coop
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Post by coop on Jul 20, 2018 15:51:36 GMT
Yeah, they could be borrowing it as you say - but if they then take too long to repay this borrowing due to loans not filling and they are then asking to borrow more when more renewals are due - it could snowball and get sticky very quickly! Especially if their underwriter starts expecting larger interest rates on that borrowing to reflect the increased risk they may well perceive....
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SteveT
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Post by SteveT on Jul 20, 2018 15:58:00 GMT
The underwriting process for renewals could cease without warning at any moment, just as it started up without warning after the Rishton renewal flopped. Anyone relying on there always being someone else ready and willing to buy their FS loans at renewal is kidding themselves (see MoneyThing!)
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jul 20, 2018 19:16:54 GMT
They are putting another second charge up today again for 12%, in Frome you can see where this is going on the interest rate. And they posted this one on new loans on the board first time in over a month, consistent arnt they. Needless to say they does not interest me and no doubt quite a few on this board I would say the Frome one doesn't look terrible if you're not fussed about liquidity. The sums add up (even with a years interest would still only need to recover c. £300k on a £420k loan) but with it being a personal home recovery could be a loooong old time in coming if it all goes south. I agree and thought this could be interesting given the first charge was very small. Then I opened up their valuation and saw the property number had been redacted. I couldn't be bothered to find out which property it is so stopped right there.
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jj
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Jolly Jammy
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Post by jj on Jul 20, 2018 20:17:57 GMT
I would say the Frome one doesn't look terrible if you're not fussed about liquidity. The sums add up (even with a years interest would still only need to recover c. £300k on a £420k loan) but with it being a personal home recovery could be a loooong old time in coming if it all goes south. I agree and thought this could be interesting given the first charge was very small. Then I opened up their valuation and saw the property number had been redacted. I couldn't be bothered to find out which property it is so stopped right there. When you download the PDF file the address is on the file, if that helps. 
FS's incompetence does have its uses.
Last sold on the 31 Oct 1997 .
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KoR_Wraith
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Post by KoR_Wraith on Jul 21, 2018 12:00:26 GMT
They are putting another second charge up today again for 12%, in Frome you can see where this is going on the interest rate. And they posted this one on new loans on the board first time in over a month, consistent arnt they. Needless to say they does not interest me and no doubt quite a few on this board I would say the Frome one doesn't look terrible if you're not fussed about liquidity. The sums add up (even with a years interest would still only need to recover c. £300k on a £420k loan) but with it being a personal home recovery could be a loooong old time in coming if it all goes south. I'm quite partial to this loan. No building work to be done, easy to value asset, understandable and non-property related reason for requiring finance. Risk of significant loss in worst case scenario would seem low.
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rogerthat
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Post by rogerthat on Jul 21, 2018 12:18:37 GMT
Country bumpkin question here..Frome is listed as a Victorian house..but according to VR was built in 1910...do they mean in the Victorian style ?
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TheDriver
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Slightly bonkers
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Post by TheDriver on Jul 21, 2018 14:47:32 GMT
I think I'd seriously question that valuation, due to a simple comparison with my own home,:
Mine is a council tax band higher, cost more 3 years earlier, and is now worth about £330k on a good day - and we won't be interested in good-day valuation if things go pear-shaped! Unless Frome has enjoyed a recent major renaissance in property prices it looks to be well overvalued - again!
Count me out, I have enough funds lent seemingly interest-free already! At least with Lendy you get interest initially.
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adrian77
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Post by adrian77 on Jul 21, 2018 16:21:23 GMT
For me this one is an Ian Drury "hit me with your smutty stick" moment
Can't argue with the prior post about the valuation - who the hell said it was Victorian - the bay window is a classic Edwardian feature!
Also the below sounds very problematic to me
well I guess this is a private company so what if the owners don't want to sell or get wind of what he is up to - I mean they may recognise his house from the VR! They could e.g. sell some assets before he purchases. Or if this is such a cash cow of a business they are hardly going to give it away 100% are they?
This just does not ring true to me and that is assuming he is not in breach of his employment contract if he goes ahead. Have FS seen the company books - I doubt it!
The fact that Whitehaven did not receive a single bid shows just how precarious all and not just FS valuations can be...
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james21
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Post by james21 on Jul 21, 2018 16:24:22 GMT
For me this one is an Ian Drury "hit me with your smutty stick" moment Can't argue with the prior post about the valuation - you the hell said it was Victorian - the bay window is a classic Edwardian feature! Also the below sounds very problematic to me well I guess this is a private company so what if the owners don't want to sell or get wind of what he is up to - I mean they may recognise his house from the VR! They could e.g. sell some assets before he purchases. Or if this is such a cash cow of a business they are hardly going to give it away 100% are they? This just does not ring true to me and that is assuming he is not in breach of his employment contract if he goes ahead. Have FS seen the company books - I doubt it! The fact that Whitehaven did not receive a single bid shows just how precarious all and not just FS valuations can be... Take a look at the internal photos looks like its been trashed and the back of the house; rough. Anyway I cant see where he is going to get the money to pay back the 2nd charge
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adrian77
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Post by adrian77 on Jul 21, 2018 16:35:11 GMT
damn right it is - glad to see the owners tidied up before the photos - looks like it has been repossessed after squatters!
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coop
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Post by coop on Jul 23, 2018 9:04:58 GMT
Having just looked at the photos from the valuation all I can say is:
You're a bunch of judgemental so and so's and I certainly won't be showing you the inside of my house anytime soon!
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kielbasa
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Post by kielbasa on Jul 29, 2018 11:32:08 GMT
Across the 16 loans there is about £2.15 million waiting to be filled. Currently 18 loans available with over £2.9 million waiting to be filled.
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r1200gs
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Post by r1200gs on Jul 29, 2018 11:57:08 GMT
Across the 16 loans there is about £2.15 million waiting to be filled. Currently 18 loans available with over £2.9 million waiting to be filled. Racing boats, holes in wall, windmills, railway memorabilia.....once bitten twice shy....
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james21
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Post by james21 on Jul 29, 2018 12:01:22 GMT
Latest one to go live tomorrow West Brom**** Property - Supplemental Facility. Subordinate loan; effectively a second charge. No thank you
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adrian77
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Post by adrian77 on Jul 29, 2018 13:31:10 GMT
Considering there are second charge loans giving over 15% and first charge loans on the SM giving over 13% why would anybody buy into this latest offering especially as the second charges are looking very vulnerable to me?
Not sure I agree with the term "finalise the development" looks like a loan to repay Tranche 6 - Renewal (1842448460) due next week and they are nowhere near finalising this build
I hate to think how much removing the original footings cost, there is no confimation that there are no covenants so once again FS - how is this chap going to repay the near £1m of OUR money that starts to become due later this year. There is no way on this planet I can see this one finished, signed off, sold and readies in the bank within 4 months! The only hope I can see is that this chap gets longer term refinancing but looking at the market there are a lot of flats for sale in the area and I wonder how much,if any, liquidity will be left in the final build.
Am I risking this one or thrashing myself with my beloved Smutty Stick - answers on a digital postcard..
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