|
|
Post by alexp2p on Sept 23, 2020 12:13:56 GMT
Any opinions about the new loan R*** M*** U**
which will probably go live in near future?
In my opinion, main risks are that the borrower is in part the same as the tenant and also one rental is short-term.
However, it is mitigated by the fact that the borower is also engaged in the property market.
|
|
|
|
Post by overthehill on Sept 24, 2020 19:45:48 GMT
I'm undecided but just about every loan is sound at Tranche A especially if lending substantial amounts, could be good if you know the area well and have done DD on the borrower.
Not sure if the summary states this but he owns the flats above in Er* road as well according to the valuation doc. The terraced townhouse property next door recently sold for circa 720k, gulp, must be a desirable area despite the shop next door and shops across the road.
|
|
liso
Member of DD Central
Posts: 389 
Likes: 394
|
Post by liso on Sept 25, 2020 8:11:50 GMT
The name for this loan on PL's platform lists a small portfolio of properties and finishes "...and 2 separate flats". These 2 flats are the E*****h Road flats, the upper floors above the estate agency, and they are referred to throughout the LRS as if they are part of the loan, and part of the loan security.
It appears they are not. The VR states these flats "are excluded from this report".
Confusing, at best.
|
|
eeyore
Member of DD Central
Posts: 744 
Likes: 734
|
Post by eeyore on Sept 25, 2020 8:41:32 GMT
The name for this loan on PL's platform lists a small portfolio of properties and finishes "...and 2 separate flats". These 2 flats are the E*****h Road flats, the upper floors above the estate agency, and they are referred to throughout the LRS as if they are part of the loan, and part of the loan security. It appears they are not. The VR states these flats "are excluded from this report". Err, how have you come to that conclusion? The Loan Request states on the front page in the Asset Description: " The portfolio comprises two properties, one of which is a convenience store on the ground floor with two residential flats above." The Valuation Report covers these two flats. Yes, the other property (in E****h Road) also has two flats above it (also owned by the borrower) but these are, as stated, not included in the security.
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Sept 25, 2020 9:06:47 GMT
The entry for R** M*** U** in the Pending Loans list begins "The mini portfolio......" and goes on to list the properties, ending "and 2 separate flats".
It is reasonable to assume the properties listed in the portfolio are those which form the loan.
The LRS also appears to include the flats, referring to the estate agency and the upper floors above being in residential use. No mention that the upper floors are excluded from the loan.
Only the VR states they are not included.
|
|
|
|
Post by overthehill on Sept 25, 2020 9:20:17 GMT
I hadn't noticed that in the pending loans page, that is definitely a typo / mistake. The FLR does say the upper floors are in residential use but I didn't read that as implying they are part of the security but it could have been made much clearer. I was only 100% certain after reading the valuation document. No big deal, Proplend would fix this confusion if somebody points it out.
I wish the flats above the 2 properties were swapped in the security!
|
|
eeyore
Member of DD Central
Posts: 744
Likes: 734
|
Post by eeyore on Sept 25, 2020 9:49:24 GMT
The entry for R** M*** U** in the Pending Loans list begins "The mini portfolio......" and goes on to list the properties, ending "and 2 separate flats". It is reasonable to assume the properties listed in the portfolio are those which form the loan. ....... Has the Pending Loans page just been changed? The entry now (@10:45) says: " The property on B**** Road is a convenience on the ground floor with two flats above (1 x 1 bed, 1 x 2 bed) with two titles (one for the convenience store and the other for the flats).
The property on E**** Road is used as an estate agency by one of the applicants. ......." Maybe Proplend does read our posts! PS: I think the change was rather too hurried - the word "store" has been missed out in the first line, which rather alters the attractiveness of the security!
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Sept 25, 2020 10:19:46 GMT
Now I'm really confused. The Pending loan page is unchanged! I hope their DD is clearer than their loan proposal. This is definitely not one for me. Didn't like it much anyway, and with all this muddle......  |
|
|
|
Post by overthehill on Sept 25, 2020 10:56:11 GMT
I'm confident that Proplend read all the posts in their folder, not a time consuming task given the volume, and possibly search the whole forum periodically for any references to them.
No excuses but I think they might be busy at the moment , not often you see so many pending loans and there are a number of late loans that need attention, I'd rather they focussed on them. I don't think Proplend has a huge staff which is good for overheads in times like these. People with money in Ratesetter, Lending Works, Property Partner, Assetz Capital have all had their income cut, slashed or zero'd which must be difficult if large sums had been invested in seemingly good companies at first. Diversification in P2P is easy in theory but harder in practice, esp if you prefer to hang on to your capital rather than handed it over to dubious borrowers.
|
|
eeyore
Member of DD Central
Posts: 744
Likes: 734
|
Post by eeyore on Sept 25, 2020 12:01:48 GMT
Now I'm really confused. The Pending loan page is unchanged! Could it be the age-old problem of your browser loading the page from your browser's cache? Force the browser to refresh (F5) to see the current page. Of course, you'll have to look under the 'In Funding' loans now it's gone live: - £88k TrancheA & £38k TrancheB still available at 13:00.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Sept 27, 2020 16:12:08 GMT
£40k TrancheA & £1k TrancheB still available at 17:00.
|
|
