Steerpike
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Post by Steerpike on Feb 8, 2017 10:39:48 GMT
I'm going to guess 1322375580 is heading the same way. 7 days late with no info i can see to date. That one is a bit of a worry. The General Info for this loan -- which is a renewal -- includes... Given the 35.8% LTV and the nature of the loan why is the lack of an update a worry?
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Feb 8, 2017 10:44:44 GMT
Where is that image from? Did not realise prices had fallen as much as 13.5%.. Painful year if you were a dollar owner!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 8, 2017 10:57:55 GMT
Hi Steerpike - "Given the 35.8% LTV and the nature of the loan why is the lack of an update a worry?"
I'm not in this one but how accurate is the Valuation?
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sb
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Post by sb on Feb 8, 2017 11:02:27 GMT
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jamesc
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Post by jamesc on Feb 8, 2017 12:04:42 GMT
For any one involved the Birkenhead Property loan has just repaid 21 days early !
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Steerpike
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Post by Steerpike on Feb 8, 2017 12:29:03 GMT
Hi Steerpike - " Given the 35.8% LTV and the nature of the loan why is the lack of an update a worry?"I'm not in this one but how accurate is the Valuation? One suspects that the value is significantly lower than the price currently being used to market the property, but there seems to be plenty of headroom.
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mikes1531
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Post by mikes1531 on Feb 8, 2017 18:35:01 GMT
That one is a bit of a worry. The General Info for this loan -- which is a renewal -- includes... Given the 35.8% LTV and the nature of the loan why is the lack of an update a worry? : I wasn't trying to suggest the lack of an update was a worry, though I would have liked to see one. My concern related to the fact that the flat has been on the market for a year now with no takers. That suggests it is overpriced and, if London property prices are declining, becoming even more so. The owner obviously isn't in much of a hurry to sell. How are the payments on the first charge being serviced? Is that why this loan was increased from £115k to £200k when it was renewed six months ago? Are we about to see another large increase -- to £300+k -- for the upcoming renewal?
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mikes1531
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Post by mikes1531 on Feb 8, 2017 18:43:09 GMT
Prime Central London prices are going down, very little trade at the moment. : Thanks for the info. This makes me think I should reconsider the SS loans I'm holding that were made at 70% LTV. Those LTVs are based on valuations made a year ago, so the LTV now might be more like 80%.
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ashtondav
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Post by ashtondav on Feb 8, 2017 18:44:27 GMT
Seize it and flog it. NOW.
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Post by mrclondon on Feb 8, 2017 19:49:10 GMT
I would suggest that Frank Knight data needs treating with extreme caution. The slow down in "prime" London is primarily in properties over £2m, where falls of 10-20% over the last 12 months are frequently being reported. The shortage of more normal properties however has meant prices have actually been stable or rising over the last 12 months.
I live in that Tower Bridge shaded area on the right showing -1% and that is not representative of the local market which has seen price rises of typically 3 to 5% over the last 12 months, but the overall stats are skewed by the £2m+ properties (primarily in Shad Thames and by Tate Modern) showing significant falls. The ceiling around here is about £1.5m, above which property is very slow to sell. But at the £750k-£1m range sealed bids remain more common than not.
The c. £4m properties close to the Tate Modern are reputed to have lost anything from 25% to 50% of their value as a result of the viewing galleries on the Tate Modern extension which opened last year directly looking into said properties. And a lot of them have been put on the market, which will almost certainly have skewed the figures for the whole area.
Also worth noting that in the Tower Bridge slice (and some of the others adjacent to the Thames), the value of properties close to the construction sites for the super sewer have been severely hit. I saw one penthouse overlooking the Bermondsey site being advertised with a £1m discount last year !
EDIT - above text modified as I've realised the Frank Knight areas are not reflective of the normal way the south bank is split.
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sb
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Post by sb on Feb 9, 2017 9:14:20 GMT
I would suggest that Frank Knight data needs treating with extreme caution. The slow down in "prime" London is primarily in properties over £2m, where falls of 10-20% over the last 12 months are frequently being reported. The shortage of more normal properties however has meant prices have actually been stable or rising over the last 12 months. I live in that Tower Bridge shaded area on the right showing -1% and that is not representative of the local market which has seen price rises of typically 3 to 5% over the last 12 months, but the overall stats are skewed by the £2m+ properties (primarily in Shad Thames and by Tate Modern) showing significant falls. The ceiling around here is about £1.5m, above which property is very slow to sell. But at the £750k-£1m range sealed bids remain more common than not. The c. £4m properties close to the Tate Modern are reputed to have lost anything from 25% to 50% of their value as a result of the viewing galleries on the Tate Modern extension which opened last year directly looking into said properties. And a lot of them have been put on the market, which will almost certainly have skewed the figures for the whole area. Also worth noting that in the Tower Bridge slice (and some of the others adjacent to the Thames), the value of properties close to the construction sites for the super sewer have been severely hit. I saw one penthouse overlooking the Bermondsey site being advertised with a £1m discount last year ! EDIT - above text modified as I've realised the Frank Knight areas are not reflective of the normal way the south bank is split. It is not only Frank Knight, below Savills data which shows Central is down 6.9% YoY. It is not only the case of above 2 mln properties. Below 1 mln properties are also down, see table at the end of this report Prices are falling in central prime London, I am not claiming that overall London prices are down. It is possible that prices in your area are still rising but I would be cautious to draw conclusions from some anecdotal evidence. .png)
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r00lish67
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Post by r00lish67 on Feb 9, 2017 9:30:41 GMT
Meanwhile at the FundingSecure Investor confidence and updates department:  |
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Post by shadoh on Feb 9, 2017 13:44:26 GMT
I've invested before and the loan was paid on time. GREAT.
this time round, I invested in a few loans and not going to smoothly.
a) the investment was due to be repaid the 14th Jan, however on 13th Jan, they updated everyone to say that the repayment date is actually 8th February(their excuse was that they couldnt change the end date was the loan had started. FUNNY HOW NOW THEY HAVE CHANGED it now). Firstly, thanks FS for telling us 5months and 29 days later the new end date, when you knew that from day 1.
b) I called FS to ascertain whether the borrower was redeeming the loan which was due back 8th February, and all FS do is 'send statements to the borrower'. Really not a positive comforting sign that their efforts are just to send letters and not to actually pick up the phone. So noone actually has a clue
c) another loan due back 1st February - silence from FS.
All I can say is that from an investor's point of view, this is all worrying signs that the lender - FS - do not make enough effort and time to communicate with the investors as we are effectively funding their business.
Imagine that , radio silence from the lender to the investor. very disappointing. I would warn everyone to tread extremely lightly with FS
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SteveT
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Post by SteveT on Feb 9, 2017 15:38:40 GMT
b) I called FS to ascertain whether the borrower was redeeming the loan which was due back 8th February, and all FS do is 'send statements to the borrower'. Really not a positive comforting sign that their efforts are just to send letters and not to actually pick up the phone. Ah, now I understand why FS loan announcements begin "We will be posting a new loan today...". I can picture the FS lending department, filling Jiffy bags with bundles of £50 notes ready for bulk posting to Liverpool and Northern Ireland 
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Post by shadoh on Feb 9, 2017 15:53:27 GMT
haha very good.
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