coop
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Post by coop on Mar 4, 2015 12:22:36 GMT
I know some people complain of not getting the emails or not finding them in time so thought I would start a new thread and post them here as I get them. Let me know if this is of interest/use to you. Will usually give a days notice but this one goes live at 2pm today. New Loan to be posted tomorrow We will be posting a new loan at 2pm tomorrow (March 4) This will be for £3,400 secured on a static home valued at £23,000The loan is offering interest to savers of 13% pa. Savers are restricted to £100 investment for the first 24 hours. NOTE: This new loan will be used, in part, to repay a previous loan of £10,000, REF: 9371486469 As the amount has changed no roll-overs are possible from the previous loan A Willerby Vogue 2004 static caravan. Dimensions: 38” by 12”. Sleeps 6 with 2 bedrooms, one ensuite. Double-glazed with central heating. Full fitted and includes kitchen and bathroom. Side decking at entrance. The caravan is already on a caravan park hooked up to utilities and with rent prepaid for a year. I shall certainly try and take this one up as the LTV for a 13% loan seems most excellent. |
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jonbvn
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Post by jonbvn on Mar 4, 2015 14:04:25 GMT
And gone in less than a minute....
(I missed it)
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bugs4me
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Post by bugs4me on Mar 4, 2015 14:06:01 GMT
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 4, 2015 14:11:03 GMT
Double Ditto! More fatter loans required PDQ!
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alison
Member of DD Central
Sanctuary!!
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Post by alison on Mar 4, 2015 14:16:12 GMT
Treble ditto.
Only looked away for a minute too!!
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 4, 2015 14:25:54 GMT
I got on.My trigger finger is still smokin' from the gun fight at the MoneyThing corale  |
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coop
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Post by coop on Mar 4, 2015 16:19:50 GMT
Missed it!  that filled super quick! Here's tomorrow's loan: New Loan to be posted tomorrow We will be posting a new loan at 2pm tomorrow, Thursdayn 5th March. This loan is for £200,000 secured against a property valued at £285,000 This loan is offering interest to savers of 12% p.a. There is no bid restriction for this loan Large Semi Detached House in Yorkshire Victorian Period Features 3 Double Bedrooms. Study 2 Bathrooms. Large Lounge Sitting Room. Dining Room Kitchen Diner. Cellar Rooms. 2 Storey Workshop. Garage Large Garden (Potential Building Plot Subject To Planning) Gas Central Heating. Double Glazing Expected drawdown: 27th March 2015. 70% LTV and we don't get told the borrower's exit route. My rating: Avoid/handle with care. |
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mikes1531
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Post by mikes1531 on Mar 5, 2015 1:48:58 GMT
Missed it! that filled super quick! Here's tomorrow's loan: This loan is for £200,000 secured against a property valued at £285,000 This loan is offering interest to savers of 12% p.a. Expected drawdown: 27th March 2015. 70% LTV and we don't get told the borrower's exit route. My rating: Avoid/handle with care. I don't think we need to worry about this one filling quickly.  We may learn something about the exit strategy if we get more details when the loan goes live, but it is something that concerns me too, especially with the 70% LTV. If the borrower won't be paying interest during the term of the loan then if it isn't paid off on time the LTV will be at least 75% and possibly even close to 80% by the time FS would be putting it on the market to sell. That doesn't leave much scope for the substantial discounts usually needed to sell repossessed property. I also note it isn't expected to draw down for a while. Bids placed now will spend three weeks earning nothing. That's significant on a 6-month loan, and would reduce the return by 1.4% to 10.6% if the loan were to run to term. The return reduction would be even greater if the loan were to be paid off early.
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bugs4me
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Post by bugs4me on Mar 5, 2015 9:52:16 GMT
Missed it! that filled super quick! Here's tomorrow's loan: 70% LTV and we don't get told the borrower's exit route. My rating: Avoid/handle with care. I don't think we need to worry about this one filling quickly. We may learn something about the exit strategy if we get more details when the loan goes live, but it is something that concerns me too, especially with the 70% LTV. If the borrower won't be paying interest during the term of the loan then if it isn't paid off on time the LTV will be at least 75% and possibly even close to 80% by the time FS would be putting it on the market to sell. That doesn't leave much scope for the substantial discounts usually needed to sell repossessed property. I also note it isn't expected to draw down for a while. Bids placed now will spend three weeks earning nothing. That's significant on a 6-month loan, and would reduce the return by 1.4% to 10.6% if the loan were to run to term. The return reduction would be even greater if the loan were to be paid off early. Agree with your thinking on this one - the documentation will undoubtedly make for an interesting read especially regarding the borrowers' plans for this loan. It could be one of those PBL's waiting for a refinance and we all know how they progress or don't. Anything less than 6 months and the lender rate will be 'hammered' and anything over six months and it could be the lenders that get 'hammered' again. Unless of course the borrower repays the interest and charges and rolls into a new loan. Now do I feel lucky.......
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Post by mrclondon on Mar 5, 2015 14:13:05 GMT
Agree with your thinking on this one - the documentation will undoubtedly make for an interesting read especially regarding the borrows plans for this loan. Well despite little additional info over and above yesterday's email, £53k raised in the first ten minutes, including several bids of £4k and £5k and one of £16k. What am I missing ?
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jonbvn
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Post by jonbvn on Mar 5, 2015 14:22:43 GMT
I don't think we need to worry about this one filling quickly. We may learn something about the exit strategy if we get more details when the loan goes live, but it is something that concerns me too, especially with the 70% LTV. If the borrower won't be paying interest during the term of the loan then if it isn't paid off on time the LTV will be at least 75% and possibly even close to 80% by the time FS would be putting it on the market to sell. That doesn't leave much scope for the substantial discounts usually needed to sell repossessed property. I also note it isn't expected to draw down for a while. Bids placed now will spend three weeks earning nothing. That's significant on a 6-month loan, and would reduce the return by 1.4% to 10.6% if the loan were to run to term. The return reduction would be even greater if the loan were to be paid off early. Agree with your thinking on this one - the documentation will undoubtedly make for an interesting read especially regarding the borrows plans for this loan. It could be one of those PBL's waiting for a refinance and we all know how they progress or don't. Anything less than 6 months and the lender rate will be 'hammered' and anything over six months and it could be the lenders that get 'hammered' again. Unless of course the borrower repays the interest and charges and rolls into a new loan. Now do I feel lucky....... Where can I see this documentation?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 5, 2015 15:57:33 GMT
Does not sparkle for me either. Too risky and anyway how good is the valuation, I wonder?
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 5, 2015 18:00:12 GMT
Agree with your thinking on this one - the documentation will undoubtedly make for an interesting read especially regarding the borrows plans for this loan. It could be one of those PBL's waiting for a refinance and we all know how they progress or don't. Anything less than 6 months and the lender rate will be 'hammered' and anything over six months and it could be the lenders that get 'hammered' again. Unless of course the borrower repays the interest and charges and rolls into a new loan. Now do I feel lucky....... Where can I see this documentation? I'm afraid the answer is... you can't. FS have chosen to provide no further info other than a few words regarding the borrower's plan to do up the property and sell it off with only some of the land for enough to repay the loan. That would leave them with a bit of land that they'd hope to be able to get planning permission to build another house on, but that's really of no concern to lenders on this loan. On previous occasions, FS have provided the valuation report, but they haven't this time. I guess they feel they can get enough investors without providing info. But this loan doesn't provide me with enough confidence to invest more than a token amount just so that I can see what happens first-hand.
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mikes1531
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Post by mikes1531 on Mar 5, 2015 18:02:47 GMT
Agree with your thinking on this one - the documentation will undoubtedly make for an interesting read especially regarding the borrows plans for this loan. Well despite little additional info over and above yesterday's email, £53k raised in the first ten minutes, including several bids of £4k and £5k and one of £16k. What am I missing ? A compulsion to throw money at any deal offering a double-digit return, whatever the risk of getting your capital back?
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bugs4me
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Post by bugs4me on Mar 5, 2015 18:11:37 GMT
Where can I see this documentation? But this loan doesn't provide me with enough confidence to invest more than a token amount just so that I can see what happens first-hand. At least then you'll be able to report back - hope it is just a token amount. I'm surprised though that FS haven't provided a valuation report, assuming they have one. Obviously they feel they have enough lenders on board willing to lend/invest. It's all dependant upon the borrower doing up the property and closing a sale within 6 months which seems fine in that perfect world that we don't live in.
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that filled super quick!
