Doc
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Post by Doc on Jul 24, 2019 15:41:47 GMT
Executive Summary
Loan Amount £ 2,250,000
LTV 64.66%
Investment Term 12 Months
Charge Type 1st
Exit Plan Refinance
Interest Rate 9%
Loan Summary
Funds are to redeem existing 1st charge so that planning can be signed off. Planning is for - <removed by mod as quoted from planning portal which google will link to this post>
<removed by mod as worded the same as the planning portal text>
Borower Profile
The borrowers have assets worth in excess of £6.5m including several BTL properties
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Post by mrclondon on Jul 24, 2019 16:11:25 GMT
Funds are to redeem existing 1st charge so that planning can be signed off.
Can anyone think of reasons why this might be the case ?
I'm aware that planning applications are often tentatively approved subject to receipt of S106 funds, but there is nothing on the planning portal (link on DDC, or search Newham Planning with postcode from FS loan description) after Nov 2018 when some revised drawings were added.
No VR as yet which might provide some clues.
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Post by mrclondon on Jul 24, 2019 16:33:17 GMT
Well someone at FS has a sense of humour - £500 min, and £500 max for first 24 hrs .... on a £2.25m loan
Still no VR though
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arby
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Post by arby on Jul 24, 2019 16:53:37 GMT
Well someone at FS has a sense of humour - £500 min, and £500 max for first 24 hrs .... on a £2.25m loan
Still no VR though
Gotta make sure that there's enough for the first 4500 investors.... 🤨
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Post by df on Jul 24, 2019 17:50:16 GMT
Well someone at FS has a sense of humour - £500 min, and £500 max for first 24 hrs .... on a £2.25m loan
Still no VR though
It makes perfect sense - min is to follow the new policy (exclude the unwanted) and max is to make sure that every worthy one can get a slice. It's a great offer - very attractive 9% rate, no nonsense like instant return or monthly repayments. There's no need for VR, it says that LTV is 64.66% and the borrower has 6.5m of assets, that already tell the volumes. Five investors have already took an advantage of this 12 months bond. It shouldn't take too long to fill - only £2,247,500 to go. Sorry for this sarcasm, but I really don't understand where exactly FS is going atm.
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arby
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Post by arby on Jul 24, 2019 17:59:56 GMT
Well someone at FS has a sense of humour - £500 min, and £500 max for first 24 hrs .... on a £2.25m loan
Still no VR though
It makes perfect sense - min is to follow the new policy (exclude the unwanted) and max is to make sure that every worthy one can get a slice. It's a great offer - very attractive 9% rate, no nonsense like instant return or monthly repayments. There's no need for VR, it says that LTV is 64.66% and the borrower has 6.5m of assets, that already tell the volumes. Five investors have already took an advantage of this 12 months bond. It shouldn't take too long to fill - only £2,247,500 to go. Sorry for this sarcasm, but I really don't understand where exactly FS is going atm. They've stated over the last 6 months that they are working on new types of offerings. Colour me underwhelmed if this is it.
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adrian77
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Post by adrian77 on Jul 24, 2019 18:05:10 GMT
I think FS have been at the glue samples again
1) £2.25m and no VR
2 ) building a new retail unit - well the High Street is booming - not!
3) Bathroom shop has NBV of under £200K
4) just how much are the existing charges?
5) so this chap has several million in assets and can't borrow at less than 20% or whatever - yeah right - I just can't find them if he has
6) This reminds me of a certain Hotel in North London with another p2p lender
On balance I think I will give this one a miss.
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rocky1
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Post by rocky1 on Jul 25, 2019 2:16:55 GMT
ABSOLUTE SH*TE. You really are taking the p*ss FS.i thought things might improve with new owners but it seems to be getting worse.these loans are the sort of rubbish LY were throwing out.9% come on give this one to your underwriters.
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coop
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Post by coop on Jul 25, 2019 8:45:43 GMT
FS are on crack if they think this is an attractive proposition
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rs
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Post by rs on Jul 25, 2019 9:35:49 GMT
FS are on crack if they think this is an attractive proposition There is cracks at FS! I might have to go to investor meeting then and get my gift bag.
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adrian77
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Post by adrian77 on Jul 25, 2019 11:16:00 GMT
Ask them if Nigel H has left any glue samples or have they all been sniffed?
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Brainer
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Post by Brainer on Jul 25, 2019 15:03:11 GMT
It makes perfect sense - min is to follow the new policy (exclude the unwanted) and max is to make sure that every worthy one can get a slice. It's a great offer - very attractive 9% rate, no nonsense like instant return or monthly repayments. There's no need for VR, it says that LTV is 64.66% and the borrower has 6.5m of assets, that already tell the volumes. Five investors have already took an advantage of this 12 months bond. It shouldn't take too long to fill - only £2,247,500 to go. Sorry for this sarcasm, but I really don't understand where exactly FS is going atm. Me neither.
If this is the work of the new management then they clearly don’t understand the P2P marketplace at the moment. Or perhaps even worse, if it’s the work of the remaining old management then they clearly don’t understand the P2P marketplace at the moment.
I’d put the chance of this filling in the current P2P climate, with FS’ current reputation, at 9%, with no VR, min £500, no interest until activation and no underwriters, as precisely zero.
Or maybe they’re not that bothered. We have enough evidence to suggest they do very little DD and now with no interest until activation they can just chuck loans up and if they don’t fill then they’ve lost very little by giving it a try.
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Post by mrclondon on Jul 25, 2019 15:22:25 GMT
VR now available on the assets tab.
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rocky1
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Post by rocky1 on Jul 25, 2019 16:58:52 GMT
what is/are the value of securityand LTV after this property which is the current security is demolishedand left with a bit of land.it has been known to happen.
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adrian77
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Post by adrian77 on Jul 25, 2019 18:29:56 GMT
According to the VR a 90 day sale would yield £2.9m and the FS loan £2.250m which I make an ltv of 78%
This chap is hoping for a 1 year loan - can't see the work started let alone completed by then
so that is a quick £400K before building starts - not exactly an easy area to demolish in is it?
True there is rental income of £187K pa but that will be lost and is a lot less than the interest charge and the owner will need somewhere else to live.
Even for London £2.25m for a relatively small building plot seems a lot to me and I can't see demolition being cheap. Also there is the problem of existing gas , water and power lines which may well need re-routing for new foundations etc and believe me that will not be cheap.
Do I think this one could work FS - answers on a digital postcard
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