rocky1
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Post by rocky1 on Feb 13, 2019 19:42:20 GMT
might need these underwriters again for this one.cant see this filling anytime soon.
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michaelc
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Post by michaelc on Feb 13, 2019 19:54:05 GMT
had a quick google - even for a mere £4m you can get a fantastic house in Notting Hill although the top end of this area for sale is £15m! Hard at this moment to comment as we don't know the property But I am really puzzled why somebody with a £9M + house needs to borrow at 20% - of course they may need the money very quickly but even so?£8.7m at 20% is £1.74m - let us hope he has not got expensive works of art in the house! On the plus side I guess if the Pounds slumps due to a no deal Brexit then the house will be cheaper for foreign investors And to think this used to be a run-down area! Not for me but an interesting one. Quick route for "selling" perhaps ?
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adrian77
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Post by adrian77 on Feb 14, 2019 9:32:00 GMT
quite possibly - thinking about this - what is this lender actually going to do with the £8.7m ?
If this borrower paid £4 for the house a few years ago and can't sell it in this market then why not get a £8.7m loan - default and get 6+ months free accommodation in a stunning home whilst he or she looks for eg a £4m house - result £4m in the bank and £4m house bought for cash. Far-fetched - unlike the art loans, Whitehaven, park homes etc etc...just a thought
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arby
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Post by arby on Feb 14, 2019 9:35:13 GMT
quite possibly - thinking about this - what is this lender actually going to do with the £8.7m ? If this borrower paid £4 for the house a few years ago and can't sell it in this market then why not get a £8.7m loan - default and get 6+ months free accommodation in a stunning home whilst he or she looks for eg a £4m house - result £4m in the bank and £4m house bought for cash. Far-fetched - unlike the art loans, Whitehaven, park homes etc etc...just a thought This is equally possible with a £100k transaction and the risk of fraud or malintent is one of the many reasons why we should diversify, even when the individual loan looks "as safe as houses" 
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adrian77
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Post by adrian77 on Feb 14, 2019 9:49:58 GMT
absolutely - but possibly a bit more tempting - I was being a bit tongue-in-cheek but you never know.
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