mikes1531
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Post by mikes1531 on Jul 27, 2016 13:21:59 GMT
FS Loan Ref: 4472473225 - Farm Buildings Conversion £350,000 - 12% - LTV 62.50% Limit £5,000 first 24h Start Friday 8/1/16 at 16.00h - End 12/1/16 % subscribed after: 1min - 49; 2min - 51; 3min - 51; 4min - 52; 5min - 53 10min -56; 20min -60; 30min - 62; 45min - 65; 1hr - 67; 2hr - 75; 3hr - 79; 4hr - 81; 5hr - 81 ; 10hr - ??; 15hr - ??; 24hr - ?? These stats give an idea of investors' appetite in what is a fairly large loan. Now posted before last results to alert potential investors that the loan is still open for investment. Looks like FS made a sound judgment with their £5,000/24hr limit to keep most investors happy. Must have been difficult to predict interest after the recent 1m+ (Poole) loan being quite slow to fill up. The £50k third tranche of this loan seems to be taking its time to fill. I also note that the £350k first tranche of this loan is maturing in a week. Renewing that loan will require the borrower to come up with about £30k, so most of the proceeds from the third tranche -- presuming it does fill eventually -- are going to be needed just to roll over the first tranche. That won't leave much money for the borrower to use to continue the works. And it probably will be a while before the borrower can request a fourth tranche because further tranches depend on the monitoring surveyor confirming that significant progress has been made since the previous tranche. Should we be worried about the borrower's ability to pay for the remaining work required? fundingsecure: Is the conversion project running as initially expected time-wise? Or is it taking longer than expected? Roughly when does the borrower think the project will be complete so that the property can be put up for sale?
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duck
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Post by duck on Jul 27, 2016 15:54:29 GMT
Some good points there mikes1531. Not far from me (he thinks out loud)
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Liz
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Post by Liz on Jul 27, 2016 18:37:02 GMT
Some good points there mikes1531 . Not far from me (he thinks out loud) You could fly on over there and give us a birds eye view of the place 
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Post by fundingsecure on Jul 28, 2016 8:23:25 GMT
The project has taken longer than anticipated. However,this is because the borrower/developer was able to get planning for a larger scheme which is not reflected in the valuation. A site meeting with the valuer and the developer is planned for next week which will co-incide with the renewal.
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