p2pstephan
Member of DD Central
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Post by p2pstephan on May 2, 2019 17:02:59 GMT
With a LTV of 25% and a loan of only £6,000 I would expect this loyal borrower should get a much lower interest rate.
This loan will go fast even with an investment Restrictions of £25 for the first 24 hours.
BUT is the loan quite as good as it seems.
“new VP 2040 engine” (Actually they said this on the original loan back in 2015) So not that new.
It was worth £25,000.00 in 2015 and if it has been loocked after then it’s probably worth more. (I’m no boat expert) Let’s hope it’s not been hacked about and maintained on a shoestring by a boaty person that has little spare cash to maintain it properly.
That said you would have to be pretty negligent to lower the value to below 6K
I would go for this loan but alas its only £25 and it’s going to be fastest finger at a time when I am working, so not much point for me. Having a real issue finding new loans that I like and can get into.
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song
Member of DD Central
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Likes: 115
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Post by song on May 2, 2019 18:06:06 GMT
With a LTV of 25% and a loan of only £6,000 I would expect this loyal borrower should get a much lower interest rate. This loan will go fast even with an investment Restrictions of £25 for the first 24 hours. BUT is the loan quite as good as it seems. “new VP 2040 engine” (Actually they said this on the original loan back in 2015) So not that new. It was worth £25,000.00 in 2015 and if it has been loocked after then it’s probably worth more. (I’m no boat expert) Let’s hope it’s not been hacked about and maintained on a shoestring by a boaty person that has little spare cash to maintain it properly. That said you would have to be pretty negligent to lower the value to below 6K I would go for this loan but alas its only £25 and it’s going to be fastest finger at a time when I am working, so not much point for me. Having a real issue finding new loans that I like and can get into. You are probably extremely fortunate
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iRobot
Member of DD Central
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Post by iRobot on May 2, 2019 18:30:35 GMT
Ahhhh... another of the golden oldies. this one been on FS since Nov 2014 (1510716293) and renewed 8 times (totaling over 3k repaid to investors so far).
Happy to let my investment roll on this.
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Post by mrclondon on Nov 13, 2019 0:33:59 GMT
Ahhhh... another of the golden oldies. this one been on FS since Nov 2014 (1510716293) and renewed 8 times (totaling over 3k repaid to investors so far). Happy to let my investment roll on this. Unfortunately the favourable winds have been replaced by the doldrums ...
Loan has been defaulted on the website, despite a maturity date of just ten days ago.
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iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
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Post by iRobot on Nov 13, 2019 11:29:31 GMT
Ahhhh... another of the golden oldies. this one been on FS since Nov 2014 (1510716293) and renewed 8 times (totaling over 3k repaid to investors so far). Happy to let my investment roll on this. Unfortunately the favourable winds have been replaced by the doldrums ...
Loan has been defaulted on the website, despite a maturity date of just ten days ago.
Yes - that's quite 'aggressive' by the Admins; new FCA guidelines would allow 90 days for non-property loans to be managed before mandated Default status applied, so in the absence of an update, I'm obliged to guess that the Borrower has indicated they'll not be repaying the loan. Not a boaty person so no idea on the current value of the yacht - especially as the 'new' engine is now 5yrs old - but even if it were engine-less, I should have thought a 35'-er would fetch £6k. A couple of them (and similar) are up for grabs here.
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Post by frankiii on Nov 13, 2019 17:33:06 GMT
The administrators fee proposal is 2.5% of unredeemed and 0.125% of "in term" assets. No conflict of interest there...
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taffy
Posts: 148
Likes: 360
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Post by taffy on Jun 11, 2020 10:51:37 GMT
The administrators fee proposal is 2.5% of unredeemed and 0.125% of "in term" assets. No conflict of interest there... Recent update on this yacht. "The borrower will pay £750 per month for 8 months, a total of £6,000." No mention of past or future interest payments nor recovery costs. At only 24% LTV, even a 100% valuation error as expected from FS, makes this boat highly salable. I live 500m from a harbour so would be interested at £6K +!! Why is the boat not being sold, capital and interest repaid, costs deducted and the balance returned to the debtor? The loan was defaulted some time ago. This Administration is getting weirder by the day!
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