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Post by mrclondon on Feb 15, 2019 17:16:08 GMT
A loan against the same security is being listed on another platform (CrowdLords) which is open in the listing about the loan of £150k (min £80k) being in partnership with FundingSecure as part of a £445k loan and having a first charge.
When I asked FS via chat were they aware of this listing the response was "Yes we are aware, they are going to hold a 2nd charge behind us"
The FS listing doesn't tell us anything about this additional loan, and I feel potentially misrepresents the situation to potential lenders.
The FS loan is for £437k
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rs
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Post by rs on Feb 15, 2019 17:24:24 GMT
A loan against the same security is being listed on another platform (CrowdLords) which is open in the listing about the loan of £150k (min £80k) being in partnership with FundingSecure as part of a £445k loan and having a first charge.
When I asked FS via chat were they aware of this listing the response was "Yes we are aware, they are going to hold a 2nd charge behind us"
The FS listing doesn't tell us anything about this additional loan, and I feel potentially misrepresents the situation to potential lenders.
The FS loan is for £437k
Crowdlords have clearly stated on their email to me Crowdlords have 1st charge. I wonder who has 1st charge if there is a drop in property prices in the next 6 months.
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Post by mrclondon on Feb 15, 2019 17:38:10 GMT
I've only skim read the VR but three things stood out
VR 17.3 "Fenestration throughout the building is by way of single glazed sash window units"
VR 17.7 "It would appear certain elements of the building lie beneath areas of flat roofing"
VR 18.1 "Searches of the land registry website have failed to produce any title documentation."
I may be wrong but I thought getting an EPC rating that is acceptable for the purposes of letting a property is not easy without double glazing (i.e. the finished apartments are likely to be of no appeal to BTL investors)
EDIT: after playing around with the LR map search, my conclusion matches that of the valuer - there appears to be a freehold record for the building but the leasehold supposedly spun off it has not yet been registered at LR.
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Post by dan1 on Feb 15, 2019 18:27:35 GMT
A loan against the same security is being listed on another platform (CrowdLords) which is open in the listing about the loan of £150k (min £80k) being in partnership with FundingSecure as part of a £445k loan and having a first charge.
When I asked FS via chat were they aware of this listing the response was "Yes we are aware, they are going to hold a 2nd charge behind us"
The FS listing doesn't tell us anything about this additional loan, and I feel potentially misrepresents the situation to potential lenders.
The FS loan is for £437k
Worth reminding lenders of the new owner of FS' charge over CrowdLords... beta.companieshouse.gov.uk/company/08868588/charges/erxXQx8rJzGMpfH6xn9YbODFmAw
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adrian77
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Post by adrian77 on Feb 16, 2019 12:02:32 GMT
Well spotted that man- what the hell is going on here?
On the CL website it shows a loan of £150K (as mentioned above) as a FIRST charge so what is the total lent against this property 437K or 587K-? big difference especially as this looks yet another highly optimistic valuation to me - OUTRAGEOUS. CL could call in this loan as the second or first charge holders...
not as I see it and that is being generous!
Well if this is the new improved FS count me out!
I never liked the look of CL with these "loan bonds"...
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Post by mrclondon on Feb 19, 2019 12:35:24 GMT
The funding of the 1st charge contibution to this loan on CrowdLords is proceeding with a similiar degree of sluggishness as on FS. The second charge part doesn't appear to be live yet. One thing that has just caught my attention on the CrowdLords listing which seems to be in a different format this morning is this: which raises a lot questions. Is the concept of default interest being charged to the borrower unique to this loan on FS ? Or is it a generally the case with property loans ? Or is this a mistake by CL (their listings have all sorts of minor errors if you study them closely*) ? If this borrower could be charged default interest why do CL lenders get a call on it and we don't ?
* in this case CL persist (now on the anlaysis tab) with the 1st charge loan value as £445k when it is actually £437k.
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rs
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Post by rs on Feb 19, 2019 17:32:30 GMT
The funding of the 1st charge contibution to this loan on CrowdLords is proceeding with a similiar degree of sluggishness as on FS. The second charge part doesn't appear to be live yet. One thing that has just caught my attention on the CrowdLords listing which seems to be in a different format this morning is this: which raises a lot questions. Is the concept of default interest being charged to the borrower unique to this loan on FS ? Or is it a generally the case with property loans ? Or is this a mistake by CL (their listings have all sorts of minor errors if you study them closely*) ? If this borrower could be charged default interest why do CL lenders get a call on it and we don't ?
* in this case CL persist (now on the anlaysis tab) with the 1st charge loan value as £445k when it is actually £437k.
I doubt this is a mistake by CL. FS are supposed to be the agents for CL on this loan.
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adrian77
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Post by adrian77 on Feb 20, 2019 17:37:10 GMT
Cl are now offering a second charge loan of £65K against this property with a target rate
of 16% !
Do I think this one is optimistic - answers on a digital postcard
Can't recall FS mentioning this...
If you want details please PM me (sleepers need not apply)
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bg
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Post by bg on Feb 20, 2019 19:09:29 GMT
Cl are now offering a second charge loan of £65K against this property with a target rate of 16% ! Do I think this one is optimistic - answers on a digital postcard Can't recall FS mentioning this... If you want details please PM me (sleepers need not apply) It has been mentioned by FS, try reading the loan updates from 2 days ago.
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adrian77
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Post by adrian77 on Feb 20, 2019 19:37:50 GMT
very polite - it was not in the general tab and I never noticed it in the updates when I first read about this loan
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Post by mrclondon on Feb 26, 2019 11:37:52 GMT
Bonuses have been added to the FS loan this morning, and in the meantime the CrowdLords contribution to this loan has reached £66,500 out of £150,000 (min to draw £80k reduced to £60k).
I see two fundamental reasons for the slow fill on FS
a) apartments with no outside space in the middle of a large pedestrainised shopping centre are not particularly appealing to owner occupiers, the natural market is BTL. But the single glazing pointed out by the valuer implies they are unlikely to be suitable for letting.
b) the FS SM is not fit for purpose for loans with terms over 6 months
There comes a point when loans which the lending community deems "bad" are probably best being pulled.
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bg
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Post by bg on Feb 26, 2019 14:49:55 GMT
b) the FS SM is not fit for purpose for loans with terms over 6 months
I think the idea is to continue paying interest every 6 months regardless of the loan term.
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Post by mrclondon on Feb 26, 2019 18:03:48 GMT
b) the FS SM is not fit for purpose for loans with terms over 6 months
I think the idea is to continue paying interest every 6 months regardless of the loan term. Hmmm ... I'm not sure where you've seen FS state this as the T&C's still haven't been updated. Seems pretty meaningless to introduce longer loan terms in which case. IMO not worth the risk of touching them until FS clarify how they are meant to work .... to all lenders, ideally by updating the T&C's
4.10 The period of the Loan ("Loan Term") will be, in all cases, a fixed term of six months, subject to renewal in accordance with clause 6.5.
5.3 All Loan Agreements are for a fixed period of six months. The Loan Term commences in accordance with the provisions of the Loan Agreement.
5.4 All Loans including accrued interest and fees must be repaid in full at the end of the Loan Term (subject to the possibility for Loan renewals set out in clause 6.5).
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trium
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Post by trium on Feb 28, 2019 10:39:57 GMT
Loan now underwritten
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rocky1
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Post by rocky1 on Feb 28, 2019 11:43:49 GMT
job done then FS should move it to loans awaiting activation.underwriters seem to be popping up quite a bit lately on the loans that are not filling but being kept open for funding.leave it to them and good luck to them.
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