PBL064 - Tenanted Office Block, Somerset DEFAULT

My guess is that easilyparted is a farmer who's had his farm repossessed by our borrower and therefore has taken it personally.

If you don't repay a secured loan then the asset is repossessed which SS (us investors) will be doing if our borrower fails to repay. That's just how it goes.


Perhaps I'm missing the point here but our borrower is making a good living out of providing finance at high rates and then repossessing people's property when they fail to repay.

If that goes against what you believe to be ethically correct then maybe you, as an investor should consider putting your money elsewhere.

Good that savingstream have reverted back to the valuer for confirmation

Valuation report para 1.6 : legal interest to be valued freehold with vacant possession

But the valuation reported is not with vacant possession empty and for sale, its an investment valuation applying an 8% yield to the adjusted rents?

Surely this should be no different to BTL valuations required by the banks where the valuer has to report both investment value and vacant possession value on the same property, to protect the lender from an overrent situation, especially where connected landlord/tenant parties are concerned which is the case here.

Report Appendix 5 the valuation has been instructed not by the lender but by the tenant. Surely a connected borrower party should not be commissioning his own mortgage valuation?

Last point Valuation Report para 3.3 ; planning for a new industrial unit with subsequent amendments for new windows and doors. Hence its an industrial unit part kitted out as offices, as opposed to a purpose built brick/glass office building, yes?

Does anyone know how many other office buildings are on this business park, according to the Rating List they're all industrial.

I've still got my farm,although I could have lost it .What I have taken personally is the way in which vulnerable,trusting people were taken advantage of.Did you not think 100% default rate on the previous loan scheme as slightly strange?
I could illustrate this considerably better outside the confines of this forum,but I think most people have worked it out, and realised that perhaps there is more to this than meets the eye.

I think if you read to HoP debate transcript you'll see that one of the issues were the various relationships between parties including legal advisors & subsequently even the police authority. Protection of people without 'much financial sense' would seem to be a primary purpose of the regulators, hence the current protracted IFISA process.

thanks duck the reason I was asking is that the comparables on the valuation report seem to be modern purpose built brick/glass office blocks in Bristol etc

no doubt the valuer confirmation will give comfort, as will the imminent marketing for sale which will be provided on the next update?

120k in the queue when I put mine up for sale as soon as the borrower furore broke. Thought it would be stuck beyond repayment but sold in a few days. Kudos to ss for having an effective secondary market and mental note that there must be plenty of investors out here who do not follow this forum.never more than just over 5% of the total loan up for sale which I find very surprising.  Good luck and take heart others in the sale queue. Let's hope for a happy ending all round. Salvage your rep with p2p lenders pls mr borrower.