arby
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Post by arby on Feb 28, 2019 12:35:44 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. Isn't this a good thing? It keeps the pipeline moving and the loan is there for people who may want to invest following any repayments. Once a platform starts regularly being unable to deliver what they offered the borrower then it would likely fail.
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trium
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Post by trium on Feb 28, 2019 13:25:36 GMT
Seems they intend to just leave it filling and reduce the underwriter's stake accordingly. Presumably borrower gets the funds without having to formally activate in the normal way and lenders still earn interest while it's filling.
They did something similar with Elephant and Castle - that was supposed to stay open another 5 days to reduce the underwriter's commitment. It's still filling now.
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Post by mrclondon on Mar 28, 2019 12:19:17 GMT
fundingsecure - it may be sensible to get your legal team to check and correct the filings of the charges at CH. The filing in favour of yourselevs looks fine, but the filing in favour of an individual whom I assume is your director/shareholder references a different property in the brief description, although the correct one is referenced in the property schedule on page 50 of the pdf filed at CH.
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rs
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Post by rs on Jul 4, 2019 18:59:07 GMT
Rather positive update today from FS on this loan. Very surprising.
"We have had an update from the borrower to say that all of the flats are sold subject to contract, with all purchasers being in receipt of draft contracts. We have been advised that two of the purchasers are close to exchanging contracts.
There was a slight delay to the electrical work, however this work is now underway and meters are due to be installed shortly.
The final list of tasks are being reviewed this week, with an estimated four weeks to decorate the properties including boxing of pipework, decorating and fitting flooring.
The building controls and building warranty surveyor is in regular communication and both will be ready for sign off shortly.
Below is a link to the marketing listing, showing additional detail and photos: <rightmove link removed by mod>"
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 5, 2019 21:10:48 GMT
Rather positive update today from FS on this loan. Very surprising.
"We have had an update from the borrower to say that all of the flats are sold subject to contract, with all purchasers being in receipt of draft contracts. We have been advised that two of the purchasers are close to exchanging contracts.
There was a slight delay to the electrical work, however this work is now underway and meters are due to be installed shortly.
The final list of tasks are being reviewed this week, with an estimated four weeks to decorate the properties including boxing of pipework, decorating and fitting flooring.
The building controls and building warranty surveyor is in regular communication and both will be ready for sign off shortly.
Below is a link to the marketing listing, showing additional detail and photos: <rightmove link removed by mod>"
You lost me at " an update from the borrower"........ 
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Post by mrclondon on Nov 30, 2019 13:04:51 GMT
Loan has been defaulted on the website in the last 7 days. Maturity date was 18th November.
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adrian77
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Post by adrian77 on Nov 30, 2019 14:27:18 GMT
I remember this one - will be interesting when we find out what the hell is is going on here:
shared first charge or whatever with c****l**ds
common director FS and above
given this fact how long is the above company going to ask?
I am completing on one of my houses on Monday - still thinking whether to risk putting the money into one of the large and established p2p companies as I can foresee the whole industry throwing a wobbly...thank God I never sold it last year - may have put it into FS!
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iRobot
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Post by iRobot on Nov 30, 2019 17:06:10 GMT
I am completing on one of my houses on Monday - still thinking whether to risk putting the money into one of the large and established p2p companies as I can foresee the whole industry throwing a wobbly Not buying / renovating another property? Go to to be less risky than P2P: - risks are more apparent up front (unlike P2P)
- issues can be identified more quickly (unlike P2P)
- costs associated with mitigating / resolving the above can be more easily constrained (unlike P2P)
- cock-ups are yours and yours alone (definitely unlike P2P*)
*(in edit) - excluding the two golden rules of investing (especially P2P, given the risk profile); never invest more than you can afford to lose and diversify, diversify, diversify. Getting those two wrong really are only your own fault.
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adrian77
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Post by adrian77 on Nov 30, 2019 22:45:07 GMT
Agree with your comments ref the risks of P2P
Personally I am expecting a huge short-term fall in the UK property prices so waiting to see if I am proven correct - guess I could repay part of my home mortgage but where's the fun in that!
Sure won't be investing in the other related P2P company!
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iRobot
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Post by iRobot on Dec 1, 2019 14:48:30 GMT
Agree with your comments ref the risks of P2P Personally I am expecting a huge short-term fall in the UK property prices so waiting to see if I am proven correct - guess I could repay part of my home mortgage but where's the fun in that!
Sure won't be investing in the other related P2P company! Re: this - interesting. Any thought's on how just how 'huge'? (In percentage terms.) And any regional specificity? Sector also has some bearing eg: commercial .v. residential and, within the latter, FTB-type properties through to top-of-the-ladder. Last two years at a national level has seen little fluctuation, wavering around the +/- 2%. As usual, London is a bit of an outlier; between -6.1% and +3.5% in the last 12 months depending on borough. Re: this - the fun is seeing the amount your overall repayment reduces by. Personally, paying off liabilities took a priority over pondering about the next investment adventure, but appreciate everyone's different (and that that there may be tax implications if you are flipping properties in a company wrapper and thinking of removing a chunk of cash pay down a personal liability).
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adrian77
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Post by adrian77 on Dec 1, 2019 15:16:44 GMT
My logic is simple - average house prices to average income is far too high - I think over 7 times now- the country is in far too much debt and who knows what will happen after the election? Whatever I am waiting and not buying at the moment...
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iRobot
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Post by iRobot on Dec 1, 2019 16:46:04 GMT
My logic is simple - average house prices to average income is far too high - I think over 7 times now- the country is in far too much debt and who knows what will happen after the election? Whatever I am waiting and not buying at the moment... that may be of interest: - On average, full-time workers could expect to pay an estimated 7.8 times their annual workplace-based earnings on purchasing a home in England and Wales in 2018.
- Housing affordability in England and Wales stayed at similar levels in 2018, following five years of decreasing affordability.
To your mind, what constitutes the 'right' level of affordability? (And is that specific you your catchment area?) What sort of price drop would be required to reach it? Some insights on regional specificity (from the same source): - Copeland, in the North West of England, remained the most affordable local authority in England and Wales in 2018; with average house prices being 2.5 times average workplace-based annual earnings.
- Kensington and Chelsea remained the least affordable local authority in 2018, with average house prices being 44.5 times workplace-based average annual earnings.
I think you've mentioned Burnley a couple of times; localised figures for last five years (starting 2014) have been 3.8, 3.5, 3.7, 3.7 and (2018) 3.6 times earnings
On a plus note, for renovators / flippers of existing builds: - In 2018, newly-built dwellings were estimated to be significantly less affordable than existing dwellings.
FWIW, my view is that house prices may have plateaued but we won't see a 'huge' correction. A 5-10% drop within the next 18m is a possibility, but then so is a 5% increase. Supply isn't outstripping demand and based on this (now 4m old) article, it isn't a situation which is likely to change any time soon.
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adrian77
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Post by adrian77 on Dec 2, 2019 7:40:56 GMT
interesting research which is similar to what I have read but I normally deal in distressed sales
e.g. last purchase was about 55% of asking price, made the attic bird proof, a quick clean and resold with a 50% gross profit ( still resold below original asking price). What I strongly suspect is that the number of distressed sellers is going to go up due to Brexit etc. The reason I mention this is that our loan book consists of distressed sellers and sadly buyers smell blood and I really can't see most of our assets going for anywhere near the FS valuation. If I had borrowed FS cash to fund this I would still have made a healthy profit but if I have renovated it with FS borrowed money then I doubt very much if I would have done so and the business plan for most of our assets really, really worries me. Welsh church being an exception.
As I said I wish I had never heard of FS and personally I think it is best our assets are just disposed of asap and we move on...
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iRobot
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Post by iRobot on Dec 2, 2019 13:35:54 GMT
interesting research which is similar to what I have read but I normally deal in distressed sales e.g. last purchase was about 55% of asking price, made the attic bird proof, a quick clean and resold with a 50% gross profit ( still resold below original asking price). What I strongly suspect is that the number of distressed sellers is going to go up due to Brexit etc. The reason I mention this is that our loan book consists of distressed sellers and sadly buyers smell blood and I really can't see most of our assets going for anywhere near the FS valuation. If I had borrowed FS cash to fund this I would still have made a healthy profit but if I have renovated it with FS borrowed money then I doubt very much if I would have done so and the business plan for most of our assets really, really worries me. Welsh church being an exception. As I said I wish I had never heard of FS and personally I think it is best our assets are just disposed of asap and we move on... I know you like to take any opportunity to have a good rant about FS, but you appear to forgotten to answer any questions in favour of having that rant  So, one last try ... If - and that's a big if in my opinion - the 'Brexit etc' adversely affects the market, what in % terms do you thing that will mean to average UK property prices. What, to you, constitutes a " huge short-term fall in the UK property prices"?
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adrian77
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Post by adrian77 on Dec 2, 2019 15:49:13 GMT
I don't want to appear as giving advice when I am not qualified to offer financial advice
However to stick my head above the parapet and this is solely my personal opinion as a developer and not a technical property analyst : my business plan is assuming a 10-30% fall in property prices over the next 2 years or sooner. If I am right I will buy back into the market and if I am wrong my other properties will increase in value so happy days either way. I called the boom in Northern house prices correctly but underestimated the boom in London prices so you pays your money and takes your choice.
Speaking of an FS "rant" or valid criticism as many of us see it - in fact considering this total shambles where some of us are going to lose a huge sum of money I think I have been very restrained. I have been thinking about the loans stored over several laptops. When studying networks with the OU we did token ring networks etc but funnily enough not the FS several laptops protocol! This is one the most ridiculous things I have ever heard of. In commercial terms the database must be tiny so why the hell wasn't it put onto a main server? So a borrower has say 3 loans - he could have had his data over 3 laptops which I suspect weren't even networked. And just how could FS compute the loan book defaults without all the laptop owners, at best, downloading the data and then collating it into a spreadsheet or similar but I guess it was done using pen and paper! If nothing else this would explain the fanciful figure they came up with!It would also explain why with multiple tranches we had multiple updates
I can't see any other option for the administrators to pay for an IT chap to build a contiguous database of the loan book so a forensic account can get to grips with working out just what the hell as happened to our money. I had written off 50% of my zombie loans but now I will be happy if I get 10% back. Looks to me. If Diane Abbotess had been the chief IT officer it would not have surprised me given I find it hard to take anything else about his outfit seriously - don't forget "organic development - it's a process"!
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