mikes1531
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Post by mikes1531 on Mar 5, 2015 19:37:19 GMT
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. £25. It doesn't get any more token than that. Though I reserve the right to increase my investment if it's still available closer to the proposed 27/Mar drawdown date, as that would reduce the 'dead' time. Of course, if I haven't finished funding my ISA by then there won't be funds available. I sure hope FS have a valuation report. I'd hate to think they'd lend £200k of their investors' money without one. It remains to be seen if they have enough willing lenders. After the initial flood, the flow of offers has diminished considerably. But they still are coming in, and the loan is 47% funded at the moment. There won't be another rush after 24 hours because there was no bidding restriction on this loan, so it's a matter of whether the trickle continues or dries up. And there may be a lot of lenders willing to invest who are just sitting on the sidelines waiting until the funding to get closer to 100% before making their offers. After all, why tie up money any longer than necessary? From my experience with other platforms' bridging loans, I've come to accept that loans paid at or before maturity are the exception. So I think this could end up being a 12-month loan, and I'd invest on that basis. FS haven't been doing bridging loans long enough for us to know how they'll react to, and deal with, borrowers who don't repay at maturity. The ideal outcome would be for the borrower to pay the accrued interest so that the loan could be renewed as per normal FS practice, and that would give FS lenders the choice of getting out or staying in. But I expect that most BL borrowers probably won't have the necessary funds available to do that. So then the question will be how long FS let matters drag on before trying to take control of the property and sell it, and how successful they are at achieving full recoveries. And how bad the reaction is from FS lenders who can't get their money back when they were expecting to be able to. Lots of questions. Very few answers. A need to wait and see how matters progress. And probably not a lot of incentive to commit large amounts to FS BLs.
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coop
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Post by coop on Mar 5, 2015 21:24:37 GMT
New Loan to be posted Tomorrow We will be posting a new loan at 11am tomorrow, Friday 6th March, 2015 This will be for £9,000 secured on a collection of railway memorabilia. The loan is offering interest to savers of 13% pa. Note that the borrower has two other loans outstanding using different railway items as security. Details of these loans will be visible on the website listing. Model trains and Railway signs A collection of railway memorabilia comprising a Gauge 1 Live Steam railway, a nameplate of the famous Mt Meru steam locomotive from East African Railways, and four railway signs. The railway signs are of Exeter Central, Walton-on-Thames, Basingstoke and Southampton Central stations. The total value is £12,750. Savers are restricted to £100 investment for the first 24 hours Bit of a punt again on this one! I might jump in for £25 or £50 though as people always buy railway guff.
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mikes1531
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Post by mikes1531 on Mar 5, 2015 22:08:42 GMT
Bit of a punt again on this one! I might jump in for £25 or £50 though as people always buy railway guff. All I can say is I sure hope FS have got the valuations of these right. When this loan is added to the previous ones, the borrower will have raised over £40k, and I just hope they aren't using FS as an opportunity to dispose of their large collection at a price they couldn't get from dealers. If they do not redeem, FS will have a large amount of similar items to try to dispose of at the same time. Hopefully railway memorabilia have a bigger market than paintings by Noah Lubin.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 5, 2015 22:28:55 GMT
New Loan to be posted Tomorrow We will be posting a new loan at 11am tomorrow, Friday 6th March, 2015 This will be for £9,000 secured on a collection of railway memorabilia. The loan is offering interest to savers of 13% pa. Note that the borrower has two other loans outstanding using different railway items as security. Details of these loans will be visible on the website listing. Model trains and Railway signs A collection of railway memorabilia comprising a Gauge 1 Live Steam railway, a nameplate of the famous Mt Meru steam locomotive from East African Railways, and four railway signs. The railway signs are of Exeter Central, Walton-on-Thames, Basingstoke and Southampton Central stations. The total value is £12,750. Savers are restricted to £100 investment for the first 24 hours Bit of a punt again on this one! I might jump in for £25 or £50 though as people always buy railway guff. Is this guy buying a real train? This ones LTV 70.6% Combined LTV of 69.3% across the 3 loans. Might leave this one
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bugs4me
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Post by bugs4me on Mar 5, 2015 22:34:38 GMT
Bit of a punt again on this one! I might jump in for £25 or £50 though as people always buy railway guff. Is this guy buying a real train? This ones LTV 70.6% Combined LTV of 69.3% across the 3 loans. Might leave this one I'm already in on the other two so may leave. Anyway, is it my imagination (or getting older by the minute) but IIRC we used to receive far more information in the early days of FS on what the valuation was based upon. Now it seems to just be a valuation figure from FS and the LTV is based upon that. Okay, the future wine bar has some valuation but the house that went live today is based on what exactly. No documents or anything just a borrower request for 200k.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 5, 2015 22:43:41 GMT
Is this guy buying a real train? This ones LTV 70.6% Combined LTV of 69.3% across the 3 loans. Might leave this one I'm already in on the other two so may leave. Anyway, is it my imagination (or getting older by the minute) but IIRC we used to receive far more information in the early days of FS on what the valuation was based upon. Now it seems to just be a valuation figure from FS and the LTV is based upon that. Okay, the future wine bar has some valuation but the house that went live today is based on what exactly. No documents or anything just a borrower request for 200k. Same here. Only been lending on FS since Jan but even in that time seems to be less info. Something as simple as the make of these trains would at least allow more confidence in valuations. Found this site kingscalelivesteam.co.uk/gauge1.php which implies these things aernt cheap. Hopefully there will be more detail on the actual loan listing itself as to the make up of the Live Steam set which seems to be the value asset Edit: Think the previous models were from this site www.goldenagemodels.net/golden-age-models-available-stock.html so these might be the same. They sell full sized railways too - lot of paper mache needed for one of those I suspect 
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woodie
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Post by woodie on Mar 5, 2015 22:46:11 GMT
If there is a default please give me first refusal on the Basingstoke sign ... well somebody has to love Basingstoke !
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bugs4me
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Post by bugs4me on Mar 5, 2015 22:52:43 GMT
I'm already in on the other two so may leave. Anyway, is it my imagination (or getting older by the minute) but IIRC we used to receive far more information in the early days of FS on what the valuation was based upon. Now it seems to just be a valuation figure from FS and the LTV is based upon that. Okay, the future wine bar has some valuation but the house that went live today is based on what exactly. No documents or anything just a borrower request for 200k. Same here. Only been lending on FS since Jan but even in that time seems to be less info. Something as simple as the make of these trains would at least allow more confidence in valuations. Found this site kingscalelivesteam.co.uk/gauge1.php which implies these things aernt cheap. Hopefully there will be more detail on the actual loan listing itself as to the make up of the Live Steam set which seems to be the value asset Edit: Think the previous models were from this site www.goldenagemodels.net/golden-age-models-available-stock.html so these might be the same. They sell full sized railways too - lot of paper mache needed for one of those I suspect That being the case then they have obviously gathered a lot of eager lenders willing to just lend. Makes me feel a bit twitchy when or if a platform starts going down that road - taking lenders for granted perhaps? Hope they don't put up a three legged sheep without a correct valuation!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 5, 2015 22:58:06 GMT
Same here. Only been lending on FS since Jan but even in that time seems to be less info. Something as simple as the make of these trains would at least allow more confidence in valuations. Found this site kingscalelivesteam.co.uk/gauge1.php which implies these things aernt cheap. Hopefully there will be more detail on the actual loan listing itself as to the make up of the Live Steam set which seems to be the value asset Edit: Think the previous models were from this site www.goldenagemodels.net/golden-age-models-available-stock.html so these might be the same. They sell full sized railways too - lot of paper mache needed for one of those I suspect That being the case then they have obviously gathered a lot of eager lenders willing to just lend. Makes me feel a bit twitchy when or if a platform starts going down that road - taking lenders for granted perhaps? Hope they don't put up a three legged sheep without a correct valuation! If its an Aardman three legged sheep then Im in. Otherwise Id rather have the missing leg & a pot of mint sauce. Id probably get a better return 
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coop
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Post by coop on Mar 6, 2015 7:43:23 GMT
I would like to see:
Pictures of each station sign
Breakdown of expected sale value per item so one can more easily check
Not too much to ask is it?
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coop
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Post by coop on Mar 6, 2015 11:06:04 GMT
No option for less than £100!! What a joke! EDIT: No sooner than I drop £100 on it £25 bids start appearing  |
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chrisf
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Post by chrisf on Mar 6, 2015 11:07:12 GMT
and the maximum of £100 wasn't in place either...
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 6, 2015 11:07:29 GMT
I noticed that too - suspect it is just a mistake. Someone will have flagged it via the live chat, I'm sure, and it will probably get fixed quick.
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chrisf
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Post by chrisf on Mar 6, 2015 11:08:26 GMT
Ah, they fixed it, £25 now allowed and all bids over £100 have gone down to £100
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taca
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Post by taca on Mar 6, 2015 11:08:55 GMT
It's as if FS have put a minimum £100 bid in place rather than a maximum!
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