fp
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Post by fp on Jul 21, 2016 18:19:13 GMT
For the record, the ones on unbolted are stored with Sotheby's, are fully catalogued and come with a valuation from Sotheby's
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jul 21, 2016 19:10:31 GMT
I previously asked the question about storage, and was told they are held in a bonded store.
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r00lish67
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Post by r00lish67 on Sept 18, 2017 8:47:50 GMT
So, 14 months later, and they're still here. The renewal of the renewal of the 3rd tranche of the second loan of the second charge against these books.
Out of curiosity, does anyone here continue to invest these? I suppose as they've continually been renewed, the borrower does actually seem to want to retain them, but disregarding that then the 38% LTV seems appropriate for such an unusual collection. Presumably the main hitch is that there's not going to be many people with the interest and resources to spend £5,000,000 on them should it eventually default (and let's face it, this feels rather more likely than not) - might take rather a while to redeem strong value, and if the 1st charge holder can cover their lot in the meantime.....hmm.
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Liz
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Post by Liz on Sept 18, 2017 9:36:00 GMT
I know nothing about books and their value, so just steered clear. The first charge loan seems a good bet.
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n
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Yet another Nick
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Post by n on Sept 18, 2017 11:04:31 GMT
I too know nothing about the value of books, but I took a small punt on most of these loans back in the days before property. I turned over a new leaf and stopped renewing them a while ago and now have a completely blank sheet.
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rs
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Post by rs on Sept 18, 2017 11:12:50 GMT
I too know nothing about the value of books, but I took a small punt on most of these loans back in the days before property. I turned over a new leaf and stopped renewing them a while ago and now have a completely blank sheet. This loan will fund in a minute. I'll be investing full amount!
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mikes1531
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Post by mikes1531 on Sept 18, 2017 18:01:24 GMT
Out of curiosity, does anyone here continue to invest these? I suppose as they've continually been renewed, the borrower does actually seem to want to retain them, but disregarding that then the 38% LTV seems appropriate for such an unusual collection. Presumably the main hitch is that there's not going to be many people with the interest and resources to spend £5,000,000 on them should it eventually default (and let's face it, this feels rather more likely than not) - might take rather a while to redeem strong value, and if the 1st charge holder can cover their lot in the meantime.....hmm. I'm still in one of the second charge tranches. And I'll probably stay in as long as the borrower continues to pay the interest for renewals. If they were rolling up the interest, or taking out further loans, that would be a very different situation. If the borrower were to default, and it became necessary to sell the security, I accept that recovery would be a long process as we're dealing with items of interest to a very limited pool of potential buyers. I suppose there's potential for another episode like the railwayana loans, but the LTV here is so much lower than those that it ought to be possible to sell a relatively small proportion of the collection in order to raise the funds to repay all the loans. I generally avoid second charge loans, but I don't think they're quite as undesirable when FS hold the first charge as well.
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Post by df on Sept 18, 2017 18:22:50 GMT
So, 14 months later, and they're still here. The renewal of the renewal of the 3rd tranche of the second loan of the second charge against these books. Out of curiosity, does anyone here continue to invest these? I suppose as they've continually been renewed, the borrower does actually seem to want to retain them, but disregarding that then the 38% LTV seems appropriate for such an unusual collection. Presumably the main hitch is that there's not going to be many people with the interest and resources to spend £5,000,000 on them should it eventually default (and let's face it, this feels rather more likely than not) - might take rather a while to redeem strong value, and if the 1st charge holder can cover their lot in the meantime.....hmm. At some point I was investing in most of them and later stopped renewing. As you said, appropriate LTV and they keep renewing - but how quick can they sell this library in case of default? Railway toy memorabilia springs to mind.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Sept 18, 2017 19:30:46 GMT
Valuations used has never changed nor has it been checked since the loans started. This type of security can see big swings in demand, as can most antiques.
The borrower information remains as it was back when the loan was taken out. I wonder why FS have not updated this? Could it be that they have not bothered to run checks and spend money to protect lenders funds?
I was in most tranches of 1 and 2 loans. Sold out on exiting the platform.
Just dross in recovery left at 3.5% of my max portfolio value. Beats the 20% pasting I took elsewhere when I was too late to get out.
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stokeloans
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Post by stokeloans on Oct 22, 2017 14:19:08 GMT
The latest renewal,is this part of the same collection as the Unbolted book loan 2DFDC3F3D and thus the same borrower ?
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james100
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Post by james100 on Oct 22, 2017 14:28:30 GMT
The latest renewal,is this part of the same collection as the Unbolted book loan 2DFDC3F3D and thus the same borrower ? I certainly believe so. I am in both loans on both platforms.
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Post by fundingsecure on Oct 22, 2017 15:16:14 GMT
As previously confirmed - these are NOT the same books.
The Library we have in storage under our control is unique - and not in any way connected with any other collections / loans. In addition it is not the same borrower
FundingSecure
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stokeloans
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Post by stokeloans on Oct 22, 2017 16:20:59 GMT
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rogerthat
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Post by rogerthat on Dec 31, 2017 12:27:08 GMT
Well that's somewhat of a relief if not a tad surprising 92**77**36 Part of a 2nd charge (of £600K ) @ 37.50 % LTV completed after 158 days..as I had 5 figures in this and therefore got a 15% return , the slight disappointment of not going the full term is far outweighed by the return of the capital and some hefty interest. I still have 4 other smaller investments totalling 20% of the redeemed loan above in 2nd and 3rd charges (something id not normally consider) so fingers crossed they all mature without fuss Happy New Year to anyone who pops by
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sarahcount
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Post by sarahcount on Dec 31, 2017 19:07:26 GMT
I've mainly worked my way into the 1st Charge so while I'm pleased to see any loan repay I'm in no great hurry to get my money back on this one.
Happy New Year to you too.
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