arby
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Post by arby on May 24, 2019 16:00:10 GMT
I'm sure there is. Anything over 2% should always have us questioning what the risks are. Without doubt there is a reason why the borrower hasn't obtained a standard loan at an interest rate of low single digits. The same can be said for almost the entire p2p sector. Not necessarily. You can’t compare everything to standard residential domestic mortgage rates. The going rate for high street bank commercial bridging loans is often 15-20%. Higher still for development bridges. Many banks have withdrawn from the sector completely. I don't disagree, and there's a reason for that; if banks believed there was a relatively risk free way to make 10% return they would. As we've seen numerous times on here, seemingly secure loans can come into trouble with the valuation later down the line, or when the valuation is OK, other issues can arise around disputes of ownership, missing/stripped assets, worthless personal guarantees, fraud, competing charges or disputes that weren't identified at the outset. Those are my base assumptions when investing at the rates advertised by FS
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Post by df on May 24, 2019 19:41:30 GMT
I didn't get involved, but found it interesting. FS is probably the most diverse platform - I'd expect a loan like this to arrive via LC or Rebs and be fully amortising
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petrichory
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Post by petrichory on May 24, 2019 23:30:31 GMT
As we've seen numerous times on here, seemingly secure loans can come into trouble with the valuation later down the line, or when the valuation is OK, other issues can arise around disputes of ownership, missing/stripped assets, worthless personal guarantees, fraud, competing charges or disputes that weren't identified at the outset. Those are my base assumptions when investing at the rates advertised by FS I believe the farmer will "ustilise" the funds on his "prestine" farm in a fully responsible way that is a "tantamont" to his ability as an agricultural expert /s On a serious note, I do hope he's better with cattle than the English language butchers at FS.
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adrian77
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Post by adrian77 on May 25, 2019 6:43:33 GMT
totally agree - their use of English is egregiously poor in fact proper offal!
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kielbasa
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Post by kielbasa on May 25, 2019 7:17:37 GMT
I believe the farmer will "ustilise" the funds on his "prestine" farm in a fully responsible way that is a "tantamont" to his ability as an agricultural expert /s On a serious note, I do hope he's better with cattle than the English language butchers at FS. Urban Dictionary have it spot on: "Prestine A retarded way of spelling pristine." www.urbandictionary.com/define.php?term=Prestine
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criston
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Post by criston on May 25, 2019 10:57:25 GMT
It's about time FS become more professional in the way they present their loans. It must put a lot of people off when figures & spelling are not correct. There is a figure shown in 'Loan Summary & Update' of loan 3573103592, which shows £235,00 instead of £235,000. I am serious as far as here. Hope my spelling is OK. Management need to take the bull by the horns if they want to redeem their reputation.
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kielbasa
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Post by kielbasa on May 26, 2019 16:34:06 GMT
I believe the farmer will "ustilise" the funds on his "prestine" farm in a fully responsible way that is a "tantamont" to his ability as an agricultural expert /s On a serious note, I do hope he's better with cattle than the English language butchers at FS. Just a thought, but let's hope that the FS muppet who can't spell doesn't hire a "barista" instead of a "barrister" when FS's debt-chasing gets as far as a court hearing.
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criston
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Post by criston on May 30, 2019 17:03:58 GMT
Suppose we will get an update shortly, saying they made a mistake & the loan was for a yacht moored at Cowes.
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criston
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Post by criston on Feb 16, 2020 14:47:41 GMT
This one is still live.
I have 20% of my total small exposure of loans with FS, in this one.
At less than 10% LTV including rolled up interest, it should be one of the safest loans ever.
The loan was filled in a matter of seconds.
However, with the recent record of defaults etc. it makes you wonder if even this one will have a twist of fate.
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morris
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Post by morris on Feb 16, 2020 17:49:33 GMT
This and L**yb**k are my only two active loans. Fingers crossed.
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criston
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Post by criston on Feb 16, 2020 18:12:23 GMT
Even with 100% pay back into our accounts, we are still none the wiser if we will ever get our hands on it.
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criston
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Post by criston on May 16, 2020 10:50:10 GMT
Due to be paid back 8 days.
One of the best, if not the best ever LTVs on any platform, but have we been screwed like many other FS loans.
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Post by overthehill on May 16, 2020 11:13:16 GMT
Out of general interest for everyone following this group what do the previous two posts mean ? It reads like full repayment+interest... I'm not in this loan (it's a NI farm near B********** for anyone else who doesn't have the total loan list) thanks.
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iRobot
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Post by iRobot on May 16, 2020 11:19:59 GMT
Due to be paid back 8 days. One of the best, if not the best ever LTVs on any platform, but have we been screwed like many other FS loans. Wonder how the Administrators / FS will play this. On the assumption it doesn't pay back before the 25/05, will they immediately slap on the 'Default' sticker so they can claim their 5%? Or will they refrain from defaulting in light of the Gov't 'instruction' to show forbearance toward borrowers??
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criston
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Post by criston on May 16, 2020 11:27:00 GMT
Out of general interest for everyone following this group what do the previous two posts mean ? It reads like full repayment+interest... I'm not in this loan (it's a NI farm near B********** for anyone else who doesn't have the total loan list) thanks.
The one on Feb 16 was a general comment with reference to being classed as lenders, which we now are, so does not apply.
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