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Post by mrclondon on Jul 19, 2019 11:02:25 GMT
fundingsecure , at this stage in the p2p story, it is not acceptable to present loan listings such as this one to retail investors.
The asset is anonymous with the realtime valuation redacted. The asset tab states its a semi, but the valuation an end terrace. I am currently unable to match it back to LR via the stated known sale price in 2005.
Pete****** Av, Romford is a long road split into multiple postcodes, some bits look more desirable than others.
Anyone investing in this without further information has more money than sense, esp. as its a 2nd charge.
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coop
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Post by coop on Jul 19, 2019 11:05:03 GMT
fundingsecure , at this stage in the p2p story, it is not acceptable to present loan listings such as this one to retail investors.
The asset is anonymous with the realtime valuation redacted. The asset tab states its a semi, but the valuation an end terrace. I am currently unable to match it back to the stated known sale price in 2005.
Anyone investing in this without further information has more money than sense.
How many successful "international business person" "involv[ed] multi-million pound projects" need to take out an extortionate second mortgage on their own property to complete their multi-million pound business dealings? Doesn't fill you with confidence about their business acumen does it??? Edit: It's an end-terrace of a 4 house terrace Double edit: They own two UK properties but don't state whether this one is their family home or a BTL or similar. Therefore most prudent to assume they live there and recovery would be made more difficult by that fact
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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 19, 2019 11:15:00 GMT
fundingsecure , at this stage in the p2p story, it is not acceptable to present loan listings such as this one to retail investors.
The asset is anonymous with the realtime valuation redacted. The asset tab states its a semi, but the valuation an end terrace. I am currently unable to match it back to LR via the stated known sale price in 2005.
Pete****** Av, Romford is a long road split into multiple postcodes, some bits look more desirable than others.
Anyone investing in this without further information has more money than sense, esp. as its a 2nd charge.
Ah, but the New & Improved Professional Management Team at FS were going to address such inadequacies and they weren't going to happen anymore and everything was going to be vastly improved. Starting from around 6 months or so ago I believe?
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p2ploser
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Post by p2ploser on Jul 19, 2019 11:26:06 GMT
Do you think this new professional a management team were brought in the wind down the business?
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r1200gs
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Post by r1200gs on Jul 19, 2019 11:36:58 GMT
What would I even be lending on, and on a second charge? Are FS trying to commit suicide?
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Post by mrclondon on Jul 19, 2019 11:38:34 GMT
The photo attached to the listing can be matched to the property on the eastern corner of Pete****** Av and Ret**** Rd towards the eastern end of Pete****** Av (Google streetview link on DDC). The layout of the fences is slightly confusing, but it is possible to guess the house number.
All supposing the photo is correct .... remember Burnley with the photo at the other end and opposite side of the street !
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coop
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Post by coop on Jul 19, 2019 11:39:22 GMT
What would I even be lending on, and on a second charge? Are FS trying to commit suicide? You're lending your money to an unspecified business venture which will at some point in time result in a large payout. In return you have a 2nd charge over a house, presumably occupied. If this loan defaults then you could be looking at years to get your money back and if they really dig their heels in you might not get all your capital back after first charge holder and various legal/admin fees have been paid...
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coop
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Post by coop on Jul 19, 2019 11:40:09 GMT
The photo attached to the listing can be matched to the property on the eastern corner of Pete****** Av and Ret**** Rd towards the eastern end of Pete****** Av (Google streetview link on DDC). The layout of the fences is slightly confusing, but it is possible to guess the house number.
All supposing the photo is correct .... remember Burnley with the photo at the other end and opposite side of the street ! Matches what I found too. I've amateurishly assumed it's the correct photo. More fool me probably.
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thedog
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Post by thedog on Jul 19, 2019 11:44:34 GMT
fundingsecure , at this stage in the p2p story, it is not acceptable to present loan listings such as this one to retail investors.
The asset is anonymous with the realtime valuation redacted. The asset tab states its a semi, but the valuation an end terrace. I am currently unable to match it back to LR via the stated known sale price in 2005.
Pete****** Av, Romford is a long road split into multiple postcodes, some bits look more desirable than others.
Anyone investing in this without further information has more money than sense, esp. as its a 2nd charge.
I won't quote the house number here but if you zoom in on the photo it, er, may be possible to tell...... (which i know doesn;t speak well of competence to blank out something and then show a photo of of it) I then found it on google-maps. Property has large extension at ground floor to rear hence larger m2 than others in area (used as an office for the sprawling business empire??). Still has decent fenced off garden to front / side. The "known" price is not reflected on LR but couple of doors down mid terraced, definitely smaller (extension), went for 260 in 2015. I reckon the values about fair but SC as you note so....
"International Business Person in security and construction" sounds to me like it they're over-selling it. Small scale building company with a couple of jobs overseas?? "auf wiedersehen Pet"
EDIT - crossed with your own further research on location.
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r1200gs
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Post by r1200gs on Jul 19, 2019 11:46:56 GMT
What would I even be lending on, and on a second charge? Are FS trying to commit suicide? You're lending your money to an unspecified business venture which will might at some point in time result in a large payout which might be used to pay us back.. In return you have a 2nd charge over a house, presumably occupied. If this loan defaults then you could be looking at years to get your money back and if they really dig their heels in you might not get all your capital back after first charge holder and various legal/admin fees have been paid... Please excuse my edit of your post. Precisely, and we've had a few of these. We end up relying on the borrower winning a court case, getting sponsorship, planning permission.... And when it doesn't happen the security turns out to be useless, especially a second charge. Platforms simply cannot do this these days, lenders are wising up and once bitten twice shy is increasingly the case as more people are getting bitten.
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coop
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Post by coop on Jul 19, 2019 11:56:24 GMT
You're lending your money to an unspecified business venture which will might at some point in time result in a large payout which might be used to pay us back.. In return you have a 2nd charge over a house, presumably occupied. If this loan defaults then you could be looking at years to get your money back and if they really dig their heels in you might not get all your capital back after first charge holder and various legal/admin fees have been paid... Please excuse my edit of your post. Precisely, and we've had a few of these. We end up relying on the borrower winning a court case, getting sponsorship, planning permission.... And when it doesn't happen the security turns out to be useless, especially a second charge. Platforms simply cannot do this these days, lenders are wising up and once bitten twice shy is increasingly the case as more people are getting bitten. Yeah I was being rather tongue in cheek saying it would result in a large payout! My issue with these sort of loans is there's no big upshot - presumably this will be a big payday for him or else he wouldnt remortgage a house for it - but even best case scenario we get 6% return on our investment back after 6 months. I would sooner invest a smaller amount in a riskier way - if he needs £80k further investment to pull off a deal then it would be better for investors to be cut into the deal and take a proportion of the (assumed) profit; considering the weakness of the security....
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Post by mrclondon on Jul 19, 2019 14:12:12 GMT
"International Business Person in security and construction" sounds to me like it they're over-selling it. Small scale building company with a couple of jobs overseas?? "auf wiedersehen Pet"
If we've managed to identify the right property, then it is occupied by someone providing private security services, including in the Gulf states. Of greater concern the land registry title document already has 1st and 2nd charges noted. It looks like an inherited property, so the 2005 valuation may be a probate valuation which are not recorded at LR.
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coop
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Post by coop on Jul 19, 2019 14:43:38 GMT
"International Business Person in security and construction" sounds to me like it they're over-selling it. Small scale building company with a couple of jobs overseas?? "auf wiedersehen Pet"
If we've managed to identify the right property, then it is occupied by someone providing private security services, including in the Gulf states. Of greater concern the land registry title document already has 1st and 2nd charges noted. It looks like an inherited property, so the 2005 valuation may be a probate valuation which are not recorded at LR. So at a push best case scenario is FS have quoted the correct amount for previous charges but have got the amount of charges wrong (i.e. call all previous borrowing against property the "1st charge" so they can call this a 2nd charge) OR FS have decided to not mention the 2nd charge at all OR FS aren't even aware of the second charge themselves OR the picture is wrong
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michaelc
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Post by michaelc on Jul 19, 2019 15:08:41 GMT
What I do now is imagine a given loan proposition wasn't being window'd by FS and was actually a pitch directly from the borrower with no implied endorsement or checks whatsoever. If this guy offered me this on his own website or down the pub, would I put money into it ?
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benaj
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Post by benaj on Jul 19, 2019 15:16:13 GMT
Not really a fan of HomeTrack valuation. I suppose the bottom end of the estimation would be good guess assuming nothing strange about the interiors, and the borrower is expecting cash in 3-4 months time from business and not from sale of this property.
The Tesla loan was repaid within 40 days, so may be worth a small punt like £100. FS may not need 800 die-hard fans to activate this loan, time will tell. Given my experience with FS, I suppose 80k is what FS is willing to lend, otherwise, they would have lent even MORE.
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