Post by bernard on Sept 30, 2016 20:59:23 GMT
Just thought I would add a little comment on the 'valuation' (a Foxtons letter). I had a London flat 'valued' by Foxtons a year ago, to test how they roll. Their number came in about 40% higher than the true achievable sale value at that time ...
mikes1531 Avatar
Sept 27, 2016 13:47:12 GMT 2 mikes1531 said:
fundingsecure Avatar
Sept 27, 2016 11:06:39 GMT 2 fundingsecure said:
We will be posting a new loan tomorrow, 28th September, at 11am
This is the second tranche for £17,000, secured by a second charge on a flat in London (W8) valued at £1,200,000
Loan Amount: £17,000
Interest: 12% pa
Overall loan LTV: 40.3% (first tranche was for £54,500. First charge for £412,500).
fundingsecure: When the first tranche of this loan was taken out back in December -- that tranche was renewed in June -- the reason for the borrowing was stated as "Lending facility is to be used to refurbish the flat, before being put on the market for sale."
This 'project' seems to be dragging on for quite a while, especially considering that the facility is for up to £156,500 so it's less than half drawn at this point.
Can I ask, therefore, what is the current state of the refurbishment? Is it complete? If so, is the property on the market for sale? If not, do FS know how long the borrower expects it will be before the property is in a state to be sold?
mikes1531 Avatar
Sept 27, 2016 13:47:12 GMT 2 mikes1531 said:
fundingsecure Avatar
Sept 27, 2016 11:06:39 GMT 2 fundingsecure said:
We will be posting a new loan tomorrow, 28th September, at 11am
This is the second tranche for £17,000, secured by a second charge on a flat in London (W8) valued at £1,200,000
Loan Amount: £17,000
Interest: 12% pa
Overall loan LTV: 40.3% (first tranche was for £54,500. First charge for £412,500).
fundingsecure: When the first tranche of this loan was taken out back in December -- that tranche was renewed in June -- the reason for the borrowing was stated as "Lending facility is to be used to refurbish the flat, before being put on the market for sale."
This 'project' seems to be dragging on for quite a while, especially considering that the facility is for up to £156,500 so it's less than half drawn at this point.
Can I ask, therefore, what is the current state of the refurbishment? Is it complete? If so, is the property on the market for sale? If not, do FS know how long the borrower expects it will be before the property is in a state to be sold?
