r1200gs
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Post by r1200gs on Feb 23, 2017 12:40:04 GMT
Re Hull - "Oversight, human error." So shouldn't happen again. The human didn't learn from the error and the same happened to the very next decent loan - Bury, which lasted about a minute. I was there watching and could easily have taken a bite but unsurprisingly FS had not got round to crediting the funds I deposited an hour earlier. Human error perhaps  I mailed them a full hour before the Bury loan to say funds had been sent and would they please credit them to my account in time for the Bury loan. No problem, I was told. Five minutes after the release of the loan and too late to buy any, my funds appeared. That is very annoying. Ok, I suppose it's possible that they could have taken 1.5 hours to arrive, but I highly doubt it.
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madpierre
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Post by madpierre on Feb 23, 2017 12:54:59 GMT
The human didn't learn from the error and the same happened to the very next decent loan - Bury, which lasted about a minute. I was there watching and could easily have taken a bite but unsurprisingly FS had not got round to crediting the funds I deposited an hour earlier. Human error perhaps I mailed them a full hour before the Bury loan to say funds had been sent and would they please credit them to my account in time for the Bury loan. No problem, I was told. Five minutes after the release of the loan and too late to buy any, my funds appeared. That is very annoying. Ok, I suppose it's possible that they could have taken 1.5 hours to arrive, but I highly doubt it. Nearly two hours in and still my funds haven't arrived, although to be fair (!) I have known it take 4 or 5 hours to be credited in the past, but at least you know where you are with a human Nevertheless, a trifle irksome when the email 'New Loan Coming Soon' arrives 
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r1200gs
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Post by r1200gs on Feb 23, 2017 13:04:11 GMT
I mailed them a full hour before the Bury loan to say funds had been sent and would they please credit them to my account in time for the Bury loan. No problem, I was told. Five minutes after the release of the loan and too late to buy any, my funds appeared. That is very annoying. Ok, I suppose it's possible that they could have taken 1.5 hours to arrive, but I highly doubt it. Nearly two hours in and still my funds haven't arrived, although to be fair (!) I have known it take 4 or 5 hours to be credited in the past, but at least you know where you are with a human Nevertheless, a trifle irksome when the email 'New Loan Coming Soon' arrives Well yes, I know it can take a couple of hours to be credited to your account under normal circumstances, but FS should have the money in minutes if not seconds. That's why I mailed them to tell them the money is there, can they just put it where I need it for the Bury loan? No problem they said, and then credited it five minutes too late. To be honest I'm not as miffed as I could have been because Newtonabbey seemed like a decent punt, but still. Annoying. Never mind, lesson learned. Get funds on account nice and early. :-) Edit: I just sent funds to AC and was credited in less than ten minutes.
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madpierre
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Post by madpierre on Feb 23, 2017 16:39:41 GMT
Well this is a poor show. The deposit left my bank account around 11am but still has not been credited five and half hours later. Mind you all I wanted to do was withdraw them straight away! I will email FS and query the errant funds. However now there is the temptation of Bristol (if my funds have arrived by morning!) but I much preferred Bury  |
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morris
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Post by morris on Feb 23, 2017 16:55:54 GMT
Bristol, 43.86 LTV, £60,000. I wonder how many seconds we will have to submit bids.
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r00lish67
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Post by r00lish67 on Feb 23, 2017 17:07:03 GMT
Bristol, 43.86 LTV, £60,000. I wonder how many seconds we will have to submit bids. mmm, I'm a bit less convinced about this one. Mid-build, and borrower needs the funds to both do the work and pay back other debts he's already incurred. Doesn't quite fill me with confidence - I think 11% is a little skinny. That said, if FS redeem the 'pair of Bristols', I'd consider taking one more back 
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mikes1531
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Post by mikes1531 on Feb 23, 2017 17:16:52 GMT
What do people think of the Hurst loan opportunity? It seemed a reasonable prospect to me, but it obviously hasn't appeared that way to others because six hours after launch it's still only a quarter funded. Yes, it's a bigger loan with a higher LTV than those that were funded in seconds, but it's a 13% loan so that should compensate for that. So what am I missing that is making Hurst so unpopular? |
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madpierre
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Post by madpierre on Feb 23, 2017 18:13:23 GMT
Well this is a poor show. The deposit left my bank account around 11am but still has not been credited five and half hours later. Mind you all I wanted to do was withdraw them straight away! I will email FS and query the errant funds. However now there is the temptation of Bristol (if my funds have arrived by morning!) but I much preferred Bury Just to update on this, my deposit was credited within minutes of sending the email and (rather amusingly) I received this back in response: " Apologies for the delay in getting the deposit to you it seems that due to human error we didn't select the authorise button on your deposit. We apologise greatly for this".
Ah that old human error again As for Bristol, although it ought to be safe enough, I think I'll give it a miss at 11% but being a smallish loan, FS will be confident enough it will fill without my support. Increasingly, interest rates appear to be more about what the platform can get away with rather than reflecting risk
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ashtondav
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Post by ashtondav on Feb 23, 2017 19:23:26 GMT
What do people think of the Hurst loan opportunity? It seemed a reasonable prospect to me, but it obviously hasn't appeared that way to others because six hours after launch it's still only a quarter funded. Yes, it's a bigger loan with a higher LTV than those that were funded in seconds, but it's a 13% loan so that should compensate for that. So what am I missing that is making Hurst so unpopular? Because history tells us 13% is not compensation. When one of these goes t*ts up you don't end up with 11% - you end up with 0%. The only way to make it compensatory is to invest in a large number of such loans.
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r00lish67
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Post by r00lish67 on Feb 23, 2017 20:08:22 GMT
madpierre , you sound more sanguine than I would be, I'd be hopping...err... mad - good temperament you have there! mikes1531 , re: the Hurst loan, my view - The valuation looks reasonable enough and it's not in Northern Ireland or Liverpool for a change so that's refreshing, but there's certainly a risk of the project not working out as intended. The LTV of 70% is high (although to be fair, good to see it's 180-day value is the same). What it boils down to for me is that I could easily see this defaulting, and I just don't have enough faith in FS's recovery procedures with property at LTV's above circa 50% The other personal elements to this are (which may or may not be shared by others): a) I'm overexposed to FS currently due to the frequent loan delays combined with relatively tempting options. b) I have a now fairly firm rule that as a non-BH, I don't participate in 'bonus' loans. If I could invest at the 17% mark and diversify, I'd probably be in. c) I'm fairly convinced this will trade at discount rather than any premium in a fairly short period on the SM given the high LTV, so not much fun there. Re: the base interest rate, strangely this is one of the last things I look at. Similar to ashtondav , it doesn't matter to me what the rate is if it defaults horribly.
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bababill
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Post by bababill on Feb 25, 2017 8:14:57 GMT
Formby Dev. Pro's Formby is one of the more affluent areas on the north Merseyside coast with good 5/6 bed detached priced at c£2m, reasonable 3/4 bed semi £300k - £400k, normal 2 bed flats £150k - £200k, nice 2/3 bed flats £200 - £300k. A detached outlier -link- is currently on the market at £12.5m, a rare one off, but shows what the area can attract though. It hasn't suffered from the house-to-flat conversion/new-build-flats boom in nearby Ainsdale/Birkdale/Southport as seen by the stats; S,port/Ains/Birk population (2011 census) 116,855 non-retirement flats currently on rightmove - 244 Formby population (2011 census) 22,419 non-retirement flats currently on rightmove - 19
Walk-able distance to shops, schools, amenities of town centre inc. Waitrose. 5 min car ride to Tesco/Formby Bus. park.
Interest in completed flats should therefore be good.
Con's
Not the best situated plot, very close by - Firestation (quiet mostly, occasionally very noisy!), carpet shop, used car forecourt, row of small shops inc a chippy with flats above and Formby Ford showroom/forecourt. It's also on one of the two main north/south routes across Formby so comparatively heavy traffic. Planning originally sought in Sept '15 but withdrawn Feb '16, then 'approved with conditions' on 7th April '16 - not sure what those conditions are though. Trying to access the decision notice returns - "This document is unavailable for viewing at this time." Maybe fundingsecure could ask the borrower what the conditions are? (also asked direct via email)
Summary
Full facility of £815k + int + fees for say 12months (c£950k-£1m?) would mean a min sale price of c£140k per flat to repay debt, quite achievable imho. I can easily imagine the OMV of each unit in the £170k - £190k range, maybe more depending on spec. Developer probably looking for c£200k - £300k profit.
Purely due to the immediate location I was tentative at 12%, but 14% feels about right to me.
Edit; just had a copy of the decision notice back from Richard (thanks), nothing unusual in there, mainly just about reinstatement of footpath and vehicular access prior to building being used.
They asking for 225k to purchase each 2 bedroom apartment off plan. Monthly service fees of around £100. Apartments look high spec (i.e. underfloor heating) but very very small. Can only judge the size by the graphic illustrations. I can't post the link for the marketing here but its on the FS website under loan updates. pepperpot as you are familiar with the area what do you think of this?
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mikes1531
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Post by mikes1531 on Feb 26, 2017 19:56:23 GMT
We will be posting a new loan tomorrow, 27th February, at 1pm This is a loan secured by a second legal charge on a property in SW17. Loan Amount: £163,000 (a consolidation and renewal of prior loans) Interest: 13% plus bonuses for larger investments LTV: 70% More infoFundingSecure : The page reached by clicking on the above 'More info' link includes...I can find the last two of the three loans listed, but not 2131386166. I have searched for loans with 'SW17' in the title, but that produces only two active loans. If I put '2131386166' in the search box on the list of all loans, I get nothing. The two loans I can find total £125k, and the new consolidated loan is £163k, so the missing loan should be for £38k, but there's no loan of that amount on the list of all loans . What is the number and title of the third loan against this property?
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Post by fundingsecure on Feb 26, 2017 20:04:14 GMT
Apologies,
The loan ID is correct as listed, but due to an internal error the listing was not temporarily visible to anyone not invested, now corrected.
FS
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SteveT
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Post by SteveT on Mar 1, 2017 14:15:19 GMT
A word of warning for anyone who has ticked to roll over a holding in the £350k "Farm Buildings Conversion - Renewal" loan (2013584984). The old loan paid 13% but the email states that the new one to be launched tomorrow will pay just 12%, presumably on account of the increased valuation / lower LTV (now 51%).
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jamesc
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Post by jamesc on Mar 1, 2017 14:28:46 GMT
A word of warning for anyone who has ticked to roll over a holding in the £350k "Farm Buildings Conversion - Renewal" loan (2013584984). The old loan paid 13% but the email states that the new one to be launched tomorrow will pay just 12%, presumably on account of the increased valuation / lower LTV (now 51%). I spoke to FS the e mail had an error the rate will be 13% with bonuses.
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