rs
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Post by rs on Jun 11, 2019 11:20:28 GMT
Coming soon? 9% interest rate. LTV 57%. £200k loan.
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arby
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Post by arby on Jun 11, 2019 13:10:14 GMT
Coming soon? 9% interest rate. LTV 57%. £200k loan. There's a 3 year old planning application for 9 houses on this site. Given the low rate offered I would hope there is very strong security....
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sarahcount
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Post by sarahcount on Jun 25, 2019 15:24:42 GMT
New loan going live.
9% return for 57% LTV.
"The borrower purchased the subject site in December 2018 and has requested a loan of £200,000 to recover the costs invested to obtain planning consent and to fund pre-development or infrastructure works on a site in Cambridgeshire. The borrower will repay the subject loan when a loan to develop the site is obtained."
Despite the site being in Cambridgeshire FS advise us that the planning has been granted by Finland Council.
Those Finns. They get everywhere.
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coop
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Post by coop on Jun 25, 2019 15:34:25 GMT
9% return - is this before or after the Finland Revenue get their share?
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rs
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Post by rs on Jun 25, 2019 15:51:01 GMT
9% return - is this before or after the Finland Revenue get their share? Did they mean Fenland council? Maybe Finland council does exist. Surely with new FS management they would try to get everything correct seeing that old management was a little relaxed about everything.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 25, 2019 16:29:11 GMT
9% return - is this before or after the Finland Revenue get their share? Did they mean Fenland council? Maybe Finland council does exist. Surely with new FS management they would try to get everything correct seeing that old management was a little relaxed about everything. " relaxed", Ha! that's a good one. I learn a new synonym every day on here for [insert your own descriptive word for FS' "management" here].
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kielbasa
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Post by kielbasa on Jun 25, 2019 21:38:24 GMT
9% return - is this before or after the Finland Revenue get their share? Reminds me of a story I heard years ago: fraudsters set up a business called Finland Bevenue or something like that and opened a bank account. Then they got a dodgy postman to steal post meant for the Inland Revenue. Then they amended the name on the cheques and paid them in.
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Post by df on Jun 25, 2019 22:22:43 GMT
9% For FS property loan is rather low. I recall 8%, but that was extremely low LTV and very little doubt of successful recovery in the event of default.
Definitely not for me, but it would be interesting to see how long it will take to fill 200k @9%. Also curious if the content of "borrower profile" will help to win the minds of disgruntled...
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petrichory
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Post by petrichory on Jun 25, 2019 22:47:21 GMT
All I know is that the same borrower of infamy from TheDell and CharterHouse also owns a memorial hall through one of the myriad shell companies that recently saw a change in primary ownership. They are not connected, the happenstance is just uncanny given the synchronicity of things.
Whenever a proposal contains the words "help to buy" "assisted living" or "social housing" scheme then it is almost a guarantee that the loan will not complete in a punctual manner. At the very least, the rate of return is very low for something this unbuilt and speculative.
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coop
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Post by coop on Jun 26, 2019 8:27:13 GMT
9% return - is this before or after the Finland Revenue get their share? Reminds me of a story I heard years ago: fraudsters set up a business called Finland Bevenue or something like that and opened a bank account. Then they got a dodgy postman to steal post meant for the Inland Revenue. Then they amended the name on the cheques and paid them in. The perfect crime!
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09dolphin
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Post by 09dolphin on Jun 26, 2019 10:47:10 GMT
Reminds me of a story I heard years ago: fraudsters set up a business called Finland Bevenue or something like that and opened a bank account. Then they got a dodgy postman to steal post meant for the Inland Revenue. Then they amended the name on the cheques and paid them in. The perfect crime! Alas no as the miscreants were caught and sentenced to 100 years hard labour. Where the miscreants went wrong was that they were too stupid set up a property loan company and employ valuers who would agree to whatever ridiculous valuation was suggested which is entirely legal.
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