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Post by GSV3MIaC on Dec 29, 2017 16:56:06 GMT
Heck IIRC people funded a THIRD charge on at least one platform I could name .. unbounded optimism ..
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Liz
Member of DD Central
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Post by Liz on Dec 29, 2017 17:15:18 GMT
Heck IIRC people funded a THIRD charge on at least one platform I could name .. unbounded optimism .. A 3rd charge isn't necessarily bad. If it on residential property at 50%LTV, then its worth a 👀, but in most cases I would run a mile from 2nd charges, let alone 3rd charges. I really can't believe anyone would invest in a 2nd charge at the same rate as the 1st charge. Even an extra 1 or 2% on the rate, it is seldom(if ever) worth it.
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Post by charlata on Dec 29, 2017 18:04:04 GMT
The main upshot of extending rather than renewing seems to be that I and others won't be getting any bonus interest. Again.
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Post by skint4achange on Dec 29, 2017 18:44:06 GMT
The main upshot of extending rather than renewing seems to be that I and others won't be getting any bonus interest. Again. But, looking on the other side of the coin, you are not entering into default territory and you can see how keen the borrower is to retain the property.
Keep taking the 12% while the going is good.
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Post by df on Dec 29, 2017 19:50:32 GMT
I can see people buying it on SM, probably because it will be extended by 6 months, but as far as I understand it will be 4 months as it is already 2 months overdue.
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registerme
Member of DD Central
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Post by registerme on Jan 8, 2018 17:29:05 GMT
2nd charge. Same interest rate as PBL133 with a first charge. Valuation not updated since the middle of 2016.
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Post by sirkillalot on Jan 8, 2018 19:10:37 GMT
I presume the bonus intrest is not going to get paid out.
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Post by skint4achange on Jan 8, 2018 19:15:53 GMT
I presume the bonus intrest is not going to get paid out. Lendy had already all but confirmed in a previous update that the bonus accrual would not be paid as the loan was being extended. As the loan is being extended by 6 months it will no longer be IA but IOA. However, the borrower still needs to come up with the 6 months interest
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Post by df on Jan 8, 2018 20:01:03 GMT
I presume the bonus intrest is not going to get paid out. Lendy had already all but confirmed in a previous update that the bonus accrual would not be paid as the loan was being extended. As the loan is being extended by 6 months it will no longer be IA but IOA. However, the borrower still needs to come up with the 6 months interestI thought that will be delivered by the second charge loan, but I might be wrong.
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Post by skint4achange on Jan 8, 2018 20:07:03 GMT
Lendy had already all but confirmed in a previous update that the bonus accrual would not be paid as the loan was being extended. As the loan is being extended by 6 months it will no longer be IA but IOA. However, the borrower still needs to come up with the 6 months interestI thought that will be delivered by the second charge loan, but I might be wrong. Sorry, you are correct. However, as a second charge loan paying the same as the first charge loan, I wonder if it will even go ahead as the next line reads:
"Whilst it is anticipated that solicitors will be instructed shortly, in the event that these funds cannot be provided, we will continue to chase the borrower in relation to the sale of his property portfolio to pay off the existing facility."
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Post by df on Jan 8, 2018 20:24:27 GMT
I thought that will be delivered by the second charge loan, but I might be wrong. Sorry, you are correct. However, as a second charge loan paying the same as the first charge loan, I wonder if it will even go ahead as the next line reads:
"Whilst it is anticipated that solicitors will be instructed shortly, in the event that these funds cannot be provided, we will continue to chase the borrower in relation to the sale of his property portfolio to pay off the existing facility."
The likely scenario would be that second charge loan will fill up (it's only 289k) and the original loan will be extended. I won't be surprised if this time next year it will be still there with -xxx days term, I hope L will prove me wrong :-)
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Post by skint4achange on Jan 8, 2018 20:31:40 GMT
I have a fair bit of this loan and TBH it doesn't concern me. The borrower is obviously desperate to keep this bit of land (In all fairness so would I, it is my idea of heaven!). I believe he will pay up, but just not sure when.
At the moment I just see this as a safe 12% income loan. Hopefully I am NOT proved wrong! 
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Post by df on Jan 8, 2018 20:43:14 GMT
Less than an hour ago I've seen 60k available on SM, now 0.00 remaining. "Investor activities" shows £3872.43 sold today. At the same time it disappeared from "my loans". Can't make any sense of this.
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Post by skint4achange on Jan 8, 2018 20:47:29 GMT
I haven't seen that much available in this loan since I invested in it a couple of months ago. Maybe a glitch?
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Post by df on Jan 8, 2018 20:59:04 GMT
I have a fair bit of this loan and TBH it doesn't concern me. The borrower is obviously desperate to keep this bit of land (In all fairness so would I, it is my idea of heaven!). I believe he will pay up, but just not sure when.
At the moment I just see this as a safe 12% income loan. Hopefully I am NOT proved wrong! I hope so  At the moment I'm happy that it will be extended.
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At the moment I'm happy that it will be extended.