locutus
Member of DD Central
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Post by locutus on Aug 26, 2016 8:27:46 GMT
So what do people think of this one. On the face of it, it ticks all the right boxes. The valuation looks a little generous given there are some houses already refurbished with much bigger gardens within ¼ mile for £600k. This particular house has barely any back garden and I know that would put me off if I were spending that kind of money. However, having said that, the valuation isn't a million miles away and I don't think this would be difficult to sell on in case of default.  |
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jamesc
Member of DD Central
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Post by jamesc on Aug 26, 2016 14:32:56 GMT
The subject property for this loan is in the Village of Noctorum. Strangely Funky Cowboys also have a loan on a property in Noctorum ! What are the chances of that although I can't see any other obvious connection.
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Liz
Member of DD Central
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Post by Liz on Aug 26, 2016 17:17:56 GMT
The LTV looks high! locutus I see the same property on rightmove for sale at under £600K, which has been extended into the DG(unlike ours) and the DG has been re-built, the RM property is also in mint condition and has a massive conservatory. Hence our property would go on the market unrenovated at £550K and might sell for £530K, renovated £580K and sell for £560k. I nearly went for this, but am going for the Wallasey commercial instead, at a much lower LTV. |
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Post by jonboy73 on Aug 26, 2016 18:34:31 GMT
The LTV looks high! locutus I see the same property on rightmove for sale at under £600K, which has been extended into the DG(unlike ours) and the DG has been re-built, the RM property is also in mint condition and has a massive conservatory. Hence our property would go on the market unrenovated at £550K and might sell for £530K, renovated £580K and sell for £560k. I nearly went for this, but am going for the Wallasey commercial instead, at a much lower LTV. the knotweed put me off that one. I work in property and I've been offered property before with "a bit of knotweed" lol
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Post by marc77 on Aug 29, 2016 20:12:30 GMT
Firstly, thanks to the people on this forum: I ended up here yesterday and it's widened my P2P horizons from LendInvest and my original "First Choice" out to FS also. Nice to find such an active community. I thought FS response time has been excellent. I transferred cash in a few hours ago, on a bank holiday, and it's already showing in the account now as available to use. My main issue with this loan is the valuation of £700k. 1. It was on the market for £575k less than 2 years ago:
2. Did it sell then? The Land Registry does not have Price Paid data available. Reasons for why this might be are found here: landregistry.data.gov.uk/app/root/doc/ppd3. A house within ~100m also with 5 bedrooms is currently on the market for £450k, and has been since January:
Following on from point 3, a secondary issue is whether 6 months is feasible to renovate and sell (though of course, in these kinds of loans one should expect plenty of over runs). Haven't made up my mind yet. 13% is nice, particularly if it's possible to exit on the secondary market with the tax advantages that go with that strategy... |
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Post by marc77 on Aug 29, 2016 21:11:51 GMT
Steve, thanks for removing the links, I hadn't realised they were considered sufficient to identify the borrower (which I know is not allowed in the forums). My bad.
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