r00lish67
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Post by r00lish67 on Jan 16, 2019 18:34:06 GMT
Btw, I have noted a pending FS charge on number 19, but nothing on 21 as of yet. Re: borrower, this should probably be obvious to me but not sure who it is yet. That might change my view for better or worse, certainly. Its 19 & 20 not 19 & 21 ... and there is a pending FS charge on 20 as well as 19. Ah, that would explain it, thanks. They've incorrectly labelled them on the assets tab.
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r00lish67
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Post by r00lish67 on Jan 16, 2019 18:40:47 GMT
I've had a punt, I'm feeling brave/stupid. Yes, I did read the particulars. My view: 1) Borrower clearly believes that there is hope beyond demolishing/rebuild. I sincerely hope that is well-founded (arf arf) 2) Borrower is presumably injecting a fair amount of their own funds into the purchase and the refurbishment - good. 3) In the worst case, I assume it's back to auction where it probably will sell for the guide price, or maybe a little less. So, the downside risk is maybe losing 40% of my investment (?). Is what it is.
Btw, I have noted a pending FS charge on number 19, but nothing on 21 as of yet. Re: borrower, this should probably be obvious to me but not sure who it is yet. That might change my view for better or worse, certainly. Ok, maybe I'm being a bit thick and missing something, but why do you think that these would sell for so little having just sold for £183K? Am I missing something here? It's not unheard of.  Sorry, I disappeared off out. I tend to run with the view that you're not going to earn 10%+ for no risk, so whether it was an unusual auction or an unusual situation/risk with the property whatever that might be, either way there may well be some nasty somewhere. But as copacetic has already noted, having an auction guide price and actual sale (even if somewhat exaggerated) is reassuring, for sure. Adrian, I shall look forward you to being 'very concerned about this one' in a few months time, nevertheless 
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adrian77
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Post by adrian77 on Jan 17, 2019 10:42:15 GMT
I am very concerned now - this is not an easy project and we just don't enough a detailed structural survey so difficult to say. I just don't know if demolition will be required and neither do FS!
I would say it is imperative this chap has a huge cash mountain to cover unforeseen contingencies. If I were the neighbour I would get a structural survey of my house done, photographs etc and a legal letter to the developer telling him he will be sued for any damage to the neighbouring house.
I wrote
I have my mega list of 40 so not adding to it but an interesting one to follow nonetheless
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Post by mrclondon on Feb 10, 2019 1:07:35 GMT
Details of the borrower on this loan are now showing at CH (link in DD Central for those with access). The loan listing stated it was a previous FS borrower who had repaid his loans. This is indeed the case - he was the borrower on a couple of the very early property loans on FS in 2014-15, both in Leyburn in Yorkshire (a development of 2 pairs of semi-houses, and the refurb of a Victorian villa plus obtaining planning for a new dev in its garden).
Unfortunately we still can't infer anything about his expertise with structurally unsound properties.
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adrian77
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Post by adrian77 on Feb 10, 2019 14:34:03 GMT
great DD - have followed your link in FS DD - glad I did not invest in this one!
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arby
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Post by arby on Jul 12, 2019 22:33:21 GMT
great DD - have followed your link in FS DD - glad I did not invest in this one! Hindsight would make billionaires of all of us. Now a few more would probably be wishing they had invested...
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Post by mrclondon on Jul 26, 2019 17:36:54 GMT
Back for another loan against the same 2 properties (11am Monday)
Was £85k 46% LTV @ 11% repaid a few days before the 6 month maturity date
Now £27k 15% LTV @ 9%
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rs
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Post by rs on Jul 27, 2019 20:17:57 GMT
It’s a shame FS don’t mention what work the borrower did on these properties over the last 5 months.
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arby
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Post by arby on Jul 29, 2019 10:02:21 GMT
That was a few seconds of fun to get some.
I'm assuming there's no way to see the size of individual investments anymore? i.e. we can only see the last ~10 stakes?
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Post by mrclondon on Sept 2, 2019 21:07:40 GMT
Photos taken yesterday afternoon, an anti-clockwise tour starting at the front. Building works still in progress, but the new windows and doors are very noticable. Still some concerns regarding the roof (front slope). How much they are worth depends entirely on what has been done to underpin the houses, but hopefully they could be deposed of at auction again for more than the current £27k loan if the structural issues haven't been tackled. A gravel drive runs down the side of the end terrace to a gravel parking area for the end 3 (?) properties, and behind that a patch of garden for each property. Between the gravel drive and the parallel public road, there is a communal patch of grass. Final id is 1519804227
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