jjc
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Post by jjc on Jun 30, 2016 13:29:17 GMT
On a similar theme to GSV3MIaC 's news above (my bold): London, 30 June 2016 – LendInvest, the online specialist property finance lender, has reviewed its lending criteria for bridging finance borrowers in light of the UK’s vote to leave the EU. Today, the leading online lender has announced that: It will continue to lend on open market valuations It has not changed published interest rates Lending criteria remains unchanged for deals worth less than £3 million with an LTV of 75% or less Lending criteria has been tightened for deals worth more than £3 million, where the LTV is now capped at 65%It has temporarily paused lending on new second charge cases
LendInvest fully expects to honour its existing pipeline of deals (including second charge cases), and no cases have been cancelled or dropped on account of the Brexit vote. The company is also on track to complete a healthy June with over £40 million of deals completed. Ian Thomas, Co-Founder and Director of LendInvest, said: “At times of uncertainty, communication is crucial, no more so between lenders and brokers who want to work hard for their customers. Our message today is that LendInvest remains very much open for business. “Our decision to tighten lending criteria for higher value cases and pause new second charge loans reflects industry caution after the market shock of last week. Until more data becomes available about prime sales in the new market environment, redefining our lending criteria is the most responsible and prudent course of action. “LendInvest will carry on lending and we expect to remain busy in the months to come. This is the sort of major event that we have built LendInvest to be able to withstand. We are very well-capitalised and have a well-diversified funding base, from which to continue to lend and service loans.” |
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Post by yorkshireman on Jun 30, 2016 15:20:03 GMT
Things will be fine then.
The markets will love the easing / rate cuts in fact FTSE 100 and 250 roaring ahead since Carney spoke.
And secondly, when did the BoE last make a correct forecast?
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Post by captainconfident on Jun 30, 2016 15:38:32 GMT
16.38pm The £ has fallen off a cliff on the FX markets.
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stevio
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Post by stevio on Jun 30, 2016 15:55:47 GMT
16.38pm The £ has fallen off a cliff on the FX markets. Nothing like 2008/2009
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james
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Post by james on Jun 30, 2016 16:19:49 GMT
16.38pm The £ has fallen off a cliff on the FX markets. Nope, just back to where it was on Monday. Pretty small drop compared to the things we've seen and just what would be expected by an announcement implying lower interest rates. For context it was at over US$2 per Pound in 2008 and dropped to around 1.37, 32% drop. The brexit drop was from around 1.42 before the voting started to now around 1.32, a drop of only 7%. Much bigger things going on than the moves of the Pound so far even thought the Pound is pretty low compared to historic movement ranges.
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agent69
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Post by agent69 on Jun 30, 2016 16:58:14 GMT
16.38pm The £ has fallen off a cliff on the FX markets. Cliff? More like a molehill.
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Post by captainconfident on Jun 30, 2016 17:12:50 GMT
Yes, it fell back up a bit.
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james
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Post by james on Jun 30, 2016 21:03:40 GMT
GBP/USD touched 1.50 just after voting finished, so at 1.325, so we're talking a 12% fall. We might have got as high as 1.55 on a Remain vote. Sterling trade-weighted is down slightly at less @ 10% which is probably a fairer metric. With a 7% of GDP current account deficit, portfolio inflows probably slowing rapidly and net reserves of just 1.5% of GDP, the currency fundamentals of the UK are a bit of a shocker. It's might well be necessary for Sterling to overshoot a decent amount to the weaker side to get the balance of payments back into line; Soros might be right. It's unpleasant nonetheless; in global terms, we're all getting poorer. That 1.50 was anticipating a remain result, not where it had been in the rest of the week before. Doesn't seem sensible to measure from anticipated remain result to now but rather from before vote to now. Agree about trade-weighted, though since that has a high Euro component and the Euro hasn't been in particularly good shape either it's why I chose the dollar. Agreed about the interesting times and it'll be interesting to see what anticipated lower interest rates and more QE and maybe other measures turn up. A couple of good trade deals put in place quickly would also be nice even if they can't take effect until after an exit from the EU. Vote aside, a month where my net worth went up by about 2.5% isn't at all bad.
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jonah
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Post by jonah on Jul 1, 2016 4:49:51 GMT
A couple of good trade deals put in place quickly would also be nice even if they can't take effect until after an exit from the EU The above would suggest that neither discussions with the Eu nor the rest of the world can take place until after the end of the article 50 process! No idea how anyone could enforce the part about the rest of the world, but the eu part at least could happen.
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Post by bracknellboy on Jul 1, 2016 5:40:52 GMT
A couple of good trade deals put in place quickly would also be nice even if they can't take effect until after an exit from the EU The above would suggest that neither discussions with the Eu nor the rest of the world can take place until after the end of the article 50 process! No idea how anyone could enforce the part about the rest of the world, but the eu part at least could happen. Of no small point is who exactly is going to negotiate such deals in quick time. Trade deals of any meaning typically take years, are complex, and take a lot of horse trading; and perhaps more pertinently the UK does not have a standing army of experienced trade negotiators, as for no small number of years this was done for us by the ummm EU. You don't just pick a jeremy Corbyn off the street and send them off with "go on good chap, go sort out a trade deal with the US; end of next week/month/year would be good".
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duck
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Post by duck on Jul 1, 2016 6:16:55 GMT
Of no small point is who exactly is going to negotiate such deals in quick time. ..... Very good point, not a task for office interns and as far as I'm aware a one week training course isn't quite sufficient. Whilst I'm skeptical about lowering interest rates and more QE (most of the last tranche of QE headed eastwards and did nothing for the UK economy) it is refreshing to see that at least the BoE has put some thought into what happens if Britain went Brexit. Gideon of course took another direction www.fundstrategy.co.uk/george-osborne-britain-doesnt-plan-brexit/Radical thought, perhaps it is time for some helicopter cash direct to British Industry for investment in British infrastructure and R&D. Not to the large vanity projects (HS2, Hinckley Point C and London airports spring to mind) but to spread the cash more widely so it has an effect for the whole nation. As for P2P I repatriated some cash from Bondora yesterday, got a very nice exchange rate!
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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 Jul 1, 2016 7:08:34 GMT
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registerme
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Post by registerme on Jul 1, 2016 7:29:11 GMT
That actually made me laugh out loud. Well, laugh and snort derisively at the same time.
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Post by oldnick on Jul 1, 2016 7:53:32 GMT
I hear he is ready to be deployed in 45 minutes, which is good.
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duck
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Post by duck on Jul 1, 2016 8:42:48 GMT
I read that article earlier and thought 'well at least he has some foreign contacts' (yes they may be dubious) so if negotiations with the EU take some time he might be able to point the UK in another direction  Ideal man for the job. I sleep well now that the Middle East is at peace, good job Tony  Perhaps we need the dream team of Tony and Mandy. |
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