pier2pier
Member of DD Central
Posts: 73
Likes: 49
|
Post by pier2pier on Feb 5, 2018 11:32:33 GMT
was over in Ru`glen
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Feb 5, 2018 11:41:31 GMT
I think it may have listed a little late . I logged on about 30 secs late and it wasn't under available loans - so I thought I'd missed out. I then refreshed 30 secs later and it was there but on 96% full. I tried to buy but it said amount not available and was then on 99%. Tried again but it was then 100% full.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Feb 5, 2018 11:46:57 GMT
I'm tempted too, 15 percent on offer is always tempting. My concern is that this will default and the security will be difficult and time consuming to sell. Years. The valuation says five million and possibly more if they took the time to evaluate each item as due to sheer number of items a detailed valuation was not done. But then possibly less. I'm also concerned that valuations of specialist items by enthusiasts of those items are likely to contain an element of enthusiasm over realism. I suspect Mr H of the ILAB who gave the valuation was in cloud nine when he saw this library, but the rest of us, not so much. Dusty old books. As we don't know what the library contains (books, you fool!) then it's difficult to try and find comparable prices and again, who's going to buy the whole thing? How many people are willing and able to fork out five million for an antique Italian library? It would also appear that the valuation was commissioned by the owners of the library and not FS, and that is not to be used for any purpose other than insurance and replacement. Here it is being used to reassure P2P lenders. I also suspect that Mr H may have taken individual items and valued them at what he would ask if they were sitting on the shelves of his shop, but this would be a distressed bulk sale that would bring a fraction of his valuation. Of course, I can't be sure. The risk is most definitely a very long and drawn out disposal of the asset bit by bit, years, and that it won't raise anything like £5 million.
All just my opinion. All very sound and sensible comment..im reluctant to say as I woke up this morning with the intention of throwing a decent wedge at this because I like this loan...ive already got a reasonable investment in 4 others..but I cant counter outright all your reasoned opinion..there's some very good points made. As Woodland pointed out (above) what on earth must this borrower have paid servicing this loan since 2014 to keep going like this. My crystal ball isn't actually playing ball and if it was, would I be in this at all but then one could ask that of every loan on the platform. Sadly some of us have found out to our cost what that answer is.. btw the valuation being used by FS is £3m (not £5m)The valuation being used for the LTV is 3 million, but the posted valuation is five million. I suspect both would be fairly meaningless if a forced sale were to happen. The good news is that the borrower does appear to be keen on keeping his/her library. I skipped this one, but I don't think it's a terribly bad loan either.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,745
Likes: 3,138
|
Post by jonno on Feb 5, 2018 11:48:38 GMT
Yes it did list a little late but I think it kicked off at about 88% full. I put a smallish bid in and got it. (nothing special about my internet connection, just lucky I guess )
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Feb 5, 2018 12:02:15 GMT
Yes it did list a little late but I think it kicked off at about 88% full. I put a smallish bid in and got it. (nothing special about my internet connection, just lucky I guess ) A little dickie bird tells me that 35 new bids were made..the rest rollovers...believe it or not it lasted 33 seconds...perhaps my clocks are in suspended animation ..anyway spilt milk and all that
|
|
lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Feb 5, 2018 13:15:38 GMT
Yes it did list a little late but I think it kicked off at about 88% full. I put a smallish bid in and got it. (nothing special about my internet connection, just lucky I guess ) A little dickie bird tells me that 35 new bids were made..the rest rollovers...believe it or not it lasted 33 seconds...perhaps my clocks are in suspended animation ..anyway spilt milk and all that Tried to put a bid on myself but to no avail.....never mind.....maybe next time📖 📖
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Feb 5, 2018 13:27:44 GMT
I was finger poised on the button but did not appear for around 1 min. All gone in 30 secs or so as already stated. I guess I must have been v lucky as I managed to get a substantial amount (which swept up most of what was left when it first appeared).
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Feb 5, 2018 13:44:18 GMT
I was finger poised on the button but did not appear for around 1 min. All gone in 30 secs or so as already stated. I guess I must have been v lucky as I managed to get a substantial amount (which swept up most of what was left when it first appeared). Are you saying that it did not appear on the platform till a minute AFTER 11am..?
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Feb 5, 2018 13:56:42 GMT
I was finger poised on the button but did not appear for around 1 min. All gone in 30 secs or so as already stated. I guess I must have been v lucky as I managed to get a substantial amount (which swept up most of what was left when it first appeared). Are you saying that it did not appear on the platform till a minute AFTER 11am..? Yes, exactly that. The Gleneagles loan appeared spot on 11:00am. I kept on refreshing the page every 5 seconds (knowing this would go quickly) & then this showed up at around 11:01 or just after. I was concentrating on getting my lot so didn't note the exact percentage but I think there was around £14K remaining when I got on.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Feb 5, 2018 14:10:20 GMT
Are you saying that it did not appear on the platform till a minute AFTER 11am..? Yes, exactly that. The Gleneagles loan appeared spot on 11:00am. I kept on refreshing the page every 5 seconds (knowing this would go quickly) & then this showed up at around 11:01 or just after. I was concentrating on getting my lot so didn't note the exact percentage but I think there was around £14K remaining when I got on. Well that's made my day...not ..thanks
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Feb 5, 2018 15:10:24 GMT
Yes, exactly that. The Gleneagles loan appeared spot on 11:00am. I kept on refreshing the page every 5 seconds (knowing this would go quickly) & then this showed up at around 11:01 or just after. I was concentrating on getting my lot so didn't note the exact percentage but I think there was around £14K remaining when I got on. Well that's made my day...not ..thanks Sorry! Making me feel guilty now. 😟😜
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 7, 2018 23:10:35 GMT
Can my day get any better ?...a renewal [do I don't I] of 2353801340...in effect a 3rd facility on these books...
Yet another 11am 08/03/18 £75K @ 14% LTV 42.80
|
|
nyneil
Member of DD Central
Posts: 348
Likes: 435
|
Post by nyneil on Apr 2, 2018 10:12:15 GMT
All gone now 525k in about 6 mins. Can't be too bad at 17.5% LTV.
|
|
snowmobile
Member of DD Central
Posts: 230
Likes: 448
|
Post by snowmobile on Apr 2, 2018 10:20:59 GMT
All gone now 525k in about 6 mins. Can't be too bad at 17.5% LTV. It was a renewal so the full £525k wasn't available. I'm surprised it lasted a whole 6 minutes. I just put in what cash I had in my account. I didn't think that bank deposits would be processed today by FS, with it being a bank holiday.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Apr 2, 2018 10:34:53 GMT
All gone now 525k in about 6 mins. Can't be too bad at 17.5% LTV. It was a renewal so the full £525k wasn't available. I'm surprised it lasted a whole 6 minutes. I just put in what cash I had in my account. I didn't think that bank deposits would be processed today by FS, with it being a bank holiday. I transferred a few pennies last night and got a confirmatory email from FS at around 10pm..I already had some 2nd tranche nibbles in this and just to make me feel more secure had ditched any 3rd tranches several weeks back but until today I hadn't got any 1st tranche. For those who managed to get a nibble today, I think we've been helped by two factors..1..FS put a £1K restriction on (thereby deterring any BH's ) and 2. I suspect that a few might be out enjoying our lovely Easter climate.
|
|