edward
Member of DD Central
Posts: 66
Likes: 24
|
Post by edward on Mar 20, 2018 8:55:02 GMT
struggling to find this one on site - could someone provide a number please.
|
|
|
Post by brummiefred on Mar 20, 2018 9:03:06 GMT
It is quoted earlier in this thread
|
|
Mousey
Member of DD Central
Posts: 1,569
Likes: 6,556
|
Post by Mousey on Apr 25, 2018 16:36:30 GMT
Just been updated - Plans to be submitted in 2 weeks; I imagine at least 8 weeks to be approved all going well. Then revalued and renewled. Several month left on this one I imagine!
|
|
michaelc
Member of DD Central
Posts: 4,855
Likes: 2,760
|
Post by michaelc on Aug 18, 2018 14:09:42 GMT
Just looking revisiting this as its been active just over a year. Looks like the latest update essentially says that the borrower is submitting a _third_ planning application? Presumably the other two were rejected or as some councils call them "withdrawn" which usually means the applicant is advised it will be rejected unless he withdraws.
I'll take a look at the council's planning website if nobody else manages to - apologies for my laziness !
|
|
crazi
Posts: 41
Likes: 62
|
Post by crazi on Oct 6, 2018 11:29:26 GMT
Thoughts on this one?
The original loan is 8 months overdue. This 2nd loan is based upon the valuation report. The valuation report specifically states that the report doesn't meet RICS standards and MUST NOT be used for any loan purposes.
Yet here we have FS lending an extra £330k based on the valuation report!! (seemingly passing the "very rigorous" vetting standards in place)
I have a large sum in the original loan and am tempted to take some in the 2nd loan as it all looks and sounds good until I read those parts of the report. If a proper report meeting RICS standards was undertaken then issue resolved but I was just wondering what others are thinking?
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Oct 6, 2018 14:10:41 GMT
Thoughts on this one? The original loan is 8 months overdue. This 2nd loan is based upon the valuation report. The valuation report specifically states that the report doesn't meet RICS standards and MUST NOT be used for any loan purposes. Yet here we have FS lending an extra £330k based on the valuation report!! (seemingly passing the "very rigorous" vetting standards in place) I have a large sum in the original loan and am tempted to take some in the 2nd loan as it all looks and sounds good until I read those parts of the report. If a proper report meeting RICS standards was undertaken then issue resolved but I was just wondering what others are thinking? That’s cool, investing more when it’s defaulted by either of the FCAs proposed measures. ”where the platform offered a target rate, the actual return achieved Q20: Do you agree with our proposals for additional requirements for disclosure of investment information to investors? Is there any additional information that platforms should be required to give to investors? If you disagree with our proposals, please explain why. Q21: Although not proposed in this CP we invite feedback on whether it would be helpful to consumers and industry to have a standard format for P2P disclosures about the services they provide and investment opportunities? 5.86 5.87 5.88 5.89 We are also proposing to define what constitutes default for the purposes of producing the outcomes statement using the definition in the Capital Requirements Regulation35 Outcomes statement to ensure consistency across platforms. Under this definition, a loan would have defaulted when the borrower is past the contractual payment due date by more than 90 days, or 180 days for property loans. Q22: Do you agree with standardising the definition of default? If so, do you agree with the proposed definition? If not, please explain why.” I know the above pasting is even more applicable to other threads on here about claimed rates, to retail investors, lack of transparency, etc etc. But any response by 27th Oct would be good. By “large amount”, I wondered what you meant as a % of total of your funds on this platform? i suspect FS might be more impacted than some peers if the consultation proposals ever get implemented. I did not see the not fit for lending comment, the update suggested a re-valuation was due July 18, the valuation I saw was Aug 17, but may well have missed it.
|
|
crazi
Posts: 41
Likes: 62
|
Post by crazi on Oct 10, 2018 14:35:18 GMT
The 2nd loan is based upon the GeraldEve "desktop" report. Link under the assets tab of the loan.
What's also concerning is at the end of the report they also say that the £2.5M to £2.6M valuation is based upon estimated build costs provided by the borrower which they believe to be, "significantly lower than would normally be expected"...
I just don't see how FS can offer a formal loan based upon this desktop report and say they "rigorously vet" loans. A proper report should be/have been undertaken before offering a 2nd loan in my opinion.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Oct 11, 2018 15:59:23 GMT
I think somebody has been sniffing the glue samples - how any builder can develop for lower than expected costs is a mystery to me and goodness know I have been looking to do this. I don't build on this scale but the cost/m2 seems a joke to me and not much more than I end up paying on major renovations.; Yet again there is no land survey and believe me it is insanity to pretend this is never a problem because it often is and when there is a problem it can be very nasty .e.g. a colleague of mine planned to build a house with basement but found it was above a granite outcrop so game over for that development plan.
Over £10m per acre - really!
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 18, 2018 10:58:07 GMT
I note that T2 (6741181097 ) is now on the platform and whilst i realise additional funds need to be raised id be more inclined to increase my stake if the original loan that im in ( 1739155574 ) paid the interest and renewed as its already on 429 days. LTV on the original loan was 70% yet I see T2 is 38.4%...how so ?
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Oct 18, 2018 11:32:15 GMT
I note that T2 (6741181097 ) is now on the platform and whilst i realise additional funds need to be raised id be more inclined to increase my stake if the original loan that im in ( 1739155574 ) paid the interest and renewed as its already on 429 days. LTV on the original loan was 70% yet I see T2 is 38.4%...how so ? Brexit uplift!
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Oct 18, 2018 11:38:31 GMT
I note that T2 (6741181097 ) is now on the platform and whilst i realise additional funds need to be raised id be more inclined to increase my stake if the original loan that im in ( 1739155574 ) paid the interest and renewed as its already on 429 days. LTV on the original loan was 70% yet I see T2 is 38.4%...how so ? As long as everyone goes in knowing this isn't a 6 month loan then it's potentially ok- it seems any investor will have to wait until the eventual exit, whenever that may be, then hope the new and increased valuation is realistic.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Oct 18, 2018 20:33:25 GMT
All loans are potentially OK ! Also all loans are potentially not OK!
Given that we have already had 100% losses on some secondary loans e.g. Neath can somebody explain why this one is worth investing in for an massive 1% more than the original loan. I make the interest on the original loan of £630K as £147K being 20% (estimate) over 14 months. Given this one has not even got planning permission yet then all I can see is ever more loans being used to repay interest whilst we wait for planning...I am not a sleeper!
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Oct 18, 2018 21:26:55 GMT
All loans are potentially OK ! Also all loans are potentially not OK! Given that we have already had 100% losses on some secondary loans e.g. Neath can somebody explain why this one is worth investing in for an massive 1% more than the original loan. I make the interest on the original loan of £630K as £147K being 20% (estimate) over 14 months. Given this one has not even got planning permission yet then all I can see is ever more loans being used to repay interest whilst we wait for planning...I am not a sleeper! Some loans have a risk of going well beyond 6 months before repayment. Some loans have a risk of not repaying at all. All I was doing was pointing out that we don't need to worry about the first risk as it is guaranteed to overrun based on the earlier facility. Hence, I was saying that if you feel that ultimately the loan will come good and that you're happy for your money to be tied up for potentially years then this loan could be for you. It definitely isn't for me though.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 18, 2018 22:24:34 GMT
All loans are potentially OK ! Also all loans are potentially not OK! Given that we have already had 100% losses on some secondary loans e.g. Neath can somebody explain why this one is worth investing in for an massive 1% more than the original loan. I make the interest on the original loan of £630K as £147K being 20% (estimate) over 14 months. Given this one has not even got planning permission yet then all I can see is ever more loans being used to repay interest whilst we wait for planning...I am not a sleeper! Some loans have a risk of going well beyond 6 months before repayment.
Some loans have a risk of not repaying at all. All I was doing was pointing out that we don't need to worry about the first risk as it is guaranteed to overrun based on the earlier facility. Hence, I was saying that if you feel that ultimately the loan will come good and that you're happy for your money to be tied up for potentially years then this loan could be for you. It definitely isn't for me though. Some !.. 90% of my MA is currently beyond 6 months.. c 40% already more than twice that I doubt there is a single investor who would be happy..just a hunch mind Well that's a surprise..erm Just a thought..you're not the borrower by any chance ?
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Oct 18, 2018 22:44:54 GMT
Some loans have a risk of going well beyond 6 months before repayment.
Some loans have a risk of not repaying at all. All I was doing was pointing out that we don't need to worry about the first risk as it is guaranteed to overrun based on the earlier facility. Hence, I was saying that if you feel that ultimately the loan will come good and that you're happy for your money to be tied up for potentially years then this loan could be for you. It definitely isn't for me though. Some !.. 90% of my MA is currently beyond 6 months.. c 40% already more than twice that I doubt there is a single investor who would be happy..just a hunch mind Well that's a surprise..erm Just a thought..you're not the borrower by any chance ? I can think of quite a few of my loans where I'd be happy for them to roll on for years, I'm thinking here of loans below 40% ltv and where I trust the valuation. So, if someone trusted the valuation on this loan then it could be a good multi year investment. I believe I've already hinted at what my opinion of the valuation is, but I don't think it's appropriate to say more given I don't have facts. I assume you're asking if I'm the borrower as I dare to have a different approach to assessing a loan to you? Edit: all your loans that have paid back on time are now not shown as part of your main account investments, hence I would hazard that your 90% statistic is not even close to the actual number of loans that go well over 6 months.
|
|