 on Jun 25, 2018 11:06:50 GMT
I too can't find it up for sale - granted some people will like this "cutting edge" house but I really don't. The building standard looks good to me from the limited photos but this really would not have been a cheap house to build given the cantilevered floor etc -think structural engineers, think possibly bespoke frame fabrication, think planning applications etc think mega squids... looks like Salvador Dali designed it when having a bad hair day. Whatever the market will be very limited especially with what seems an overhigh valuation to me. Also there is no way on this planet I could build such a house for 300K!
Had a quick look at the excellent mrclondon DD - this may be a bit out of date now as it looks to me as if this chap has been busy borrowing money and in march 2018 took out 4 charges against a new directorship which jhe joinded late last year. Interested to note this new lender is based in the British Virgin Islands (I really must visit)!
Wonder if this is to be added to the monies borrowed above ? What I don't understand is why FS have not taken a full and floating charge over ALL assets owned by this chap - hello FS - we have been down this road before!
On paper this one looks OK due to the low LTV but I am worried we are not getting the full story and this latest loan is a 3rd ranking charge - not for me - excuse me whilst I flagellate myself with my Smutty Stick
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Post by badboyyardy on Jun 25, 2018 13:40:46 GMT
I too can't find it up for sale - granted some people will like this "cutting edge" house but I really don't. The building standard looks good to me from the limited photos but this really would not have been a cheap house to build given the cantilevered floor etc -think structural engineers, think possibly bespoke frame fabrication, think planning applications etc think mega squids... looks like Salvador Dali designed it when having a bad hair day. Whatever the market will be very limited especially with what seems an overhigh valuation to me. Also there is no way on this planet I could build such a house for 300K! Had a quick look at the excellent mrclondon DD - this may be a bit out of date now as it looks to me as if this chap has been busy borrowing money and in march 2018 took out 4 charges against a new directorship which jhe joinded late last year. Interested to note this new lender is based in the British Virgin Islands (I really must visit)! Wonder if this is to be added to the monies borrowed above ? What I don't understand is why FS have not taken a full and floating charge over ALL assets owned by this chap - hello FS - we have been down this road before! On paper this one looks OK due to the low LTV but I am worried we are not getting the full story and this latest loan is a 3rd ranking charge - not for me - excuse me whilst I flagellate myself with my Smutty Stick Thanks - had some of the 1st listing - agree house looks a bit too footballer wife's special - definitely smutty stick special....
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r00lish67
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Post by r00lish67 on Jun 25, 2018 13:46:31 GMT
I also find the house distasteful, but that's pretty irrelevant from an investment POV, as long as someone likes it. The LTV is very low, and doesn't reflect the (significantly) higher marketing price. Even in a default firesale scenario, I can't conceive of this house not fetching £500k.
Even if FS linger around on this in default for a year or so, it would still only need to sell for £300k to cover interest.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 25, 2018 14:49:49 GMT
Many are so fed up with FS that they're not investing anything, anymore, regardless of the perceived attractiveness of some Loans.
I also think it's prudent to remember it's not what you are told, but what you are not told?
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rogerthat
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Post by rogerthat on Jun 25, 2018 14:54:10 GMT
Many are so fed up with FS that they're not investing anything, anymore, regardless of the perceived attractiveness of some Loans. I also think it's prudent to remember it's not what you are told, but what you are not told? Nail >>>> head
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adrian77
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Post by adrian77 on Jun 25, 2018 15:01:01 GMT
Agreed but a bit puzzled as to why this developer needs to borrow at say 20% pa from FS - maybe the liquidity in the house is encumbered on another property? I don't borrow money for my building projects but my bank is always keen to lend it to me at much lower rates for such a low LTV.
I know p2p can be quick but I just don't know on this one so interesting one to follow...
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Post by badboyyardy on Jun 26, 2018 10:19:50 GMT
And somehow it filled  BH loves their ballers houses I guess |
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rogerthat
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Post by rogerthat on Aug 8, 2018 13:29:56 GMT
Just to revive this thread I note that 2364950639..3rd supplemental was funded in short order
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got a bit eventually
BH loves their ballers houses I guess