cwah
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Post by cwah on Sept 14, 2018 9:39:42 GMT
Hello
Anyone investing on it? Some things i liké: - near Liverpool city centre - validation document shows £2 million insurance - valuation at £1.5 million so or should bé easier to sell - 1st Loan sont likely tout extend/renew
What i dont liké: - high LTV at 62% - développer unknown - load of New build in the area that seems hard to sell - brexit may happen when the Loan renew
Any thought?
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ozboy
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Post by ozboy on Sept 14, 2018 9:57:02 GMT
Hello Anyone investing on it? Some things i liké: - near Liverpool city centre - validation document shows £2 million insurance - valuation at £1.5 million so or should bé easier to sell - 1st Loan sont likely tout extend/renew What i dont liké: - high LTV at 62% - développer unknown - load of New build in the area that seems hard to sell - brexit may happen when the Loan renew Any thought?Just one, you're still investing with FS?!
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rs
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Post by rs on Sept 14, 2018 12:13:00 GMT
I have a small amount in this one. But hoping it doesn't complete.
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Post by mrclondon on Sept 14, 2018 12:35:39 GMT
What i dont liké: - high LTV at 62% - développer unknown
If you take a look at the DD Central thread for this loan, you'll see that the borrower/developer is most probably known to us (with loans against security in Warrington, Stretford, Wallasey & Bootle). But this is by no means certain.
I'm at my exposure limit for this borrower, and have some question marks regarding the overdue tranches on Stretford, the recent inability to renew Warrington until one of the units sold, and the plausability/viability of the Wallasey development site.
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cwah
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Post by cwah on Sept 14, 2018 13:30:26 GMT
Thanks. How do tout find out which développer it is?
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Post by mrclondon on Sept 14, 2018 14:42:02 GMT
Thanks. How do tout find out which développer it is? In many cases (incl this one) its simply a matter of looking at who the planning applicant is, and who the declared beneficial owner(s) of the site are (all from the planning application form), and tying that back to the loan details to see if it makes sense. In addition in this case the assumed borrower has incorporated a SPV company with the security asset as part of the company name.
Unfortunately we will probably have to wait for the FCA to implement their proposals which are out for consultation at present before platforms like FS will begin to act responsibly towards their lenders and disclose who the borrowers are.
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cwah
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Post by cwah on Sept 14, 2018 18:22:10 GMT
Hello Anyone investing on it? Some things i liké: - near Liverpool city centre - validation document shows £2 million insurance - valuation at £1.5 million so or should bé easier to sell - 1st Loan sont likely tout extend/renew What i dont liké: - high LTV at 62% - développer unknown - load of New build in the area that seems hard to sell - brexit may happen when the Loan renew Any thought?Just one, you're still investing with FS?! I like the fact it is in city centre and the £2 million insurance liability. Not good?
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cwah
Member of DD Central
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Post by cwah on Sept 14, 2018 18:23:54 GMT
Thanks. How do tout find out which développer it is? In many cases (incl this one) its simply a matter of looking at who the planning applicant is, and who the declared beneficial owner(s) of the site are (all from the planning application form), and tying that back to the loan details to see if it makes sense. In addition in this case the assumed borrower has incorporated a SPV company with the security asset as part of the company name.
Unfortunately we will probably have to wait for the FCA to implement their proposals which are out for consultation at present before platforms like FS will begin to act responsibly towards their lenders and disclose who the borrowers are.
Thank you. Very insightful. Any loans worth investing now? I thought this one was quite good. #Citycentre #£2MillionsInsurance
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ozboy
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Post by ozboy on Sept 14, 2018 18:27:11 GMT
I have no idea cwah . As I have said before, with many Platforms the loan might stand up to scrutiny and DD, but it's what you're not told that's the all important clincher. And that, of course, only comes out of the woodwork much further down the line, like when the Loan goes waaaaay overdue, or defaults. I don't even bother looking at FS' offerings, haven't for a year now. Just waiting very patiently for my £14K of zombie loans to crystallise.
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cwah
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Post by cwah on Sept 14, 2018 18:42:08 GMT
I have no idea cwah . As I have said before, with many Platforms the loan might stand up to scrutiny and DD, but it's what you're not told that's the all important clincher. And that, of course, only comes out of the woodwork much further down the line, like when the Loan goes waaaaay overdue, or defaults. I don't even bother looking at FS' offerings, haven't for a year now. Just waiting very patiently for my £14K of zombie loans to crystallise. Which loans are you in?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 14, 2018 21:17:53 GMT
Londonderries, Art, South Wales, and a few hundred in Power Boats. And I lied, I just checked and seems it's only £12K I'm pining for.
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cwah
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Post by cwah on Sept 14, 2018 21:38:18 GMT
Londonderries, Art, South Wales, and a few hundred in Power Boats. And I lied, I just checked and seems it's only £12K I'm pining for. I'm in south wales and londonberry as well. Didn't buy any art or power boat as I'm not able to value these. Depending on how much it recover it will have a big impact on my future investment. But I think it's too early to say it will be major loss yet
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adrian77
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Post by adrian77 on Sept 15, 2018 10:06:24 GMT
I am not suprised you are out of FS !
The art may come good but as for the rest... I hope your other UK experiences are better!
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Post by mrclondon on Sept 10, 2019 13:31:21 GMT
fundingsecure can we have an update please as to what the borrower's exit strategy is now that the March 2019 planning application has been approved (mid August).
The last update was almost 3 months ago, and the loan (2823436972) is almost 6 months overdue.
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sundown
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Post by sundown on Oct 7, 2019 16:23:21 GMT
The last update on 13 June promised “Follow up on planning approval by 12th July”. Since then there has been silence. Where’s the new improved communication fundingsecure ?
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