sl75
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Post by sl75 on Jan 15, 2016 8:22:41 GMT
If anything, I would tend to interpret this information more in terms of indicating a significantly enhanced risk of early repayment - something important to take into account when considering buying at a premium, but largely irrelevant at par.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Jan 15, 2016 11:50:24 GMT
Ops, I'm in all 4 too. And to make things worse on some with quadrupled usual allocation. What was I thinking? Probably: "10% secured on property, what could gone wrong?"
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SteveT
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Post by SteveT on Jan 15, 2016 12:02:14 GMT
Ops, I'm in all 4 too. And to make things worse on some with quadrupled usual allocation. What was I thinking? Probably: "10% secured on property, what could gone wrong?" But they ARE secured on property, are they not? The funds were raised against first charge security on their existing property holdings (otherwise the money could not have been advanced to them to buy others at auction). That said, I sold my parts a while back at a healthy premium.
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adrianc
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Post by adrianc on Jan 15, 2016 14:53:37 GMT
What was I thinking? Probably: "10% secured on property, what could gone wrong?" +1%CB...
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jonah
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Post by jonah on Jan 15, 2016 20:50:30 GMT
Is this the first property secured loan on FC to go bang?
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baldpate
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Post by baldpate on Jan 15, 2016 21:11:56 GMT
Is this the first property secured loan on FC to go bang? Could you explain what you mean by "going bang"? Do you have information that the rest of us are not privy to? Because I don't see anything that suggest this loan is at imminent risk of default, which is the only reasonable interpretation I can think to place on the term "going bang".
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jonah
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Post by jonah on Jan 15, 2016 21:27:14 GMT
Is this the first property secured loan on FC to go bang? Could you explain what you mean by "going bang"? Do you have information that the rest of us are not privy to? Because I don't see anything that suggest this loan is at imminent risk of default, which is the only reasonable interpretation I can think to place on the term "going bang". Probably terrible phrasing on my part from over interpretation of some previous comments in this thread. I have no details on this loan. mea culpa
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Post by GSV3MIaC on Jan 15, 2016 21:32:08 GMT
The latest loan comment says :
"15 Jan 2016
To clarify the previous comment, the purchasing of new properties does not effect the borrowers ability to repay the loan."
so apparently you are not the only one who was confused. 8>.
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metoo
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Post by metoo on Jan 15, 2016 22:01:21 GMT
The latest loan comment says : "15 Jan 2016 To clarify the previous comment, the purchasing of new properties does not effect the borrowers ability to repay the loan." so apparently you are not the only one who was confused. 8>. And neither does it affect their ability to repay. 
I have not read the official forum thread on this as it is currently inaccessible, but I assume these loan comments are a response to pressure from posters there, following on from the Q&A during bidding?
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blender
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Post by blender on Jan 15, 2016 23:05:49 GMT
Yes, there were official replies there and requests to inform lenders through notes. It is unusual for progress reports (lack of) to be conveyed in notes. This is not a 'credit event'.
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Post by Deleted on Jan 16, 2016 2:10:15 GMT
well, to be very honest lenders should not be concerned in the slightest if the borrower buys or not a property.
In truth if he does NOT buy one certainly he is in a better financial cashflow situation and the chances to repay the loan in full and on time (or better in advance) are very high.
Lenders here have a solid guarantee (which is totally unrelated to the properties on the London auction) and should sleep very easy with those securities ready.
Certainly more solid and ready to use than in a classic development loan where the value might depend on the status of completion of works. Here the guarantees are ready and complete apartments...
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