ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 5, 2018 17:23:14 GMT
I moved from FC to FS about 10 months ago, now the talk of everyone withdrawing from FS...where are you all moving to? Managed Funds?
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cwah
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Post by cwah on Aug 5, 2018 21:37:00 GMT
I be moved a most of my investment to FS because I found out they are much more conservative with their valuation. They also use property value instead of GDV for the loan. And it's renewed periodically so there is a potential to exit You what cwah?!!!!  I'm not sure if your tongue is in your cheek or not? I live in London so for some properties I know it has been conservatively valued. Like this one: www.fundingsecure.com/myaccount/loan/4906730174So I invested on loans like this one
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 5, 2018 21:47:23 GMT
Fair enough. If you know what you're doing, and you trust FS. Trust FS to tell you everything , ALL material facts about the Loan that is.  |
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rocky1
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Post by rocky1 on Aug 6, 2018 5:41:13 GMT
frying pan fire comes to mind.only time will tell.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 6, 2018 5:53:53 GMT
I'm still fully invested on a similar basis, (although with many defaults) but am beginning to wonder if I should study the run-off plan ?
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adrian77
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Post by adrian77 on Aug 6, 2018 7:12:03 GMT
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mjc
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Post by mjc on Aug 6, 2018 11:32:22 GMT
There is in total, several £k in about 30 loans at -1% on the SM. ps I have just added another £250 to it. You know you want it! 🤡
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cwah
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Post by cwah on Aug 6, 2018 12:03:29 GMT
Why do you think it is overvalued? If you look at house sold in a quarter mile from this house it's all very much in the million mark: [mod note: link removed because it provides postcode of property] I feel if there is a fire sale, it shouldn't have too much trouble to sell at the loan amount of £700k. So some money can be lost. But hopefully if FS doesn't mess up with legal fees, loss should be minimal if it were to happen
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adrian77
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Post by adrian77 on Aug 6, 2018 12:35:15 GMT
There are tenants about which we know nothing - could be problems there. If there is a ding-dong over Brexit and JC gets in then it will be Goodnight Vienna to most (including my part) of the BLT industry
The valuation states
major modern developement next door - may not be this one but I read somewhere the deep footings have caused damage to a FS property and not sure it wasa this one but have often seen such problems
lender has failed to refinance
London market is cooling - see numerous reports eg Nationwide - what happens in the past is not relevant to me as what counts is where the market will be in 6 months
may be wrong but for me too many potential problems and however much is this chap clocking up interest at 20%+?
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cwah
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Post by cwah on Aug 6, 2018 12:47:34 GMT
There are tenants about which we know nothing - could be problems there. If there is a ding-dong over Brexit and JC gets in then it will be Goodnight Vienna to most (including my part) of the BLT industry The valuation states major modern developement next door - may not be this one but I read somewhere the deep footings have caused damage to a FS property and not sure it wasa this one but have often seen such problems lender has failed to refinance London market is cooling - see numerous reports eg Nationwide - what happens in the past is not relevant to me as what counts is where the market will be in 6 months may be wrong but for me too many potential problems and however much is this chap clocking up interest at 20%+? All i am saying is that IF there is an auction sale, the property will still keep its value because of 3 main reasons: it's FREEHOLD + 125 sqm2 + Golders green area. In the worse situation, I can't see it sell it below £600k in auction fire sale. It would be much more likely in the £700-900k mark Check yourself in rightmove, within 1/2 miles, even the cheapest house is for sale for £880k:[mod note: link removed because it provides postcode of property]
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paulb
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Post by paulb on Aug 6, 2018 13:08:58 GMT
If there is a ding-dong over Brexit and JC gets in then it will be Goodnight Vienna to most (including my part) of the BLT industry What does the man have against sandwiches? 
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Aug 6, 2018 13:16:15 GMT
There are tenants about which we know nothing - could be problems there. If there is a ding-dong over Brexit and JC gets in then it will be Goodnight Vienna to most (including my part) of the BLT industry The valuation states major modern developement next door - may not be this one but I read somewhere the deep footings have caused damage to a FS property and not sure it wasa this one but have often seen such problems lender has failed to refinance London market is cooling - see numerous reports eg Nationwide - what happens in the past is not relevant to me as what counts is where the market will be in 6 months may be wrong but for me too many potential problems and however much is this chap clocking up interest at 20%+? All i am saying is that IF there is an auction sale, the property will still keep its value because of 3 main reasons: it's FREEHOLD + 125 sqm2 + Golders green area. In the worse situation, I can't see it sell it below £600k in auction fire sale. It would be much more likely in the £700-900k mark Check yourself in rightmove, within 1/2 miles, even the cheapest house is for sale for £880k:[mod note: link removed because it provides postcode of property] I largely agree you with and I used to be in this loan. However, have you noticed it is on sale at the maximum discount of 1% on the sm (i.e. effective interest of 17.5%) by a lot of lenders? If this was on a platform where more budget was spent on recoveries I might have re-invested. As it is, I worry that if recovery takes too long, the interest owed plus captitol plus fees might surpass the "fire sale" price (likely a smolder of a fire in FS's case)
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Post by bracknellboy on Aug 6, 2018 13:32:55 GMT
If there is a ding-dong over Brexit and JC gets in then it will be Goodnight Vienna to most (including my part) of the BLT industry What does the man have against sandwiches? Maybe not all sandwiches, however that particular variety of sandwich for sure: Committed vegetarian Jeremy Corbyn suggests he is considering turning vegan: www.independent.co.uk/news/uk/politics/jeremy-corbyn-vegetarian-considering-going-vegan-a7929821.htmlThis quote from the grate man himself could be viewed as being in tune with his general clarity of thought: 'I eat more and more vegan food, and have more and more vegan friends. There are quite a lot of vegan MPs actually - not a lot, but there are some'
Go figure.
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Post by df on Aug 6, 2018 14:24:50 GMT
I moved from FC to FS about 10 months ago, now the talk of everyone withdrawing from FS...where are you all moving to? In current situation "withdrawing" doesn't mean much. I have a lot of parts for sale at maximum discount, but nothing sells. If by some magic I could sell them, I would distribute funds across GS, LC and Welendus.
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adrian77
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Post by adrian77 on Aug 6, 2018 16:19:24 GMT
Exactly - and we don't know what's what with the tenants. They could be fine or they could be smashing up the place and not paying the rent. Or they could get funny and report the owner to the council for letting an alleged sub-standard house (it has happened to me). As I have said before I am in this game and there is no way my profit margin would cover 20% p.a. interest. OK I may be rubbish but I don't need to borrow from FS although to be honest I have been tempted considering how many free loans they give out! I normally buy my properties at least 30% below guide and often 50%...very cheap plot of land in Whitehaven if anybody is interested along with powerboats,yachts, park homes etc.
Rumours that JC plans to tax kosher BLT sandwiches are totally untrue but I hate to think what he would do the the BLT housing market...
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