mason
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Post by mason on Feb 1, 2019 20:16:13 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 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. The loan description is quite clear that the "Additional loan" and *shudder* "2nd Additional loan" rank behind the others. Nonetheless, the outcome could still be identical if after costs there is nothing left to distribute. No doubt, the outcome rogerthat refers to is the default status of the loans rather than the amount recovered in the 2 park homes vs 5 park homes.
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Godanubis
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Post by Godanubis on Feb 1, 2019 20:25:51 GMT
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. The loan description is quite clear that the "Additional loan" and *shudder* "2nd Additional loan" rank behind the others. Nonetheless, the outcome could still be identical if after costs there is nothing left to distribute. No doubt, the outcome rogerthat refers to is the default status of the loans rather than the amount recovered in the 2 park homes vs 5 park homes. Highly unlikely as as Far as I’m aware there has. Never been 100% loss on a primary loan where there is an actual movable asset. Think the notorious Garnet was nearest. As the assets are assigned to the loans the 2 park homes have different ranking. I think the 5 park homes have equal ranking. It shouldn’t matter if you invested the prudent <1% in any loan/project
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pip
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Post by pip on Feb 1, 2019 22:31:24 GMT
The loan description is quite clear that the "Additional loan" and *shudder* "2nd Additional loan" rank behind the others. Nonetheless, the outcome could still be identical if after costs there is nothing left to distribute. No doubt, the outcome rogerthat refers to is the default status of the loans rather than the amount recovered in the 2 park homes vs 5 park homes. Highly unlikely as as Far as I’m aware there has. Never been 100% loss on a primary loan where there is an actual movable asset. Think the notorious Garnet was nearest. As the assets are assigned to the loans the 2 park homes have different ranking. I think the 5 park homes have equal ranking. It shouldn’t matter if you invested the prudent <1% in any loan/project still making 13%?
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rogerthat
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Post by rogerthat on Feb 1, 2019 23:21:23 GMT
As it now seems fashionable by a certain minority to pick holes in other peoples posts, let me be clear :- 1. The original title to this thread was for "2 Park Homes" so since my post, either the OP or a MOD has edited the thread to include the Five Park Homes as only they are able to do so. 2. Thus with the title as 2 Park Homes, I thought it might be helpful to list all 5 tranches in that loan, to separate them from the rest of which I have a perfunctory amount in two of those..a 2nd & 3rd charge 3. In light of that and the likelihood that the lower rankings have a slim chance of full/any recovery I made no attempt to place them in any order of seniority...a task im sure even you Godanubis are capable of p.s. mason was correct in his supposition that my use of the word 'indentical' meant solely that both loans (2 + 5 Park Homes ) would end up being unredeemed, which they weren't at the time of posting. |
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Godanubis
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Post by Godanubis on Feb 2, 2019 2:26:16 GMT
Highly unlikely as as Far as I’m aware there has. Never been 100% loss on a primary loan where there is an actual movable asset. Think the notorious Garnet was nearest. As the assets are assigned to the loans the 2 park homes have different ranking. I think the 5 park homes have equal ranking. It shouldn’t matter if you invested the prudent <1% in any loan/project still making 13%? Never went as low as 13% if this is 100% loss it would only amount to 0.2%. I rarely keep 1% in any loan that’s the operating amount to buy and sell. Thanks for asking . One of last paybacks 25.5% the others 18-21%. I’m sure a few will be final capital loss but sales throughout the term wil have reduced this % to less than final stated loss. If not sold throughout the term actual loss would be greater as interest would have been bought. We just need improvements to the recovery processes so everyone can get more than their current (very reasonable) 11.8% return.
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Godanubis
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Post by Godanubis on Feb 2, 2019 2:42:40 GMT
As it now seems fashionable by a certain minority to pick holes in other peoples posts, let me be clear :- 1. The original title to this thread was for "2 Park Homes" so since my post, either the OP or a MOD has edited the thread to include the Five Park Homes as only they are able to do so. 2. Thus with the title as 2 Park Homes, I thought it might be helpful to list all 5 tranches in that loan, to separate them from the rest of which I have a perfunctory amount in two of those..a 2nd & 3rd charge 3. In light of that and the likelihood that the lower rankings have a slim chance of full/any recovery I made no attempt to place them in any order of seniority...a task im sure even you Godanubis are capable of p.s. mason was correct in his supposition that my use of the word 'indentical' meant solely that both loans (2 + 5 Park Homes ) would end up being unredeemed, which they weren't at the time of posting. The addition of the 5 homes did confuse the issue I only hold equal ranking loan. As you said separate threads may have been the easier way to keep track of the differing security held.
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pip
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Post by pip on Feb 2, 2019 7:30:04 GMT
Never went as low as 13% if this is 100% loss it would only amount to 0.2%. I rarely keep 1% in any loan that’s the operating amount to buy and sell. Thanks for asking . One of last paybacks 25.5% the others 18-21%. I’m sure a few will be final capital loss but sales throughout the term wil have reduced this % to less than final stated loss. If not sold throughout the term actual loss would be greater as interest would have been bought. We just need improvements to the recovery processes so everyone can get more than their current (very reasonable) 11.8% return. 25.5% these are not annualised rates I assume but return over life of loan? Still think you are making huge error booking all your profits upfront but not booking any losses until two years late. In accounting the idea is to be prudent. For me so many of my loans on FS look so dire as for me to now predict a 90-100% loss on my outstanding loans. Maybe this is pessimistic but your calcs on your returns seem so optimistic as to be meaningless. As previously stated diversification within a platform will help you get nearer the average platform return but do nothing to improve the average platform return. As FS stats are useless as they haven’t defaulted many clearly defaulted loans if you use this to calculate your expected returns I fear your 13% could take a nosedive.
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Godanubis
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Post by Godanubis on Feb 13, 2019 20:50:55 GMT
Think we might have 4 Homes + Few bits and pieces on these so Now I agree it will probably be a disaster |
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mariner
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Post by mariner on Feb 13, 2019 21:09:24 GMT
How on earth can this shower of incompetents be trusted to look after your money?
Update yesterday
12/02/2019
The four mobile homes are now being offered for sale by private treaty via a large, well known commercial auction company.
We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.
We will start by looking at offers and have already had positive feedback. In the first few days there have already been 10-15 enquiries.
For the avoidance of doubt, only 4 of the park homes were ever completed and these are the units that we are selling.
Update today
2 hours ago
With apologies - the previous update on this loan was incorrectly posted.
This loan was secured against five Park Homes to be constructed. As previously advised the funds were used to complete two of the homes. Unfortunately construction of the remaining homes was to have been funded by the sale of the first two. Although some lumber and base chassis were part purchased for the additional homes they have little, if any value.
The focus will therefore be on the sale of the two completed Homes, which are being offered for sale by private treaty via a large, well known commercial auction company. We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.
We will start by looking at offers and have already had positive feedback from the auction house. In the first few days there have already been 10-15 enquiries.
How can you lose 2 Homes in 1 day?
How on earth they got FCA regulated, God only knows (does he?)
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Post by bracknellboy on Feb 13, 2019 21:25:52 GMT
but presumably "the timber frames have been made and paid for" but are not being delivered to site yet. so all is good.
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arby
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Post by arby on Feb 13, 2019 21:40:27 GMT
How on earth can this shower of incompetents be trusted to look after your money? Update yesterday 12/02/2019
The four mobile homes are now being offered for sale by private treaty via a large, well known commercial auction company.We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.We will start by looking at offers and have already had positive feedback. In the first few days there have already been 10-15 enquiries.For the avoidance of doubt, only 4 of the park homes were ever completed and these are the units that we are selling.Update today2 hours ago
With apologies - the previous update on this loan was incorrectly posted.This loan was secured against five Park Homes to be constructed. As previously advised the funds were used to complete two of the homes. Unfortunately construction of the remaining homes was to have been funded by the sale of the first two. Although some lumber and base chassis were part purchased for the additional homes they have little, if any value.The focus will therefore be on the sale of the two completed Homes, which are being offered for sale by private treaty via a large, well known commercial auction company. We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.
We will start by looking at offers and have already had positive feedback from the auction house. In the first few days there have already been 10-15 enquiries.How can you lose 2 Homes in 1 day?
How on earth they got FCA regulated, God only knows (does he?)They have two loans secured against 7 Park homes, 4 of which are finished. Posting the same update on both loans was a daft thing to do, and could lead to confusion for some, as it appeared they had 8 homes suddenly, but I'm sure most people figured out it meant 4 from 7. You claiming they've now lost two is just as misleading as they are though.
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Godanubis
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Post by Godanubis on Feb 13, 2019 21:41:27 GMT
but presumably "the timber frames have been made and paid for" but are not being delivered to site yet. so all is good. You are a bad boy just winding them up. That's my Job
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mariner
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Post by mariner on Feb 13, 2019 22:00:09 GMT
How on earth can this shower of incompetents be trusted to look after your money? Update yesterday 12/02/2019
The four mobile homes are now being offered for sale by private treaty via a large, well known commercial auction company.We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.We will start by looking at offers and have already had positive feedback. In the first few days there have already been 10-15 enquiries.For the avoidance of doubt, only 4 of the park homes were ever completed and these are the units that we are selling.Update today2 hours ago
With apologies - the previous update on this loan was incorrectly posted.This loan was secured against five Park Homes to be constructed. As previously advised the funds were used to complete two of the homes. Unfortunately construction of the remaining homes was to have been funded by the sale of the first two. Although some lumber and base chassis were part purchased for the additional homes they have little, if any value.The focus will therefore be on the sale of the two completed Homes, which are being offered for sale by private treaty via a large, well known commercial auction company. We have discussed the estimates with the auction company and we have been advised not to apply a guide price for these homes. This decision has been taken with a view that it could lead to us achieving a higher price and better recovery for our investors.
We will start by looking at offers and have already had positive feedback from the auction house. In the first few days there have already been 10-15 enquiries.How can you lose 2 Homes in 1 day?
How on earth they got FCA regulated, God only knows (does he?)They have two loans secured against 7 Park homes, 4 of which are finished. Posting the same update on both loans was a daft thing to do, and could lead to confusion for some, as it appeared they had 8 homes suddenly, but I'm sure most people figured out it meant 4 from 7. You claiming they've now lost two is just as misleading as they are though. Arby, I may be daft, but why are they selling 2 if 4 are finished? would it not make sense to sell the 4? Confusion for some indeed & also me
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adrian77
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Post by adrian77 on Feb 14, 2019 9:13:20 GMT
Well this is an interesting one!
My observations
1) How many of these things have actually been completed - my guess is only 2 from the use of the definitive article below:
2) maybe my maths are wrong but I can't tally the FS loan details with the actual total of
unredeemed loans. I make the total for the 2 park homes as 7 x 33K = £231K and the total of the 5 park homes 3 x 57K = £171K = £404K in total.
3)
brilliant!
4) Thus we have either 2 or 4 US type park homes which will be expensive to transport or very expensive if bigger than a standard UK lorry load which I think they are.
5)
yeah right and nothing to do with what I think are crazy valuations
6)
well we are soon going to find out...
If we have 4 completed units and they sell at over £100K each then no problem - job's a good one!
Anybody think I was wrong to put these loans in my FA mega list?
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pip
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Post by pip on Feb 14, 2019 13:21:29 GMT
"Unfortunately construction of the remaining homes was to have been funded by the sale of the first two."
So how was the loan ever secured against 5 park homes, as to build the others by the above comment the first two would have already been sold??
It's a bit like me saying loan secured on 5 golden bars worth a total of £100, but really I only have two golden bars worth £40 and which i plan to sell and then buy the gold to make the other bars, although i do have the mould for the bars which is not worth anything. The loan is therefore secured on two bars not five!!!! Oh and in this case the reality will probably be that the bars in a fire sale are not worth £20 a bar but more like £2. Hence the security of £100 is actually more like £4.
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