trevor
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Post by trevor on Jan 18, 2016 22:58:04 GMT
Good. More for the rest of us. Thanks.
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mikes1531
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Post by mikes1531 on Jan 20, 2016 16:31:39 GMT
Does anyone think fundingsecure realise the uselessness of putting updates on web pages that the website has no links to? It's at the top of the 'Investment Opportunities Coming Soon' section, or am I missing a point? : No, you're not missing anything. It was me that did the missing, as I hadn't noticed that the loan had been moved into the 'Coming Soon' section. Please accept my apologies for getting all wound up about something that wasn't really a problem at all.
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mikes1531
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Post by mikes1531 on Jan 20, 2016 21:21:46 GMT
pepperpot : No, you're not missing anything. It was me that did the missing, as I hadn't noticed that the loan had been moved into the 'Coming Soon' section. Please accept my apologies for getting all wound up about something that wasn't really a problem at all. No apologies necessary, your proportion of 'useful' posts outweighs mine... by some margin. Anyway, it looks as though you might have been prophesying, as it's no longer in the list! I also note the last one in the list, currently, (Str**tham property) will have a rather unfavourable LTV, are the loan and asset value figures the wrong way round fundingsecure ? (A loan of £55k will be c70% of £79k) Hmmm. I've never noticed having ESP before.  I can remember have a previous loan that similarly didn't draw down and was moved back to the Coming Soon list. It sat there for a while -- maybe a month or so -- before FS decided it wasn't going to happen and deleted it. I wonder whether the fact that this one already has disappeared from Coming Soon means fundingsecure have more or less given up on it. (I have looked at the loan comments, but there's nothing new there.) With respect to the odd LTV noted above, the Patek Philippe loan looks odd as well. I don't think I've ever seen FS do a loan with an 83% LTV. And since it has progressed as far as 'Loan Offer Accepted', I wouldn't have thought that the numbers still were subject to change.
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SteveT
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Post by SteveT on Jan 21, 2016 7:38:03 GMT
With respect to the odd LTV noted above, the Patek Philippe loan looks odd as well. I don't think I've ever seen FS do a loan with an 83% LTV. And since it has progressed as far as 'Loan Offer Accepted', I wouldn't have thought that the numbers still were subject to change. I presume that's linked to the extra note that "This loan has been underwritten for the full value (capital and 6 months interest)". No indication of who has underwritten it.
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mikes1531
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Post by mikes1531 on Jan 21, 2016 15:24:49 GMT
With respect to the odd LTV noted above, the Patek Philippe loan looks odd as well. I don't think I've ever seen FS do a loan with an 83% LTV. And since it has progressed as far as 'Loan Offer Accepted', I wouldn't have thought that the numbers still were subject to change. I presume that's linked to the extra note that "This loan has been underwritten for the full value (capital and 6 months interest)". No indication of who has underwritten it. Have fundingsecure said exactly what this loan being 'underwritten' means to lenders?
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oldgrumpy
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Post by oldgrumpy on Jan 21, 2016 15:30:15 GMT
I think they said on a previous occasion that should the borrower not redeem the loan FS already have a buyer who has promised to buy the item including whatever interest becomes due. I don't know how binding that "underwriting" is.
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SteveT
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Post by SteveT on Jan 21, 2016 15:30:34 GMT
I presume that's linked to the extra note that "This loan has been underwritten for the full value (capital and 6 months interest)". No indication of who has underwritten it. Have fundingsecure said exactly what this loan being 'underwritten' means to lenders? On one or two other loans (the overdue Range Rover for example), it's meant that they have someone lined up who has offered to pay the value of the capital + interest in case of default. [crossed with oldgrumpy]
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mikes1531
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Post by mikes1531 on Jan 21, 2016 16:18:24 GMT
Have fundingsecure said exactly what this loan being 'underwritten' means to lenders? On one or two other loans (the overdue Range Rover for example), it's meant that they have someone lined up who has offered to pay the value of the capital + interest in case of default. [crossed with oldgrumpy] If that's what it means, then that's great, but I'd much rather have heard it directly from fundingsecure. And I can't help wondering how many of FS's potential investors understand that's what FS meant. FS aren't doing themselves any favours by using unexplained jargon on the platform. I don't expect this loan to be funded completely within 24 hours, so it'll soon be time to start limbering up our fastest fingers.
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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 Jan 21, 2016 21:24:55 GMT
On one or two other loans (the overdue Range Rover for example), it's meant that they have someone lined up who has offered to pay the value of the capital + interest in case of default. [crossed with oldgrumpy] If that's what it means, then that's great, but I'd much rather have heard it directly from fundingsecure . And I can't help wondering how many of FS's potential investors understand that's what FS meant. FS aren't doing themselves any favours by using unexplained jargon on the platform. I don't expect this loan to be funded completely within 24 hours, so it'll soon be time to start limbering up our fastest fingers. FS have added an update explaining the underwriting. The valuing company has put its money where his mouth is and guarenteed to buy the watch for capital plus interest in the event of default.
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mikes1531
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Post by mikes1531 on Jan 21, 2016 23:00:37 GMT
If that's what it means, then that's great, but I'd much rather have heard it directly from fundingsecure . And I can't help wondering how many of FS's potential investors understand that's what FS meant. FS aren't doing themselves any favours by using unexplained jargon on the platform. FS have added an update explaining the underwriting. The valuing company has put its money where his mouth is and guarenteed to buy the watch for capital plus interest in the event of default. Since the update was added to the web page after my message, it looks as if fundingsecure may have done that in response to this thread, which I take as very encouraging. Even if they don't respond directly to us every time, they do watch and take onboard suggestions we might make -- and IMHO that's a very positive reaction. Thank you, FS!
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Post by jakebullet on Jan 21, 2016 23:07:12 GMT
The watch feels a very odd thing. Are they underwriting FS profits as well?
The rates page says 20K loan is 2.7% a month, so that would be £23240 if they are doing. If it's worth 24K, why not go out and buy one, doesn't feel worth the risk for the saving to be had if it defaults.
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Investboy
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Post by Investboy on Jan 22, 2016 13:49:12 GMT
Very quick search on G***le shows me that used costs 46,000 USD (£35.5k) and new ones start at 68,000 USD (£47.5k) So in the event of default getting it for £23k is a steal. Of course there are various factors like condition that impact value but to me it doesn't look like a bad loan. I'm not even commenting on a fact that watch can cost 30-50 grand (and much more) and can just imagine the mindset of someone who owns such a watch. I'm just looking for a new watch with £100 budget and still think that is quite a lot  We went far off topic here... we should probably have dedicated thread. |
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hazellend
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Post by hazellend on Feb 6, 2016 6:33:19 GMT
Poole loan cancelled but FS paying interest covering 7th jan till 7th Feb which is nice of them.
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Monetus
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Post by Monetus on Feb 10, 2016 14:44:42 GMT
Property in Llane*** now also cancelled but 30 days interested being paid which is very nice of FS.
Shame there's been quite a few medium-large property loans lately that haven't ended up completing...
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Steerpike
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Post by Steerpike on Feb 10, 2016 15:17:53 GMT
Don't you just hate it when they Welsh on the deal?
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