mikes1531
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Post by mikes1531 on Feb 24, 2014 15:27:20 GMT
Investors may be holding off on porpoise and waiting for the valuation report to become available to mullet over, which should be tomorrow (24th Feb). The valuation report is now available for review, and it hasn't exactly brought in a rush of bids. I wonder if the 50-year age of the boat is putting people off. I'd expect that the market for boats of this vintage would be more limited than the market for newer boats. I know the valuation should take that into account, but the valuation also is based on it being "offered on the open market for a reasonable time" and I don't know whether a 'reasonable' time might be longer for an older boat. The boat is for sale at the moment. What is the asking price? How long has it been for sale? I note that there was a survey of the boat made last August. Has it been for sale since then?
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Post by westcountryfunder on Feb 24, 2014 16:03:10 GMT
Investors may be holding off on porpoise and waiting for the valuation report to become available to mullet over, which should be tomorrow (24th Feb). The valuation report is now available for review, and it hasn't exactly brought in a rush of bids. I wonder if the 50-year age of the boat is putting people off. I'd expect that the market for boats of this vintage would be more limited than the market for newer boats. I know the valuation should take that into account, but the valuation also is based on it being "offered on the open market for a reasonable time" and I don't know whether a 'reasonable' time might be longer for an older boat. The boat is for sale at the moment. What is the asking price? How long has it been for sale? I note that there was a survey of the boat made last August. Has it been for sale since then? Yeah, and the survey doesn't exactly enthuse about its condition either. OK, I know its getting on a bit, but it seems to need some attention. Expensive? Dated? Too much hassle? Perhaps the boaty crowd don't worry about such matters. Unfortunately I committed myself to a few pounds on Friday, and I hope I don't regret it. Act in haste, repent at leisure.
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mikes1531
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Post by mikes1531 on Feb 24, 2014 21:03:20 GMT
The valuation report is now available for review, and it hasn't exactly brought in a rush of bids. I wonder if the 50-year age of the boat is putting people off. I'd expect that the market for boats of this vintage would be more limited than the market for newer boats. I know the valuation should take that into account, but the valuation also is based on it being "offered on the open market for a reasonable time" and I don't know whether a 'reasonable' time might be longer for an older boat. The boat is for sale at the moment. What is the asking price? How long has it been for sale? I note that there was a survey of the boat made last August. Has it been for sale since then? Yeah, and the survey doesn't exactly enthuse about its condition either. OK, I know its getting on a bit, but it seems to need some attention. Expensive? Dated? Too much hassle? Perhaps the boaty crowd don't worry about such matters. Unfortunately I committed myself to a few pounds on Friday, and I hope I don't regret it. Act in haste, repent at leisure. I suppose my biggest concern is what price a boat would fetch at an auction on relatively short notice. I suppose that with a maximum of 50% LTV, all you'd have to do is find a buyer willing to pay about 70% of the 'reasonable time to find a buyer' valuation. And there may be enough yacht brokers around that one would be willing to pay that -- or possibly not, if the market is too thin. I tried Googling "hagg 44 for sale" and thought I found two. When I dug deeper, however, I found that the one in the UK and the one in Mallorca both had the same name! The brokers were asking £120k for the one in Mallorca and £90k for the one in the UK. I haven't a clue whether both listings are current. The point, however, is that there was a significant difference in price between the two listings, which suggests that obtaining a good price for an asset like this may well depend on finding just the right buyer at precisely the right time. I also signed up for a piece of this loan last Friday, and am finding the lack of support for it from other SS lenders somewhat unnerving. I expect this may teach me to look a bit more before I leap. Hopefully the boat owner will find a buyer soon enough and any worries I might have will prove to be unfounded. PS. It looks like SS's website designers have reverted to their previous practice of 'borrowing' images of boats from other websites and failing to acknowledge the source. Sorry, SS, but this is not a confidence-building move, so you really need to put a stop to it. And, just in case it wasn't already obvious, changing the colour of the boat doesn't relieve you of your responsibility not to infringe others' copyrights.
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Post by notaclue on Feb 24, 2014 23:08:48 GMT
Looking at the pictures of a Hagg 44 for sale advertised in the UK, the one Lendy is using is one of them with the image rotated and the hull colour changed.
If it is that boat it looks in good condition although the engines could do with a lick of paint.
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debeast
(o)(o)
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Post by debeast on Feb 25, 2014 8:29:42 GMT
May I suggest/recommend that SS do what FS do in the same situation?... Yes please. Another vote for asking exiting lenders if they want to roll funds into the new loan. Me 3 please
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debeast
(o)(o)
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Post by debeast on Feb 25, 2014 8:31:07 GMT
Cod knows why, because knot a thing seems fishy about this deal, but the old Hagg was going swimmingly well until around 22 hours ago, at which point the bidding took a dive and she started floundering in her plaice. With £13,373.71 of funding current-ly still beached, I shrimply cannot undersand why, and it’s sardine to give me a bit of a haddock, so if you have any ideas, let minnow. Water your views? Did you sea what I did there? I’m shore you did… ~groan~ arrggghh my eyes they burn
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Post by savingstream on Feb 25, 2014 8:44:02 GMT
We are faced with a difficulty when lending against very specific assets that are already for sale on the web. It doesn't take long before investors can find the asset in question. The borrower is borrowing in confidence and that is why we use photos of similar assets, to protect asset identity. In this instance there are only photos available of one asset, hence it was altered. We have permission to use the photo as it was included in the paid for surveyors report. We would rather keep using photos rather than a 'this asset is confidential' message.
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mikes1531
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Post by mikes1531 on Feb 25, 2014 13:11:59 GMT
We are faced with a difficulty when lending against very specific assets that are already for sale on the web. Point taken. You are in an awkward position, and since I can't suggest a solution I'm not a lot of help. The concern in this case is that with unique items the value of the asset/security is very difficult to ascertain. There's no problem in a case like this if the owner finds a buyer, or can continue to renew the loan while trying to sell, but if the borrower defaults and the boat has to be sold in a short-notice auction the question is what sort of a price is likely to be achieved and will it be enough to repay Lendy and all of the lenders. I suppose that if the valuer is conservative then the issue is minimised. And in this case, it looks like they are, as the stated value is 83% of the UK asking price or 63% of the Spanish asking price. Then again, the boat may have been for sale for a while and if so, perhaps the asking price is too high. Or maybe the right buyer just hasn't come along yet. On another P2P/B platform valuers are asked to provide two values -- the usual willing buyer and seller and a reasonable marketing time value, and the amount likely to be achieved in a forced sale situation. Is it feasible to ask for similar values from a marine valuer? Or is the market just too thin for that?
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