bernard
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Post by bernard on May 4, 2016 17:30:43 GMT
As far as I can see, the only information we have on this is a one pager from a valuation stating that the passing rent is 12k and the valuation is 180k. No comparables, no comments on tenant, no opinion on whether the property is under-rented, etc. In the absence of further information, this yield seems a little bit too skinny to me to support the valuation. fundingsecure can you provide further info on this property and transaction? There doesn't seem to be enough to allow people to make their own informed decision. Is there any second charge on the adjoining floors? |
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Post by mrclondon on May 9, 2016 14:47:21 GMT
W**** Refinance - FS states on this £270k loan "FundingSecure has sight of a contract between the borrower and C******* Housing Association to supply funding for the development, build and sale of 16 self contained apartments." However the attached valuation (which is addressed to Bank of Ireland not FS) is for 24 self contained apartments x £21,000 = £504,000 and is a summary with no details of assumptions or comparables. The valuation attached to the previous "Londonderry Properties" loan (1439443086) was addressed to FS and values 16 self contained apartments x £20,000 = £320,000. Whilst comparables are discussed (briefly) there is no details of the sq footage of the apartments. This previous loan also states "FundingSecure has verification of planning approval - handled between planning authority and housing association." G******** Retail, Londonderry - the valuation is addressed to Bank of Ireland not FS and is a summary with no details of assumptions or comparables. The valuation of £180k back calculates to an investment yield of 6.7% given the rent of £12k pa. An investment yield of 6.7% strikes me as being very low for NI. There is no details of the unit (e.g. size, fit out, services etc) which is presumably one of the 3 (?) retail units shown in the photo at the end of the valuation report attached to the previous "Londonderry Properties" loan (1439443086). The photo attached to this new loan appears to have no resemblance to the target property. B**** Road, Londonderry - the valuation is addressed to Bank of Ireland not FS and is a summary with no details of assumptions or comparables, for 32 x self contained apartments @ £21,250 = £680,000. The valuation attached to the previous "Londonderry Properties" loan (1439443086) was addressed to FS and values 24 self contained apartments x £18,000 = £432,000. Whilst comparables are discussed (briefly) there is no details of the sq footage of the apartments. This previous loan also states "FundingSecure has verification of planning approval - handled between planning authority and housing association." I wasn't keen on these loans the first time round, and based on this research I'm no keener this time round. fundingsecure - have you had sight of revised planning consent regarding the increased density at the two developments ?
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r00lish67
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Post by r00lish67 on Feb 13, 2017 9:44:00 GMT
Picking up this old thread, mrclondon 's concerns with these loans unfortunately appear to be justified, as they now appear to be struggling a little. These are: B****, Londonderry (7928207063)- £360k G**** Retail, Londonderry (1205065729)- £125k S****, Londonderry (1018041290)- £265k W****, Londonderry (1755630766) - £270k (tell me if I've missed any) All appear to be pinned on an agreement with the C******* Housing Association. The loans were due to redeem on various dates in November/December (earliest being 4th November) but have had funds from the HA delayed. After 3 months of delay, it now seems funds are not imminently forthcoming from the HA, and so alternative financing is now being sought. fundingsecure 's updates are fairly upbeat: "Further discussions with the borrower have confirmed that progress has been made but funds have still not yet been released by the housing association. They have therefore applied for additional funding from the BOI to provide an interim solution. This has been approved subject to final confirmation of planning details" (applies to all except Ground Floor..). I've asked for further detail, however, as to the nature of the issue with the HA releasing funds. I'd also like to know whether FS have actually had sight of the agreement with BOI or whether they're relying on 3rd party information. When a high risk, delayed, P2P financed loan has an update that states that they'll be refinanced by a mainstream bank it unfortunately tends to have the opposite of the desired effect for me and makes me nervous. Mainly because, if banks weren't keen in the first place, why would they be now? |
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micky
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Post by micky on Feb 13, 2017 10:31:57 GMT
This is a great summary. Thanks.
Would you update us as you receive information from FS?
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r00lish67
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Post by r00lish67 on Feb 13, 2017 10:56:26 GMT
Yes, will do.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 13, 2017 13:17:41 GMT
Looking at their website, C******* Housing Association have several current developments and several future developments ready to start in Spring 2017. None of them appear to relate to our loans, so I would conclude that C******* HA are very busy and operating on a different timescale to our borrower.
On the plus side C******* Housing Association have a very close relationship with the planning department and have regular meetings.
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ozboy
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Post by ozboy on Feb 13, 2017 14:21:34 GMT
Housing Associations can go bust just like anyone else?
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r00lish67
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Post by r00lish67 on Feb 17, 2017 8:40:35 GMT
I didn't want to be snarky in advance about FS's general lack of answering e-mails, but I unfortunately haven't seen any response as of yet to my e-mail (and preceding Live Chat) on Monday. I hope we at least see some more detail in the weekly update in the next day or two.
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r00lish67
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Post by r00lish67 on Feb 18, 2017 9:36:10 GMT
Aha, here we go, that extra detail :
St** R**, L*** (1018041290) 11 hours ago "Await timing"
.....Succinct.
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r00lish67
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Post by r00lish67 on Feb 21, 2017 8:53:40 GMT
Hor, I don't think we're quite at the 'short term london' stage yet, although I agree the lack of detail presented to us is a little frustrating. I suspect they may know a fair amount more, but don't want to open a can of worms by telling us about it. Providing the 'confirmed BOI financing subject..', does actually come to fruition however, then we've no issue. Why they can finance now with the BOI when they presumably couldn't before is another obvious question, which I hope we don't have to probe into due to satisfactory repayment in the near term  |
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r00lish67
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Post by r00lish67 on Feb 26, 2017 15:46:44 GMT
Hi fundingsecure , I'm still yet to receive a reply to my e-mail. Further to those questions, as there's still no update of substance, can you provide just a little bit of skin on the bones of what the 'final confirmation of planning details' entails for the BOI to finish their otherwise approved refinancing, and a frame of reference for how long they may need for that? (e.g. are they awaiting a planning decision, so weeks? Or a couple of questions, days?). |
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r00lish67
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Post by r00lish67 on Mar 11, 2017 18:43:19 GMT
A month now since we were informed about the approved BOI financing (subject to planning details)' and still no projected date for this to occur is yet to materialise. fundingsecure , your comment on the 12th February suggests that only planning details were required for the otherwise approved refinancing with BOI to proceed. If that is still the case, what is the cause of the delay on obtaining these details? |
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 12, 2017 11:48:48 GMT
Londonderry (1205065729) is now 111 days (almost 4 months) late and NOT A SINGLE ANSWER/JUSTIFICATION has been given as to the cause of the problem or where our money has gone (what use was done). Just PATHETIC excuses of an attempt to repay the interest with an 'ongoig' process during 4 months without results. Even the attempt to take the rent directly onboard seems to have stopped. This is totally unacceptable and means the end of any further investment by me in the housing sector with FundingSecure. Refusing to even respond to proper questions by people who invested money is against logic and demonstrate FS has too much work to follow and probably too much lenders' money to care about lenders anymore (the same situation that happened a few years ago in FC). This is a typical situation where poor actions can transform a decent security-backed loan in a real problem and yet FS is just waiting DOING NOTHING (now almost 4 months, with an unjustified overrun of 61% as of today). @hor1997 I believe the loan you are concerned about is the ground floor of this loan 2437319925. Read the updates on that loan and you will get an understanding on the delay.
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ozboy
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Post by ozboy on Mar 13, 2017 15:51:08 GMT
BoI seem to be dragging this out? Not a good sign.
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ozboy
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Post by ozboy on Mar 15, 2017 13:00:59 GMT
I agree, I've got quite a bit in three of these Loans and am now nervous, FS needs to go hard asap, the BoI Loan surely ain't gonna happen.
The usual seeming tardiness by FS is not acceptable anymore. Never was.
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