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Post by fundingsecure on May 16, 2015 10:22:25 GMT
New loan at 12 noon Monday 18th May Secured against Range Rover Vogue SE £48,000 12% pa LTV 68.6% £1000 bid restriction for first 24 hours More detailsFundingSecure |
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Post by fundingsecure on May 18, 2015 9:30:08 GMT
New loan at 11:00 am Tuesday 19th May Secured by a first charge against Property in Yorkshire First tranche of £100,000, total facility of £150,000 Interest rate: 12% pa LTV 50.0% (See loan description for more details) As this is a renewal there will be a bid restriction of £500 for the first 24 hours. More detailsFundingSecure |
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Post by fundingsecure on May 19, 2015 19:49:23 GMT
New loan at 11:00 am Wednesday 20th May Loan value £1,800 Secured on two watches, valued at £2,500 Interest rate: 10% pa LTV 72.0% As this is a renewal there will be a bid restriction of £50 for the first 24 hours. More detailsFundingSecure |
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Post by Deleted on May 22, 2015 16:29:41 GMT
A second tranche of the Shepton Mallet property project coming through (I've been to Shepton, it makes Bradford look like a paradise) at 15%
"We will be posting a new loan tomorrow, 23rd May, at 11 o'clock
This loan will be for £37,500, secured against land valued at £330,000.
FundingSecure already has a first charge, lending £210,000 against this property under loan ref. 1571737336 which has not yet been activated, although it is fully funded.
The borrower wished to increase the original loan but to avoid impacting existing investors this loan has been listed separately against a second charge. This loan will have no impact on the security of the previous loan, which takes precedence.
The combined LTV of the two loans is 75%.
As this is secured by a second charge a higher interest rate, of 15%, is being offered.
There is a bid restriction of £1,000 for the first 24 hours."
Still no planning permission, ............
Is it just me?
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Post by fundingsecure on May 22, 2015 17:14:46 GMT
New loan at 11:00 am Saturday 23rd May Loan value £37,500 Secured by second charge on land value at, valued at £330,000 (Existing loan of £210,000 with first charge) Interest rate: 15% pa LTV 75.0% (Combined charges) There is a bid restriction of £1,000 for the first 24 hours. More detailsFundingSecure NOTE: Just to be clear, this is not a second tranche of the existing loan, it is an entirely separate loan, secured against a second charge.
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Post by yorkshireman on May 22, 2015 18:51:21 GMT
it makes Bradford look like a paradise No way! By coincidence I was in Bradford this afternoon and I’m sad to say that it has gone further down the pan in the 2 months since my last visit. 
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Post by bracknellboy on May 22, 2015 19:25:56 GMT
A second tranche of the Shepton Mallet property project coming through (I've been to Shepton, it makes Bradford look like a paradise) at 15% "We will be posting a new loan tomorrow, 23rd May, at 11 o'clock .... The combined LTV of the two loans is 75%. As this is secured by a second charge a higher interest rate, of 15%, is being offered..." Still no planning permission, ............ Is it just me? Is it just you, what ? That has contrived to offend both the inhabitants of Shepton Mallet and the inhabitants of Bradford in a single post ? I understand they are auditioning for a replacement for Jeremy Clarkson. Fancy a go ? :-)
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bugs4me
Member of DD Central
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Post by bugs4me on May 22, 2015 21:52:45 GMT
Still no planning permission, ............ Is it just me? It's valuation reflects IMO what the land is worth with PP - so hope value as per the valuation report. Now maybe it's a big hope value as there has or it supposedly has had a positive nod from the local authority regarding PP even though there was at some stage in the past PP granted which has now lapsed. So whatever the interest rate being offered does not minimise the risk and in this case the rate is simply not enough so outside of my comfort level. But and hopefully it doesn't come to this, in the event that PP is not granted then what. The only realistic option would be to appeal which could lengthy time wise and in the meantime roll-over the loan with FS. So it's not just you @bobo as I'm a bit confused hence I'm not a participant.
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Post by fundingsecure on May 23, 2015 7:58:33 GMT
Hello,
The valuation of £330,000 as set out in para 19.4 of the valuation report is an open market valuation as of now i.e. without planning permission.
The valuers have also provided an estimate of value with planning permission (para 19.2) which is £483,750. However, we are not relying on that valuation in determining the LTV.
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bugs4me
Member of DD Central
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Post by bugs4me on May 23, 2015 9:26:54 GMT
Hello, The valuation of £330,000 as set out in para 19.4 of the valuation report is an open market valuation as of now i.e. without planning permission. The valuers have also provided an estimate of value with planning permission (para 19.2) which is £483,750. However, we are not relying on that valuation in determining the LTV. Point taken but I also believe this is covered in 19.1 referring to 'hope value'. Still, any hope valuation, if all goes well won't be put to the test.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 23, 2015 12:24:37 GMT
Hello, The valuation of £330,000 as set out in para 19.4 of the valuation report is an open market valuation as of now i.e. without planning permission. The valuers have also provided an estimate of value with planning permission (para 19.2) which is £483,750. However, we are not relying on that valuation in determining the LTV. The borrower owns a piece of land (shaded grey on the VR), and is buying an adjacent piece of land (outlined in red on the VR). "The local council has refused to give planning consent on part of the site, requiring a comprehensive plan of the entire site."The loan security for the first loan covers only the red part. I assume it's the same for the 2nd charge. I would feel much happier if both pieces of land were offered as security.
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Post by Deleted on May 23, 2015 17:21:59 GMT
Well the loan is 56% filled by 6 pm so someone must be happy and I guess second bidders will suck it up over the weekend.
Didn't mean to insult the inhabitants of Bradford (as I virtually live there) not indeed those of Shepton M (I have family near there). Still the main drag in SM is a bit tatty.
Hope it all goes well it just seems to have been a complicated way to get to a simple loan.
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Post by davee39 on May 24, 2015 11:25:39 GMT
There's nowt wrong with Bradford, its just that its not as grand as Leeds.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 11, 2015 15:22:53 GMT
Do lenders (generally) trust FS's valuation of jewellery, such as tomorrow's £5780on which £4K is being lent? (69.2%LTV).
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Post by Financial Thing on Jun 11, 2015 15:59:09 GMT
My dad was a pawnbroker but he never lent more than 30% LTV on the stuff as it can be tricky to value. Hopefully FS has someone experienced with working with them. The only other thing you have to worry about is gold prices dropping which likely won't happen. When the US stock market pops, gold should (in theory) do well.
The positive is that jewelry can be easily liquidated due to a default so it's relatively safe.
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