nick
Member of DD Central
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Post by nick on Jun 28, 2016 17:09:36 GMT
I must say, if 'cooling dude's' information is correct with regard to this borrower (and I have no reason to doubt it) I am rather surprised SS agreed to the deal. Maybe SS would like to explain their side of the story. At the risk of being contrary to others here, but the quality of the borrower surely isn't the most important factor when deciding whether a loan should be offered or not. At the end of the day our security is the property itself, thats the thing that's got to be right. Sure if they go bankrupt, fly off to another country, etc. then it will make things more inconvenitent and prolonged before we get our money. What would be interesting is to know how much interest SS are charging them - we get a flat rate of interest, but we know SS don't - they could be making a mint of this loan. All that said, I'm a hypocrite. I've got rid of my parts in this loan. Better safe than sorry.  I believe the competence, experience and trustworthiness of a borrower is always an important factor when assessing a loan's credit risk as the least risky outcome is always the repayment of the loan in accordance with the loan agreement. Having security helps mitigate any inherent credit risk, but will never eliminate it completely. Secured lenders remain exposed to market price risk should the market soften (particularly when dealing with high LTVs of 60%+), imperfection of security documents, liquidity risk from having cash tied-up for prolonged periods, all reasons why lenders will only foreclose as a last resort. SS used to charge 18%pa on loans taking a gross margin of 6%, but their website states that they provide finance from 1%pcm on both bridging and development loans.
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adrianc
Member of DD Central
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Post by adrianc on Jun 28, 2016 18:04:52 GMT
SS used to charge 18%pa on loans taking a gross margin of 6%, but their website states that they provide finance from 1%pcm on both bridging and development loans. But some of those will be funded by Lendy from other sources than via SS.
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Post by Deleted on Jun 29, 2016 7:29:06 GMT
No loan parts of Pbl097 left on the secondary market. It's good to know that loan parts with a nice pic will still sell no matter what.  |
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Post by garyjphill on Jun 29, 2016 13:01:54 GMT
sold thanks CD! |
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Post by chrisuk on Jun 29, 2016 13:39:08 GMT
I must say, if 'cooling dude's' information is correct with regard to this borrower (and I have no reason to doubt it) I am rather surprised SS agreed to the deal. Maybe SS would like to explain their side of the story. At the risk of being contrary to others here, but the quality of the borrower surely isn't the most important factor when deciding whether a loan should be offered or not. At the end of the day our security is the property itself, thats the thing that's got to be right. Sure if they go bankrupt, fly off to another country, etc. then it will make things more inconvenitent and prolonged before we get our money. What would be interesting is to know how much interest SS are charging them - we get a flat rate of interest, but we know SS don't - they could be making a mint of this loan. All that said, I'm a hypocrite. I've got rid of my parts in this loan. Better safe than sorry. Sorry 'Lofty' but I don't fully agree with you. Of course the value of the property is very important to us, but I also believe the quality of the borrower should be properly checked by SS. After all, we can find details about borrowers quite easily on the 'Interweb', so why can't SS?? Or maybe they do and do not consider it important. In which case I'm on my own here and should shut up and sit quietly in the corner!!
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lofty
Posts: 101
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Post by lofty on Jun 29, 2016 14:14:43 GMT
At the risk of being contrary to others here, but the quality of the borrower surely isn't the most important factor when deciding whether a loan should be offered or not. At the end of the day our security is the property itself, thats the thing that's got to be right. Sure if they go bankrupt, fly off to another country, etc. then it will make things more inconvenitent and prolonged before we get our money. What would be interesting is to know how much interest SS are charging them - we get a flat rate of interest, but we know SS don't - they could be making a mint of this loan. All that said, I'm a hypocrite. I've got rid of my parts in this loan. Better safe than sorry. Sorry 'Lofty' but I don't fully agree with you. Of course the value of the property is very important to us, but I also believe the quality of the borrower should be properly checked by SS. After all, we can find details about borrowers quite easily on the 'Interweb', so why can't SS?? Or maybe they do and do not consider it important. In which case I'm on my own here and should shut up and sit quietly in the corner!! I've spent most the the last week with half the population disagreeing with me, so its nice and refreshing to see it being done politely and constructively.  I guess my point is that Lendy may have done the same searches and that they've taken this into account when offering a rate to the borrower. For all we know they could be stinging him with a 30% odd rate. As every loan we get is the same percentage (despite the potential risk), it does ask the question do we have a right to know what they are charging? This may give us an idea as to how much DD they've done.
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Post by chrisuk on Jun 29, 2016 14:37:55 GMT
Sorry 'Lofty' but I don't fully agree with you. Of course the value of the property is very important to us, but I also believe the quality of the borrower should be properly checked by SS. After all, we can find details about borrowers quite easily on the 'Interweb', so why can't SS?? Or maybe they do and do not consider it important. In which case I'm on my own here and should shut up and sit quietly in the corner!! I've spent most the the last week with half the population disagreeing with me, so its nice and refreshing to see it being done politely and constructively. I know how you feel. I voted 'out' and have been accused of being a racist little Englander who doesn't care about the young people in this country! I shall go back to my corner now!
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jul 12, 2016 20:18:32 GMT
Lots more surfacing in regards to this loan (it's been keeping me from my DD on DFL004  ) > Sotheby International is hosting an open day at <mod redacted> on Wednesday 27th July from 16:00. Asking price is £16 million (I think there is more on offer than just our security, such as a S**** Chalet on the site which isn't mentioned in the valuation report). Two comments on the local forum in regards to this event... > The catalogue shows the interior of the chalet and boasts enough moorings for 25 boats. Many of these pontoons have Enforcement Notices against them. > Our borrower was in court yesterday... The case is rather unsavoury <mod redacted information> Mod Note: Information in this post has been redacted as it could in total or individually easily lead to the identity of the borrower and their asset. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Jul 12, 2016 20:41:42 GMT
( it is currently the top story on the ****** <mod redacted information>.) Might want to edit that, first story concerns moths & a famous footballer but a less literal interpretation leads you straignt to borrower ID Also references to the S C are probably clear pointers as it brings up the article
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jul 12, 2016 20:46:51 GMT
( it is currently the top story on the ****** <mod redacted information>) Might want to edit that, first story concerns moths & a famous footballer but a less literal interpretation leads you straignt to borrower ID Maybe... not one for getting in trouble with the MODs  , I've kept it as safe as possible. Will require homework...Also impotent to note that it is not related to the actual security in this loan, and innocent until proven guilty...
Edit: seems my post was deleted by a MOD after it was reported... I did moderate it myself, but I'm now just waiting back from the MODs to see what I did wrong. It's Back Now
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Liz
Member of DD Central
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Post by Liz on Jul 12, 2016 22:14:10 GMT
CD, is that your 3rd strike   |
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ianj
Member of DD Central
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Post by ianj on Jul 12, 2016 23:12:41 GMT
As my holding in this loan is minimal, I'd never previously felt the urge to identify this borrower, but I became intrigued reading the moderated posts above, and curiosity got the better of me.
It took me all of two minutes (2 google searches) to identify the borrower, and the latest news about him. The irony being that this could have been uncovered by anyone with an awareness of the existence of this loan!
It's not for the first time that it it was purely the act of moderation having taken place that's lead me to the information being shielded rather the content of edited / deleted posts.
I can't say that I envy the lot of the Moderators at all.
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Post by westonkevRS on Jul 13, 2016 6:27:41 GMT
As my holding in this loan is minimal, I'd never previously felt the urge to identify this borrower, but I became intrigued reading the moderated posts above, and curiosity got the better of me. It took me all of two minutes (2 google searches) to identify the borrower, and the latest news about him. The irony being that this could have been uncovered by anyone with an awareness of the existence of this loan! It's not for the first time that it it was purely the act of moderation having taken place that's lead me to the information being shielded rather the content of edited / deleted posts. I can't say that I envy the lot of the Moderators at all. But this is one of those stories that just gives and gives, you couldn't make it up. The Telegraph report about slapped apprentice bums has made me laugh....
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moist
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Post by moist on Jul 17, 2016 16:35:31 GMT
at least he was not guilty!
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spiral
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Post by spiral on Jul 17, 2016 19:22:19 GMT
at least he was not guilty! Nor was OJ Simpson
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)
, I've kept it as safe as possible. Will require homework...
