mason
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Post by mason on Feb 15, 2019 12:35:11 GMT
I think Whitehaven was nearest, with proceeds from the sale of the asset delivered a 2% recovery after costs - fortunately I avoided that one. Personally, I consider the Ablrate shipping container loans a 100% capital loss and those certainly were "movable" assets, which was part of the problem  Personally my max in any FS loan is 0.1% I nearly invested in those containers! Looking back it was too good to be true wasn't it? Iirc it was like "Hey, buy a container for £800 by the time it's got here from China it will be worth £1,200!" or some other such nonsense! No it wasn't too good to be true. It just wasn't good enough to support the theft going on behind the scenes.
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coop
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Post by coop on Feb 15, 2019 13:11:38 GMT
Fur sure, but would those returns have been available on shipping containers were there not an underlying nefarious scheme?
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r1200gs
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Post by r1200gs on Feb 15, 2019 13:33:22 GMT
Fur sure, but would those returns have been available on shipping containers were there not an underlying nefarious scheme? Is there a thread on this container loan? I don't know anything about it but it sounds interesting.
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adrian77
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Post by adrian77 on Feb 15, 2019 17:01:13 GMT
totally agree but I think the third if not second charge on this one may possibly hit a 100% loss. These units are very big at 990 ft2 and bigger than the average new UK house - not sure if that is good or bad in terms of the auction but we will soon find out!
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taffy
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Post by taffy on Apr 3, 2019 15:27:36 GMT
5 Park Homes become 4, then become 2 and with 100% LTV. Am I missing something here given the maximum LTV is supposedly 70%?
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pip
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Post by pip on Apr 3, 2019 16:04:22 GMT
5 Park Homes become 4, then become 2 and with 100% LTV. Am I missing something here given the maximum LTV is supposedly 70%? You are not missing anything. The loans were advertised as being secured by 5 park homes. However only two were being built and the remaining homes were due to be built from the proceeds of the first two. So how were they ever secured on 5 homes as at no point would be borrower be in more than 3 homes and at the time the loans were given they were secured on two incomplete units. Ergo....you are not going to get anywhere near your money back I am afraid. Not even sure if the two homes being auctioned are actually completed. Can't believe that incomplete park homes would be worth much at all, especially as there must be loads being flogged off as a large park home manufacturer recently went bust.
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rogerthat
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Post by rogerthat on Apr 3, 2019 16:41:36 GMT
5 Park Homes become 4, then become 2 and with 100% LTV. Am I missing something here given the maximum LTV is supposedly 70%? Actually you are missing something..there already is a thread for this unholy mess..but im sure if you ask nicely, a helpful moderator ( dan1 or mrclondon ) will transplant your thread into the existing one, then you can catch up on the saga so far. Edit. Here is the link for the existing thread but note it is an amalgamation of two separate loans i.e. 2 + 5 Park homes..if you're lucky you wont have anything at all invested in any of them ! p2pindependentforum.com/thread/6331/park-homes-default
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james21
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Post by james21 on Apr 3, 2019 18:21:12 GMT
5 Park Homes become 4, then become 2 and with 100% LTV. Am I missing something here given the maximum LTV is supposedly 70%? Actually you are missing something..there already is a thread for this unholy mess..but im sure if you ask nicely, a helpful moderator ( dan1 or mrclondon ) will transplant your thread into the existing one, then you can catch up on the saga so far. Edit. Here is the link for the existing thread but note it is an amalgamation of two separate loans i.e. 2 + 5 Park homes..if you're lucky you wont have anything at all invested in any of them ! p2pindependentforum.com/thread/6331/park-homes-defaultwell said Roger admins please delete this thread as original has all info
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adrian77
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Post by adrian77 on Apr 13, 2019 16:40:40 GMT
I think I have found the auction site where these 2 are being sold I note buyer's premium is 20% + vat and payment is due by the 10th May (auction closes 3rd May). I am not complaining but the auctioneer is not a specialist mobile home dealer (although he does sell property) but more a "Mr Shiftit" which is fine by me but not sure how good a price he will get. There seems to be 4 similar homes for sale which is not ideal (wonder if it is the same manufacturer that went bust?). Also however much do these things cost to transport as they are big and I don't think will fit on a standard lorry so any buyer will need to factor that in. I just don't know how this one is going to pan out so will be interesting to see - according to FS the trade value is £330K against a £231K loan. I just can't see each unit making £116K plus interest at 20% after expenses so not going to be pretty as I see it...
Please PM me if you want the site details
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pip
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Post by pip on Apr 29, 2019 12:17:46 GMT
I think I have found the auction site where these 2 are being sold I note buyer's premium is 20% + vat and payment is due by the 10th May (auction closes 3rd May). I am not complaining but the auctioneer is not a specialist mobile home dealer (although he does sell property) but more a "Mr Shiftit" which is fine by me but not sure how good a price he will get. There seems to be 4 similar homes for sale which is not ideal (wonder if it is the same manufacturer that went bust?). Also however much do these things cost to transport as they are big and I don't think will fit on a standard lorry so any buyer will need to factor that in. I just don't know how this one is going to pan out so will be interesting to see - according to FS the trade value is £330K against a £231K loan. I just can't see each unit making £116K plus interest at 20% after expenses so not going to be pretty as I see it... Please PM me if you want the site details Only a few days till this auction closes. Suspecting this to be a another disaster.
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adrian77
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Post by adrian77 on May 7, 2019 18:16:03 GMT
On the plus side all 4 mobile homes have received an offer - bad news is we will have to wait until Friday for proof of payment - wonder how quickly afterwards FS will tell us how much the 2 they entered actually sold for...I just haven't a clue but I don't think it will be anywhere near the loan amount.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 8, 2019 15:05:27 GMT
On the plus side all 4 mobile homes have received an offer - bad news is we will have to wait until Friday for proof of payment - wonder how quickly afterwards FS will tell us how much the 2 they entered actually sold for...I just haven't a clue but I don't think it will be anywhere near the loan amount. PIP has said it will be a "disaster" I think we need a key to the scale of a loss that is need to attract a particular adjective.
1 Catastrpohic Disaster = 100% loss of capital and interest no possibility of recovery
2 Major Disaster=100% loss of capital possible further recovery
3 Disaster =100% loss of interest no possible further recovery
4 Moderate Disaster= 100% loss of interest possible further recovery
5 Slight Disaster=50% loss of interest no possible further recovery
6 Near disaster = up to 50% loss of interest possible further recovery
Various other terms can be used depending on scale of loss and include. "Take a bath" , Take a tanking and many others. Take your pick or add your own only the actual figures will give a definative answer and the effect will be as individual as the term used to describe it 
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pip
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Post by pip on May 8, 2019 15:26:47 GMT
On the plus side all 4 mobile homes have received an offer - bad news is we will have to wait until Friday for proof of payment - wonder how quickly afterwards FS will tell us how much the 2 they entered actually sold for...I just haven't a clue but I don't think it will be anywhere near the loan amount. PIP has said it will be a "disaster" I think we need a key to the scale of a loss that is need to attract a particular adjective.
1 Catastrpohic Disaster = 100% loss of capital and interest no possibility of recovery
2 Major Disaster=100% loss of capital possible further recovery
6 Disaster =100% loss of interest no possible further recovery
3 Moderate Disaster= 100% loss of interest possible further recovery
4 Slight Disaster=50% loss of interest no possible further recovery
6 Near disaster = up to 50% loss of interest possible further recovery
Various other terms can be used depending on scale of loss and include. "Take a bath" , Take a tanking and many others. Take your pick or add your own only the actual figures will give a definative answer and the effect will be as individual as the term used to describe it I think your ability to number a list is indicative of your ability to work out your annual returns and come to the conclusion that you are making 18% on FS. The difference from 2-6 (i assume you meant 3) is massive 100% loss of capital to 100% loss of interest. I am not getting into your games. Let's see what the outcome is, I suspect investors will lose most of their capital. Knowing FS we will probably get radio silence on this for weeks due to them 'allocating the proceeds from the sale'. Goodness knows how much of any return will find its way back to investors, the receiver will get their slice first. I know you are so rich and well diversified this will be nothing more than a minor blip to you. For the rest of us minions, this is just another saga in a platform which has eaten up my money. Why don't you spend your time predicting the spin of the roulette wheel as you claim you are a master at rather than telling us ordinary folks how great you are.
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mullet
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Post by mullet on May 8, 2019 15:27:25 GMT
6 Disaster =100% loss of interest no possible further recovery
3 Moderate Disaster= 100% loss of interest possible further recovery 4 Slight Disaster=50% loss of interest no possible further recovery 6 Near disaster = up to 50% loss of interest possible further recovery
Seriously??? If this ends up nothing worse than a partial loss on interest most investors will celebrating on this one!
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 8, 2019 15:39:47 GMT
PIP has said it will be a "disaster" I think we need a key to the scale of a loss that is need to attract a particular adjective.
1 Catastrpohic Disaster = 100% loss of capital and interest no possibility of recovery
2 Major Disaster=100% loss of capital possible further recovery
6 Disaster =100% loss of interest no possible further recovery
3 Moderate Disaster= 100% loss of interest possible further recovery
4 Slight Disaster=50% loss of interest no possible further recovery
6 Near disaster = up to 50% loss of interest possible further recovery
Various other terms can be used depending on scale of loss and include. "Take a bath" , Take a tanking and many others. Take your pick or add your own only the actual figures will give a definative answer and the effect will be as individual as the term used to describe it I think your ability to number a list is indicative of your ability to work out your annual returns and come to the conclusion that you are making 18% on FS. The difference from 2-6 (i assume you meant 3) is massive 100% loss of capital to 100% loss of interest. I am not getting into your games. Let's see what the outcome is, I suspect investors will lose most of their capital. Knowing FS we will probably get radio silence on this for weeks due to them 'allocating the proceeds from the sale'. Goodness knows how much of any return will find its way back to investors, the receiver will get their slice first. I know you are so rich and well diversified this will be nothing more than a minor blip to you. For the rest of us minions, this is just another saga in a platform which has eaten up my money. Why don't you spend your time predicting the spin of the roulette wheel as you claim you are a master at rather than telling us ordinary folks how great you are. Roulette wheels are subject of enormous scrutiny and conform prettty well to predicted outcoms like FS loan parts identify an atypical pattern and things have to fall back into place and you have an opportunity to take advantage.
With regard to the loans mentioned I completely agree there will be a large loss the overall effect on the platform returns will however be minimal.
I am by no means rich. I have just put aside a little over a long time. Every penny was earned and saved prudently rather than non productivley spent. This now allows my indulgences such as FS. I still apply my lifelong attitude of fact based investment.
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