ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 1, 2017 16:34:13 GMT
Be aware that the Full facility on this Farm Buildings Conversion is £550K, so look closely at your LTVs. Whilst the LTV may be c51% at Completion, it's arguably higher at the moment  |
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littonowl
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Post by littonowl on Mar 9, 2017 16:53:41 GMT
So tomorrow's loan will be my first taste of a live FS loan. Is it very much a case of FFF..?! And anyone know anything about Yachts? The LTV against a quick sale price is low at 27.5%, but presumably that's because there's not much of a market for such vessels..?
Edit. Now seen the VR and can see this is very much a 'one of its kind'. In this instance not sure if that increases/reduces the chance of a sale if required...?
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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 9, 2017 17:12:36 GMT
So tomorrow's loan will be my first taste of a live FS loan. Is it very much a case of FFF..?! And anyone know anything about Yachts? The LTV against a quick sale price is low at 27.5%, but presumably that's because there's not much of a market for such vessels..? My concern with yachts is resale window/value if the loan ends out of season. Im also wary as there is one borrower who has a few nautical loans, two of which are in trouble (a boatyard & 6 yachts) and not easy to determine if this (and other boat loans) are the same person. Probably not but enough doubt to make me avoid. Bristol one looks more interesting IMO. I suspect it will be FFF, maybe a sedate version as reasonable amount
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littonowl
Member of DD Central
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Post by littonowl on Mar 9, 2017 17:33:00 GMT
So tomorrow's loan will be my first taste of a live FS loan. Is it very much a case of FFF..?! And anyone know anything about Yachts? The LTV against a quick sale price is low at 27.5%, but presumably that's because there's not much of a market for such vessels..? My concern with yachts is resale window/value if the loan ends out of season. Im also wary as there is one borrower who has a few nautical loans, two of which are in trouble (a boatyard & 6 yachts) and not easy to determine if this (and other boat loans) are the same person. Probably not but enough doubt to make me avoid. Bristol one looks more interesting IMO. I suspect it will be FFF, maybe a sedate version as reasonable amount Thanks for your input, ilmoro . I was wondering whether FS had a borrower ID system, like at Coll, would certainly be useful... Yeah, having just read the VR, agree with you on Bristol. At least we know that there were several bidders, so if it all goes pear-shaped 6mths down the line there's a reasonable chance of enough interest to re-coup the loan value.
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mikes1531
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Post by mikes1531 on Mar 15, 2017 22:15:28 GMT
I can't believe how quickly the L***pool Property - Renewal (1179095357) loan was funded a few days ago. It's a second charge behind a first charge of 64% LTV, with a total LTV of 75%, and it's paying just 12% interest. How many investors were misled by the 10.86% LTV shown on the loan's Assets tab? Didn't fundingsecure tell us that they had changed their policy of displaying LTVs so that only the overall LTV was going to be shown? |
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Post by fundingsecure on Mar 15, 2017 22:32:23 GMT
Mikes,
The original loan correctly showed 75% LTV, but due to a clerical error the lower figure appeared on the renewal.
The error has now been corrected and the LTV shows 75% LTV.
All investors have been emailed explaining the error - anyone wishing to cancel their bid will be able to do so.
Apologies for the error.
FundingSecure
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Post by dan1 on Mar 16, 2017 12:29:09 GMT
Anyone log in just before 11am this morning for 1729015402 to find that it was already 100% funded at 10:59? Perhaps it was a 100% rollover?
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n
Member of DD Central
Yet another Nick
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Post by n on Mar 16, 2017 12:31:44 GMT
Anyone log in just before 11am this morning for 1729015402 to find that it was already 100% funded at 10:59? Perhaps it was a 100% rollover? Probably just released a minute or 2 early. That's been happening the last few days. v annoying 
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archie
Posts: 1,866
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Post by archie on Mar 16, 2017 12:37:43 GMT
Anyone log in just before 11am this morning for 1729015402 to find that it was already 100% funded at 10:59? Perhaps it was a 100% rollover? Probably just released a minute or 2 early. That's been happening the last few days. v annoying Was 4 minutes early, I was successful.
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n
Member of DD Central
Yet another Nick
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Post by n on Mar 16, 2017 12:45:24 GMT
Probably just released a minute or 2 early. That's been happening the last few days. v annoying Was 4 minutes early, I was successful. Congratulations. Looks like their clock is getting slower every day. Time to let the hamster retire and employ a younger, fitter one I think. PS: I already had £25 rolled over so didn't bother looking.
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Post by dan1 on Mar 16, 2017 19:47:43 GMT
Probably just released a minute or 2 early. That's been happening the last few days. v annoying Was 4 minutes early, I was successful. Ahhhh so I'm not seeing things (yet!). Thanks for the info, I'll try and compete tomorrow at 11am!
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Liz
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Post by Liz on Mar 16, 2017 21:46:37 GMT
Was 4 minutes early, I was successful. Ahhhh so I'm not seeing things (yet!). Thanks for the info, I'll try and compete tomorrow at 11am! Try the SM, "flipper" Liz has plenty for sale.
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 29, 2017 20:06:08 GMT
The biggest loan in the pipeline -- £1.65M for a L*******d property -- has been given a go-live time of 1100 tomorrow (30/Mar), but no link to any further info. I presume that, and an email announcement, will be available shortly.
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Liz
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Post by Liz on Mar 29, 2017 21:40:44 GMT
The biggest loan in the pipeline -- £1.65M for a L*******d property -- has been given a go-live time of 1100 tomorrow (30/Mar), but no link to any further info. I presume that, and an email announcement, will be available shortly. I don't like the look of it so I will pass. Selling on the SM wil also be difficult
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 23, 2017 13:03:01 GMT
This thread hasn't been used in a while, but it seemed appropriate for this... I received an email from FS about an hour ago announcing a "New investment opportunity coming Tomorrow". Then I checked the time the loan was scheduled to be available -- and realised it was now! And the email doesn't appear to have been delayed in transit as the header indicates it was sent just seconds before I received it. Sloppy! And that's not the only thing. The description in the email -- and on the website -- says the property "has a current first charge of £37,500 against it" and goes on to say "The overall debt including FundingSecures [sic] loan is £128,000..." Unfortunately, that's inconsistent with the stated £113k size of the loan.  fundingsecure obviously have rushed this loan out without checking what they've written about it. I accept that these errors are of relatively little consequence, but making such glaring errors doesn't exactly instil confidence that FS are getting the details right when they are important. |
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