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Post by fundingsecure on Sept 2, 2015 20:14:49 GMT
New loan to be posted Thursday 3rd of September at 11am. This loan is secured against a static home Loan: £2,000 Interest: 13% pa Overall LTV: 8.7% There will be bid restriction of £50 for the first 24 hours More details.FundingSecure |
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Post by fundingsecure on Sept 3, 2015 8:03:49 GMT
New loan to be posted Friday 4th September at 4pm. This loan is secured against a property in Long Eaton Loan: £2,000 Interest: 10% pa Overall LTV: 10.5% There will be bid restriction of £50 for the first 24 hours More details.FundingSecure |
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Post by fundingsecure on Sept 7, 2015 13:03:48 GMT
New loan to be posted Tuesday 8th September at 11am. This loan is secured by a second charge against a property in SW17, London Loan: £100,000 Interest: 13% pa Overall LTV: 67.8% There will be bid restriction of £1,000 for the first 24 hours More details.FundingSecure |
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mikes1531
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Post by mikes1531 on Sept 8, 2015 16:08:24 GMT
New loan to be posted Tuesday 8th September at 11am. This loan is secured by a second charge against a property in SW17, London Loan: £100,000 Interest: 13% pa Overall LTV: 67.8% There will be bid restriction of £1,000 for the first 24 hours More details.FundingSecure : The details for this loan include a statement that the property is for sale via Foxtons for £575k. I have looked at the Foxtons website and they do not seem to be offering a flat at that price in SW17. I also note that the redacted letter from Foxtons is four months old. Might the flat now be being offered by another agent or at a different price? Or perhaps the borrower has withdrawn the property from sale without telling FundingSecure?
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Post by fundingsecure on Sept 8, 2015 16:20:56 GMT
Apologies for any misunderstanding - the property is not for sale by Foxtons.
Foxtons did previously give a marketing valuation (which is visible on the loan) but the property is being privately marketed.
HTH
FundingSecure
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 8, 2015 17:04:29 GMT
Apologies for any misunderstanding - the property is not for sale by Foxtons. Foxtons did previously give a marketing valuation (which is visible on the loan) but the property is being privately marketed. : Thanks for the clarification. Inasmuch as the 'valuation' letter does seem to indicate that Foxtons were appointed as agents in May, is it fair to presume they were unable to find a buyer at £575k, or at any lower price that the seller/borrower was willing to accept?
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Post by mrclondon on Sept 8, 2015 17:53:22 GMT
Apologies for any misunderstanding - the property is not for sale by Foxtons. Foxtons did previously give a marketing valuation (which is visible on the loan) but the property is being privately marketed. : Thanks for the clarification. Inasmuch as the 'valuation' letter does seem to indicate that Foxtons were appointed as agents in May, is it fair to presume they were unable to find a buyer at £575k, or at any lower price that the seller/borrower was willing to accept? Err ... as this is inner London, equally likely would be the estate agent refusing to allow "sealed bids", or the seller attempting to bump the price up as late as exchange day or any other trick to try to extract maximum value when prices are rising a couple of percent a month.
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Post by fundingsecure on Sept 8, 2015 19:26:15 GMT
Just to try and clarify a little more.
The owner decided not to market the property earlier this year - deciding to wait until the market had picked up a little. No failure to sell, no gazumping - just a straight forward decision not to market through the summer months as this is usually a bad time to sell a property.
They are now looking to sell and have discussed with two estate agents who advised a current listing price of £600k, with a realistic view of selling around £590k. This seems in keeping with similar properties currently for sale in the same area.
Currently the owner believes they will be able to net a higher price by selling privately - with no commision payable. They are therefore waiting to see if the private buy is confirmed, failing whch it will be listed shortly.
FundingSecure
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 8, 2015 21:45:26 GMT
Just to try and clarify a little more. The owner decided not to market the property earlier this year - deciding to wait until the market had picked up a little. No failure to sell, no gazumping - just a straight forward decision not to market through the summer months as this is usually a bad time to sell a property. : Thanks for the further clarification. It does, however, give me doubts about the borrower. First they appoint an agent to sell their property... and then they decide not to sell it at that time. Perhaps estate agents have to put up with similar behaviour all the time, but I do hope the borrower treats FS better than they did Foxtons.
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Post by fundingsecure on Sept 9, 2015 21:39:45 GMT
New loan to be posted Thursday 10th September at 5pm. This loan is secured on a Masearti Quattroporte AB4 valued at £14,000 Loan: £10,000 Interest: 13% pa Overall LTV: 71.4% There will be bid restriction of £250 for the first 24 hours More details.FundingSecure |
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Post by fundingsecure on Sept 10, 2015 15:12:49 GMT
New loan to be posted at 5pm, Friday 11th September Secured against a collection of gold jewellery £5,000 12% pa LTV 71.42% There will be a bid restriction of £50 for the first 24 hours More detailsFundingSecure |
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Post by fundingsecure on Sept 10, 2015 19:48:53 GMT
New loan to be posted Friday 11th September at 11am. This loan is secured on a collection of microsculptures valued at £3,285,000 Loan: £75,000 Interest: 12% pa Overall LTV: 15.5% There will be bid restriction of £1,000 for the first 24 hours More detailsFundingSecure |
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webwiz
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Post by webwiz on Sept 13, 2015 15:00:38 GMT
I wonder what the borrower needs the money for (apart from paying the interest on the first two tranches) and how he plans to repay the loan.
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Post by fundingsecure on Sept 13, 2015 20:50:06 GMT
New loan to be posted at 11am, Monday 14th September Secured by a first charge on three commercial properties Loan is for £400,000 Base interest of 12% pa Bonus rate for investments of £10K or more + 1%pa = 13% pa Bonus rate for investments of £25K or more + 2%pa = 14% pa Bonus rate for investments of £50k or more +3%pa = 15% pa LTV 65.6% There are no restrictions on this loan More detailsFundingSecure |
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 14, 2015 9:49:18 GMT
New loan to be posted at 11am, Monday 14th September Secured by a first charge on three commercial properties Loan is for £400,000 Base interest of 12% pa Bonus rate for investments of £10K or more + 1%pa = 13% pa Bonus rate for investments of £25K or more + 2%pa = 14% pa Bonus rate for investments of £50k or more +3%pa = 15% pa LTV 65.6% An issue raised in the valuation report for the offices that concerns me is... 11.0 At the time of my inspection the properties were occupied as residential dwellings and had recently been altered to include bathrooms and kitchens.and 16.0 The property has a number of planning applications presently under considerations including refusals to develop in to class C3 residential
property.
Our valuation is based on the present layout and fit our as offices and that the property has planning permission within class B 1a of the Town and
Country Planning Use Classes Order 1987 to be used only as offices.
It is likely there will be enforcement of the current unlawful uses to the property and your solicitors should carry out their enquiries accordingly prior
to lending.fundingsecure: Can you please comment?
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