rogerthat
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Post by rogerthat on Jan 31, 2019 14:40:13 GMT
Snot surprising but I think earlier posters have confused this thread (2 Park homes ) with the 5 Park homes. Not that it matters much as at least the outcomes are identical 
2 Park Homes1125845670 2187130399 3032435320 3176218548 5990622557 |
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r1200gs
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Post by r1200gs on Jan 31, 2019 14:42:35 GMT
They lent over half a million for five unfinished temporary homes with no buyers. Not sure who is more of a fool me for investing or FS for putting it to investors. Do people know if the homes been sold at auction are at least complete? If not can’t see them selling for more than scrap value, I.e next to nothing. Of all the loans, this is the one where you step back and think - what the **** were they/we/the valuer thinking? There's just no way there was any value in it. Actually, this is what I now ask with almost ALL the loans I have ever had. Not just on FS either, it's the valuations for security purposes that are at the heart of a rotten apple in the P2P world.
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james21
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Post by james21 on Jan 31, 2019 15:52:30 GMT
Of the two both were completed, of the five only 2 were completed, there is no information about what stage the 3 are at. By the time all the costs come out after the auction there wont be much left to distribute to lenders of which I am one
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ozboy
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Post by ozboy on Jan 31, 2019 16:45:34 GMT
Of all the loans, this is the one where you step back and think - what the **** were they/we/the valuer thinking? There's just no way there was any value in it. Actually, this is what I now ask with almost ALL the loans I have ever had. Not just on FS either, it's the valuations for security purposes that are at the heart of a rotten apple in the P2P world.Yep, RICS (and other "Professional Valuers") have a LOT to answer for, and there have been many Lenders in the past who found the Valuations ConScam acceptable at the time (!), with an unfathomable " That's just the way it is" sort of attitude. Although I suspect several have since deleted their "supporting" comments.  Read All About It under Lendy: PBL157/PBL158 - R*****a & C****t, H****** Court Rd DEFAULT
[ A TWO year old Topic, started Jan 9, 2017! ] 
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arby
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Post by arby on Jan 31, 2019 20:17:29 GMT
Actually, this is what I now ask with almost ALL the loans I have ever had. Not just on FS either, it's the valuations for security purposes that are at the heart of a rotten apple in the P2P world.Yep, RICS (and other "Professional Valuers") have a LOT to answer for, and there have been many Lenders in the past who found the Valuations ConScam acceptable at the time (!), with an unfathomable " That's just the way it is" sort of attitude. Although I suspect several have since deleted their "supporting" comments. Read All About It under Lendy: PBL157/PBL158 - R*****a & C****t, H****** Court Rd DEFAULT
[ A TWO year old Topic, started Jan 9, 2017! ] The most simple demonstration is isn't it a minor miracle that after all the haggling on the price of a house purchase, the valuation comes back every time to the exact figure that was agreed upon While it doesn't matter actually in that case as its only ever haggling over a few % when looking at normal residential values, it does show that in general there are competing forces pulling on the valuer, and it often isn't a blind valuation.
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trium
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Post by trium on Jan 31, 2019 22:09:05 GMT
Having reviewed the seven posts today preceding yours I'm struggling to see why you have deemed each and every one of them worthy of a "like" (and they weren't even posted by Adrian!).
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ozboy
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Post by ozboy on Feb 1, 2019 0:15:02 GMT
Yep, RICS (and other "Professional Valuers") have a LOT to answer for, and there have been many Lenders in the past who found the Valuations ConScam acceptable at the time (!), with an unfathomable " That's just the way it is" sort of attitude. Although I suspect several have since deleted their "supporting" comments. Read All About It under Lendy: PBL157/PBL158 - R*****a & C****t, H****** Court Rd DEFAULT
[ A TWO year old Topic, started Jan 9, 2017! ] The most simple demonstration is isn't it a minor miracle that after all the haggling on the price of a house purchase, the valuation comes back every time to the exact figure that was agreed upon While it doesn't matter actually in that case as its only ever haggling over a few % when looking at normal residential values, it does show that in general there are competing forces pulling on the valuer, and it often isn't a blind valuation. No idea wot u r trying to say arby, your posting is gobbledy gook, to me, please clarify, I'm a bit thick.
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Godanubis
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Post by Godanubis on Feb 1, 2019 0:58:42 GMT
The most simple demonstration is isn't it a minor miracle that after all the haggling on the price of a house purchase, the valuation comes back every time to the exact figure that was agreed upon While it doesn't matter actually in that case as its only ever haggling over a few % when looking at normal residential values, it does show that in general there are competing forces pulling on the valuer, and it often isn't a blind valuation. No idea wot u r trying to say arby , your posting is gobbledy gook, to me, please clarify, I'm a bit thick. I see the vultures are circling again Oz &Ad 🦅. I think you are probably right there will be slim pickings left . Only consolation all loans ranking equally so everyone suffers a little rather than some wiped out. 💀
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sarahcount
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Post by sarahcount on Feb 1, 2019 9:04:55 GMT
I see the vultures are circling again Oz &Ad 🦅. I think you are probably right there will be slim pickings left . Only consolation all loans ranking equally so everyone suffers a little rather than some wiped out. 💀 I don't think that is correct Godanubis. Loans 1125845670 and 5990622557 are second and third ranking.
I'm also not sure that sharing the pain is the right attitude for investors to take. If people choose to put their money into lower ranking loans for an extra 1% on the rate then that is their decision and the goalposts shouldn't be moved later on.
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adrian77
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Post by adrian77 on Feb 1, 2019 11:34:05 GMT
A second and third charge is also how I read it - not only do I think both these charges will be wiped out but I think the first charge will take a mega haircut. As per FS update
Well to me that is a good decision although I hate to think how much moving these things cost
I will ask FS for the auction details - hope they go better than Whitehaven! I really hope I am wrong but my modest internet research indicates this one is going to be a belter!
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pip
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Post by pip on Feb 1, 2019 12:29:41 GMT
The thing is a part finished park home is a bit like trying to sell a bmw that is half finished from the factory. The car would be practically worthless even if the end product would be worth a lot as to finish the product requires so much extra parts and skilled Labour, not available to most people as to make the only use of the item as scrap value.
I assume making mobile homes is not easy. While I admit almost certainly not as technical and highly regulated as a car, I am sure there are regulations and parts which are very technical to do. Is there even a guide to the buyer as to how they can finish the units. Without this the units are effectively worthless. If they are built with material with no scrap value they could actually be less than worthless.
To make matters worse didn’t another park home maker recently go bust. Probably a lot lot of choice for your I want a half finished park home market.
For me another one where I am writing off 100%, not expecting anything back. Be interested to know how a certain poster on here claiming to make 13% is treating this one? You expecting a full recovery?
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adrian77
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Post by adrian77 on Feb 1, 2019 17:16:15 GMT
exactly - also these things are very big and heavy so not exactly easy to tow with a LandRover
and store on the front drive!
I have been thinking about what "under construction" actually means hopefully not just a contract to commence work! Surely the manufacturers are only going to start work once they have sight of the readies and a contract with a penalty clause? I just can't see them putting these things on the production line and leaving them there awaiting payment! As above if they don't get full payment they will be left with items which are pretty much worthless and that is before transport and storage costs. Of course they may have a contract whereby if they aren't paid then the units belong to the manufacturer who finishes them off and sells them to another customer which will not exactly be good news for FS investors...
As to the 2 completed units - these things have been bought with borrowed money at say 20%
stored somewhere and now moved to an auction site - if we were talking about band new Rollers then this may be profitable but these just strikes me as fresh out of the Diane Abbotess guide to financial disaster planning...just who is going to buy these things - site owners who probably know what they are doing?
this is from FS
well a 100% LTV for a glorified caravan is a new one on me...
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Godanubis
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Post by Godanubis on Feb 1, 2019 19:58:17 GMT
exactly - also these things are very big and heavy so not exactly easy to tow with a LandRover and store on the front drive! I have been thinking about what "under construction" actually means hopefully not just a contract to commence work! Surely the manufacturers are only going to start work once they have sight of the readies and a contract with a penalty clause? I just can't see them putting these things on the production line and leaving them there awaiting payment! As above if they don't get full payment they will be left with items which are pretty much worthless and that is before transport and storage costs. Of course they may have a contract whereby if they aren't paid then the units belong to the manufacturer who finishes them off and sells them to another customer which will not exactly be good news for FS investors... As to the 2 completed units - these things have been bought with borrowed money at say 20% stored somewhere and now moved to an auction site - if we were talking about band new Rollers then this may be profitable but these just strikes me as fresh out of the Diane Abbotess guide to financial disaster planning...just who is going to buy these things - site owners who probably know what they are doing? this is from FS well a 100% LTV for a glorified caravan is a new one on me... I have room in the garden for a nice new centrally heated shed. Get FS to fund a few barges one each home and sell as up market houseboat. Lots of cities updating dock areas for the well off. Quirky usually makes a good premium.
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Godanubis
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Post by Godanubis on Feb 1, 2019 20:00:27 GMT
I see the vultures are circling again Oz &Ad 🦅. I think you are probably right there will be slim pickings left . Only consolation all loans ranking equally so everyone suffers a little rather than some wiped out. 💀 I don't think that is correct Godanubis . Loans 1125845670 and 5990622557 are second and third ranking.
I'm also not sure that sharing the pain is the right attitude for investors to take. If people choose to put their money into lower ranking loans for an extra 1% on the rate then that is their decision and the goalposts shouldn't be moved later on.
My apologies was just looking at what I have.
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Godanubis
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Post by Godanubis on Feb 1, 2019 20:04:48 GMT
Snot surprising but I think earlier posters have confused this thread (2 Park homes ) with the 5 Park homes. Not that it matters much as at least the outcomes are identical
2 Park Homes1125845670 2187130399 3032435320 3176218548 5990622557 I got told off (corrected) for saying they ranked equally . If they don’t then the outcomes won’t be identical Excepting they will probably be a loss the magnitude may be very different.
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