adrian77
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Post by adrian77 on Jul 17, 2018 18:07:04 GMT
I always said they were sniffing the sales rep's glue samples ....
I spent 20 years in IT and would say the above is baloney - do I believe these emails are system generated - do I hell....
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 20, 2018 15:57:04 GMT
Renewing and Re-Valued!
Fantastic track record FS has, particularly with boats & boatyards, I'm taking out a second mortgage and dumping the lot into this sure thing.
The loan will open on Saturday 21st July, 10:00am (loan reference: 1583949081)
This is a renewal of loan ref 1014724862. This means the borrower has paid the interest to-date to extend the loan for a further 6 months
This is a standard six-month loan secured against a 52ft Sports Cruiser, with a marine mortgage registered with the UK Ships Registry
The boat has been re-valued for selling with estimates of between £199,000 to £225,000.
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rogerthat
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Post by rogerthat on Jul 20, 2018 16:08:10 GMT
Renewing and Re-Valued! Fantastic track record FS has, particularly with boats & boatyards, I'm taking out a second mortgage and dumping the lot into this sure thing.The loan will open on Saturday 21st July, 10:00am (loan reference: 1583949081) This is a renewal of loan ref 1014724862. This means the borrower has paid the interest to-date to extend the loan for a further 6 months This is a standard six-month loan secured against a 52ft Sports Cruiser, with a marine mortgage registered with the UK Ships Registry The boat has been re-valued for selling with estimates of between £199,000 to £225,000. Yipee...have you checked the emails not another spoof ?  ...my one and only boaty mcboatface left....needless to say im going to chuck the kitchen sink at it...from a great height ..now bring on the arty mcarty loans..oh wait 
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adrian77
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Post by adrian77 on Jul 20, 2018 17:06:23 GMT
If I were the owner of this boat I would be very annoyed with FS as
1) they have given the impression this chap can't renew the loan which he clearly can
2) considering the other major boat c*ck ups then I guess people are going to wonder if this one is going the same way. If this renewal does not fill (I expect it will) then I wonder if he could sue FS for libel?
Actually I know nothing about boats but my research indicates these boats are highly desirable and she should sell unlike the 5 sailing relics we all know about - I made the valuation a lot less than FS but I may be wrong as I don't know this market so can anybody comment.
I thank you.
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rogerthat
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Post by rogerthat on Jul 20, 2018 17:11:50 GMT
If I were the owner of this boat I would be very annoyed with FS as 1) they have given the impression this chap can't renew the loan which he clearly can 2) considering the other major boat c*ck ups then I guess people are going to wonder if this one is going the same way. If this renewal does not fill (I expect it will) then I wonder if he could sue FS for libel? Actually I know nothing about boats but my research indicates these boats are highly desirable and she should sell unlike the 5 sailing relics we all know about - I made the valuation a lot less than FS but I may be wrong as I don't know this market so can anybody comment. I thank you. I havent scrutinised yet but may give some indication ? 4th one down is a Targa..2004 but same size..ish Edit..or this ..2002..but I think its got slightly more powerful engines ? www.boatshop24.co.uk/superyachts/fairline-targa-52/195617Ha ha..note the FC ad on 2nd link ?
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adrian77
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Post by adrian77 on Jul 20, 2018 17:21:58 GMT
came across this one in my research but it is the selling price which is quoted - I have no idea what margin the yards work on but I guess at least 25%? That said the valuation is still more than the loan which seems to make a nice change these days - hang on I know a nice port in Cumbria where she could be berthed along with a very cheap car park for sale....the owners of said car park have certainly enought money (our money) to buy such a lovely boat!
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reinvestor
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Post by reinvestor on Jul 20, 2018 17:37:28 GMT
The margin for the retailer on used boats, camper vans, caravans and the like will be about 25% as above.
They don’t sell one every day so need that kind of margin.
I don’t think this boat is worth what they say it is. How can they justify the increase in value? Have they fitted new engines since the last valuation??
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Post by beepbeepimajeep on Jul 20, 2018 17:40:55 GMT
Loan has not increased in size, and something like this is easier to sell quickly than something like the powerboats - so I will let my small piece renew. I also like the fact the borrower has paid the interest to renew bang on time. Disclaimer : I know nothing at all about boats  |
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Post by wavydavy on Jul 20, 2018 22:10:23 GMT
A boat like this would be put up for a brokerage sale. Normally that's a 6-8% fee. There isn't really a retail market for used boats it's all brokerage/SOR, so unlikely there will be 25% margin made by buyer.
Given it's more than 5 years old, it would likely attract a buyer on the basis of condition rather than build year. There are some 5 year old plant pot boats out there that have been neglected that are worth less than a 10 year old boat that has been nicely looked after.
Boats seem to have gone up in value quite a bit in recent years - a combination of less supply of decent boats and a lot of European money finding value in UK GBP priced boats.
At £200k, I reckon a boat like this might take a couple of months to sell.
At £150k, it will be sold in a weekend.
I note that they still have the LTV of 63% calculated at a previous valuation - if the uplifted valuation that is noted on the particulars is used then the LTV falls below 50% even at the £200k level.
Either way the loan is covered.
Per a previous poster, if I were the owner of this boat I too would be pissed off that the default letters were sent and therefore jeopardising the re-financing of the asset. Not only a gross negligence on FS's part, but given some of the shady characters on the platform casts a shadow on a borrower who is clearly doing the right thing
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adrian77
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Post by adrian77 on Jul 21, 2018 6:10:42 GMT
thanks for your input - very interesting - I am so glad to hear this loan is covered!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 21, 2018 10:18:48 GMT
You seem an informed and experienced boaty fellow wavyday, so I happily bow to your opinions and insight.
My only retort would be, whilst all appears to "add up", it's what we are possibly not told that matters.
How do you factor that in?
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rogerthat
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Post by rogerthat on Jul 21, 2018 10:30:39 GMT
You seem an informed and experienced boaty fellow wavyday, so I happily bow to your opinions and insight. My only retort would be, whilst all appears to "add up", it's what we are possibly not told that matters. How do you factor that in? Go on..admit it..you've had a nibble 
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 21, 2018 10:58:38 GMT
No, I haven't invested in FS or any other Platform (except HNW) for several months now. Withdrawing from Platforms as elegantly as I can, too many lies and deceit from most of them for moi, about which nothing is done or seemingly ever will be done. It's all a bit too much for an honest Aussie boy brought up in the suburbs on truth, honesty, integrity, and all that other old fashioned stuff.  |
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snowmobile
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Post by snowmobile on Jul 21, 2018 11:07:28 GMT
A boat like this would be put up for a brokerage sale. Normally that's a 6-8% fee. There isn't really a retail market for used boats it's all brokerage/SOR, so unlikely there will be 25% margin made by buyer. The key question is would FS actually put this boat up for a brokerage sale should the need arise. Based upon their track record to date they might stick it in a property auction with no reserve 
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Post by beepbeepimajeep on Jan 15, 2019 11:39:02 GMT
Renewing again today bang on time as always, pleasing to see there are still some good loans on FS and also some borrowers who take their responsibilities seriously.
Thank goodness FS did not mistakenly inform everyone this loan had defaulted again like last time. I would have been mighty angry had I been in the borrowers shoes!
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...my one and only boaty mcboatface left....needless to say im going to chuck the kitchen sink at it...from a great height ..now bring on the arty mcarty loans..oh wait 
