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Post by richardthe4th on Sept 20, 2017 19:45:24 GMT
I can't see how much the clocks are worth.
Can anyone see that?
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rogerthat
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Post by rogerthat on Sept 20, 2017 21:36:42 GMT
Loan Ref No. 6334081637
Click on the "Assets" tab of the loan listing...it gives values for both the Military weapons and the clocks...whether you believe what is stated is another matter
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 20, 2017 22:25:15 GMT
Having now had the opportunity to see the individual items in the catalogue I can say with some certainty that none of the firearms are required to be licenced under the Firearms Act. I was a Registered Firearms Dealer until a few years ago and also had a private collection of firearms numbering well over 200 mostly bought singly over the last 50 years.
As to the swords, some may indeed be quite valuable but I cannot say this with certainty and a lot of the value rest on provenance and condition which is difficult to ascertain from photos. If you want to learn more a good source is Bonhams auction house where they frequently hold auctions of quality swords. Search for online catalogues under "Arms and Armour". The last London auction was in May and the catalogue is on line with prices from that auction. There was a good show of swords and the prices may surprise you! The next London auction is I believe in December but there are others in the USA and many elsewhere.
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Post by df on Sept 21, 2017 1:25:52 GMT
Already 50% filled up in 8 hours, it will probably be gone by lunch time? Some investments are quite large for what it is, somebody threw 50k in.
It is one of these types of security that may be worth what they claim, but when it comes to selling the assets nobody is interested in buying them.
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adrian77
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Post by adrian77 on Sept 21, 2017 6:30:27 GMT
Great input from Merlin etc who clearly has the t-shirt!
I have worked at one of the auction houses he mentioned -I have found such items can fly
but they can also bomb and fall out of favour as he says. I am avoiding this one due to his salient advice but also when I see LTVs of 69.68% I get a touch suspicious - come on FS do you think we are that stupid - I mean how many LTVs of 70.32% do we see!
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Post by angrykittens on Sept 21, 2017 7:34:46 GMT
Look's like a good effort at "Sale by Pawn" to me. They're right on the LTV cutoff as well so can't even roll up the interest in 6 months into the renewal!
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 21, 2017 7:59:00 GMT
Great input from Merlin etc who clearly has the t-shirt! I have worked at one of the auction houses he mentioned -I have found such items can fly but they can also bomb and fall out of favour as he says. I am avoiding this one due to his salient advice but also when I see LTVs of 69.68% I get a touch suspicious - come on FS do you think we are that stupid - I mean how many LTVs of 70.32% do we see! You would probably also know that the price at auction is not the price you get paid there is always the auction house fees. I think in the case of Bonhams you need to budget for 25% commission, plus tax. Also in an auction rarely to all the items sell and it could take years to get rid of everything and FS do not normally pay out until all items are sold!
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IFISAcava
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Post by IFISAcava on Sept 21, 2017 8:10:02 GMT
Great input from Merlin etc who clearly has the t-shirt! I have worked at one of the auction houses he mentioned -I have found such items can fly but they can also bomb and fall out of favour as he says. I am avoiding this one due to his salient advice but also when I see LTVs of 69.68% I get a touch suspicious - come on FS do you think we are that stupid - I mean how many LTVs of 70.32% do we see! You would probably also know that the price at auction is not the price you get paid there is always the auction house fees. I think in the case of Bonhams you need to budget for 25% commission, plus tax. Also in an auction rarely to all the items sell and it could take years to get rid of everything and FS do not normally pay out until all items are sold! They paid out on partially sold railway bits. Then defaulted the rest.
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adrian77
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Post by adrian77 on Sept 21, 2017 13:34:25 GMT
I most certainly do - when I worked in the industry, commissions was a very touchy subject following a class action! VAT can in some instances be reclaimed but 20-25% seems about right. Also where I worked there was also insurance at 1%+vat ,potential storage to pay and from memory payment was about 30 days after the sale. In addition dealers would try and ring the auction (the buggers!) and then work together to make low offers on unsold lots....as I said I appreciate your advice and am not touching this one. Just shows how important specialist knowledge is with such items....
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mikes1531
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Post by mikes1531 on Sept 21, 2017 14:53:09 GMT
I am avoiding this one due to his salient advice but also when I see LTVs of 69.68% I get a touch suspicious... : What exactly are you suspicious of? I don't understand why people are surprised that many FS loans are shown as 70% LTV. I suspect that many borrowers don't come to FS looking to borrow a specific amount. Instead, they want to get as much as they can. FS obtain a valuation, offer the borrower 70% of that and -- voila! -- a 70% LTV loan is offered to investors. In those cases where a borrower does have a specific sum they need/want, they'll offer FS only enough security to support a loan of the size they want -- why would they pledge more of their assets than they need to? -- and again a 70% LTV loan appears on the platform.
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adrian77
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Post by adrian77 on Sept 22, 2017 14:12:33 GMT
The fact these loans seem to be contrived at just under 70% - if FS will lend to 70% why don't they just say so rather than shave 0.32% off so that it looks better on first impression.
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bg
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Post by bg on Sept 22, 2017 15:22:33 GMT
The fact these loans seem to be contrived at just under 70% - if FS will lend to 70% why don't they just say so rather than shave 0.32% off so that it looks better on first impression.
They do say so. It's all over their website that they lend to 70% of asset value. it makes sense to round the loan amount down to the nearest £1000 so it's no coincidence that a lot of loans come in just under 70%. I'm not sure why that makes a loan look better.
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rogerthat
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Post by rogerthat on Mar 27, 2018 12:06:08 GMT
1410173723
Some Gallic bling..seems strange that potentially, the most valuable clock amongst the lot is neither valued nor part of the loan..perhaps a sprat to catch a mackerel ?
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7d7
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Post by 7d7 on Mar 27, 2018 12:14:14 GMT
FS have selected the mid estimated value of £445K. I've elected the low estimated value of £356K, which gives an LTV of 73%.
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Post by investor1925 on Mar 27, 2018 12:14:47 GMT
1410173723 Some Gallic bling..seems strange that potentially, the most valuable clock amongst the lot is neither valued nor part of the loan..perhaps a sprat to catch a mackerel ? Also, why say it's 75 clocks, when only the first 74 make up the valuation. May also be a new borrower, any ideas how we can find out ? I though this would be one like the film "gone in 60 seconds", but there's still 60% left after 14 minutes. mmmmm!!
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