stevio
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Post by stevio on Oct 24, 2017 20:38:41 GMT
If defaults, can't see a partially completed park home selling for anything like the loan amount or even at all
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kermie
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Post by kermie on Oct 24, 2017 21:13:04 GMT
Just....why?!?
Edit: and at only 12%?!
Edit2: 30% funded?!
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Liz
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Post by Liz on Oct 24, 2017 21:55:17 GMT
If defaults, can't see a partially completed park home selling for anything like the loan amount or even at all stick 'em on the bonfire
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adrian77
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Post by adrian77 on Oct 25, 2017 7:00:24 GMT
neither can I - I have just lost track of these park homes all over the place and when I am confused I simply don't invest. Also however much to these things cost to transport/store in case of default - one to watch with interest but as to investing - no thank you!
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mikes1531
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Post by mikes1531 on Oct 25, 2017 10:23:43 GMT
Third tranche of the 5 park homes under construction coming up later today. LTV 100% Bid Restriction £500 No doubt the homes wont be sold for the next 6 months as no one buys park homes during the winter period or is that a generalisation! I don't think that'll be a problem with these park homes -- they're still under construction. There's another tranche of this facility to come -- I'd expect it to appear around the end of the year -- and that means the works probably won't be complete until late winter. Spring probably would be a reasonable time to try to sell them, so the timing doesn't look that bad to me. However... Take a look at 2 Park Homes under Construction - 2nd Additional Loan (1309140400). That loan was offered back in May. Those homes were described at the time as "recently built", and the borrower was trying to sell them. That loan still is outstanding, so the homes still must be unsold. I don't know how many times the borrower can afford to pay the FS interest/fees to renew the loans on those two completed houses, but if FS do have to try to recover the loans against them at least they have a finished item to sell rather than a half-built one.
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stevio
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Post by stevio on Oct 25, 2017 10:46:03 GMT
No doubt the homes wont be sold for the next 6 months as no one buys park homes during the winter period or is that a generalisation! I don't think that'll be a problem with these park homes -- they're still under construction. There's another tranche of this facility to come -- I'd expect it to appear around the end of the year -- and that means the works probably won't be complete until late winter. Spring probably would be a reasonable time to try to sell them, so the timing doesn't look that bad to me. However... Take a look at 2 Park Homes under Construction - 2nd Additional Loan (1309140400). That loan was offered back in May. Those homes were described at the time as "recently built", and the borrower was trying to sell them. That loan still is outstanding, so the homes still must be unsold. I don't know how many times the borrower can afford to pay the FS interest/fees to renew the loans on those two completed houses, but if FS do have to try to recover the loans against them at least they have a finished item to sell rather than a half-built one. Has anyone worked out the profit from the sales value vs interest paying to see how long they could continue making payments and still realise a profit?
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rs
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Post by rs on Oct 25, 2017 11:11:14 GMT
I don't think that'll be a problem with these park homes -- they're still under construction. There's another tranche of this facility to come -- I'd expect it to appear around the end of the year -- and that means the works probably won't be complete until late winter. Spring probably would be a reasonable time to try to sell them, so the timing doesn't look that bad to me. However... Take a look at 2 Park Homes under Construction - 2nd Additional Loan (1309140400). That loan was offered back in May. Those homes were described at the time as "recently built", and the borrower was trying to sell them. That loan still is outstanding, so the homes still must be unsold. I don't know how many times the borrower can afford to pay the FS interest/fees to renew the loans on those two completed houses, but if FS do have to try to recover the loans against them at least they have a finished item to sell rather than a half-built one. Has anyone worked out the profit from the sales value vs interest paying to see how long they could continue making payments and still realise a profit? I suppose it depends on whether the calculation includes FS fees or not!
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adrian77
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Post by adrian77 on Jan 3, 2018 16:57:06 GMT
Ref the latest renewal (I have lost track of these all over the place) I read
I would appreciate a second opinion from somebody in the business but my research indicates this trade value is far too high - £165K will buy a very good detached house where I live.
OK these things are being built but however much to these things cost to transport and store once produced? One to watch with interest but as to investing - no thank you!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 3, 2018 18:52:06 GMT
Ref the latest renewal (I have lost track of these all over the place) I read I would appreciate a second opinion from somebody in the business but my research indicates this trade value is far too high - £165K will buy a very good detached house where I live. OK these things are being built but however much to these things cost to transport and store once produced? One to watch with interest but as to investing - no thank you! No, never? I'm gobsmacked!!! 
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james21
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Post by james21 on Jan 3, 2018 19:25:36 GMT
Agreed the value is too high, there are so many of them; I am getting out of them, fingers crossed I do before you know what
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rogerthat
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Post by rogerthat on Jan 3, 2018 20:22:59 GMT
The moment I opened the email and read 'park homes' I deleted the thing..not worth the grass they stand on...pass the bitcoins please |
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adrian77
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Post by adrian77 on Jan 3, 2018 20:25:13 GMT
Assuming this borrower is unrelated to the production facility then I don't see why he needs to borrow all this money to buy a single park home but there again I read
so is he or she buying a park home with interest and borrowing money (both at what 20% interest?) for 2 more units which he hopes to sell at a later date . If correct he will have to pay for 3 homes, transport the things, store them and site at least one of them i.e. a concrete base and services. And finance this loan whilst there aren't sold. I have seen nearly new mobile homes for sale much less than this so I really question the trade valuation
Another one to add to my "interesting one to follow" list...
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hector
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Post by hector on Jan 3, 2018 22:06:17 GMT
It worries me that F S are even prepared to bring this type of loan to the platform. Surely they are not that desperate for loan throughput?
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Post by zeverare on Jan 3, 2018 22:11:06 GMT
What I understand is they are going to buy a park "as a" home for the 2 park homes.
They are completed for nearly a year and still unsold, maybe because of the US design/finish?
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mikes1531
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Post by mikes1531 on Jan 5, 2018 15:43:54 GMT
What I understand is they are going to buy a park "as a" home for the 2 park homes. They are completed for nearly a year and still unsold, maybe because of the US design/finish? : Clarification please... What exactly did you mean by "US"? Is that 'American'? Or an abbreviation for 'unsatisfactory'?
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