09dolphin
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Post by 09dolphin on Jan 21, 2017 12:49:00 GMT
I put money into the first loan and whilst I could be tempted invest in a second tranche I am reluctant as I think my exposure is right for me. I wonder how long it will take to fill the fourth tranche which will come after the 2nd and 3rd tranche are fully subscribed. Perhaps the Underwriters help will be required.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 21, 2017 13:39:16 GMT
I'm very jumpy when it comes to art having been previously burned on the "Lubin" but am reasonably confident with this one because of the "name". I'm also in the Art Loan that includes a couple of Banksys. But yes, whilst I have also bunged more into this tranche that's my lot now, on this Picasso anyway! More quality watches & jewellery please FS, even cars, I think we're all getting fed up/disenchanted with how some of the property is going  |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 22, 2017 15:06:34 GMT
Picasso now only 38% as I type, strange it's so slow, obviously there's something about this offering that everyone knows, except moi?!!!! |
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Jan 22, 2017 15:20:30 GMT
Picasso now only 38% as I type, strange it's so slow, obviously there's something about this offering that everyone knows, except moi?!!!! I quite like it, but as it's 2nd tranche with half to come I don't see any rush to deposit specifically. I have a few overdue from last week and some more of the trains this week that look uncertain. I'm waiting until they repay before reinvesting those funds. Perhaps others thinking along similar lines, and general under-confidence at the moment?
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ben
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Post by ben on Jan 22, 2017 15:28:30 GMT
Not an art investor but with it being a Picasso it is unlikely to lose much value and is something that will probably be pretty easy to sell in case of default unlike plenty of other items on FS (i.e trains)
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mikes1531
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Post by mikes1531 on Jan 22, 2017 17:31:14 GMT
I wonder how long it will take to fill the fourth tranche which will come after the 2nd and 3rd tranche are fully subscribed. : I'm confused by your reference to a 4th tranche. The first tranche was £206k, and the 2nd is £206k, so each is a third of the total facility of £618k. I was expecting that the 3rd tranche also would be for £206k and would be the last tranche. Do you know something that I don't?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 18, 2017 20:56:51 GMT
Renewing tomorrow, probably will be one of my VERY rare FS Renewals.  Pablo Picasso Etching Date/Time: Wednesday 19th July 2017 at 11.00am Interest: 13% Loan amount: £206,000 LTV: 51.5% Bonuses: Yes Cashback: No Restrictions: No The first tranche of a facility loan of £618,000 secured against an extremely rare Pablo Picasso etching. All tranches within the facility rank equally. This is a renewal, meaning the borrower has paid the interest to renew the loan for a further six months. You can preview the new loan here: 1763618002 Roll-Over Requests : If you have an investment in the previous loan 2580819685 you have the option of rolling-over the capital into the new loan which will be for a period of 6 months. The interest will, in any case, be paid into your account. |
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Post by badboyyardy on Jul 19, 2017 9:55:33 GMT
Can anyone confirm - with Artwork - does FS actually hold /keep the artwork in storage or is the owner still keep until default?
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Post by badboyyardy on Jul 19, 2017 10:05:35 GMT
And all gone in..... 4 minutes
Took some myself but if someone could reply to my previous Q
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lobster
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Post by lobster on Jul 19, 2017 10:21:44 GMT
Well that went quickly !!! Especially when compared to an earlier tranche which took ages - (refer to posts above) However, I don't believe that this loan is as safe as many seem to believe. The latest valuation we have is from Sothebys in 2014 , where is sold for approx £1,000,000 m . However , this figure includes the buyers premium, and as far as I can tell , this is about 20%, so the actual hammer price would have been much closer to 800k - that's a big difference. Additionally, there is also a selling fee which I believe is about 10% (yes , auction houses do very well indeed !!) which would mean that the seller only pocketed 800k - 10% = 720k in the above example. So here we have a loan in 3 tranches totalling a loan of 618k against the "official lobster valuation" of 720k giving an LTV of 85% which is a very different proposition to the advertised LTV of 51.5% . To be fair though, on the plus side, we have obviously had a significant GBP devaluation since 2014, say 15% ?, which, all things being equal, would tend to increase the hammer price. |
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Picasso
Jul 19, 2017 11:16:20 GMT
via mobile
Post by codliveroil on Jul 19, 2017 11:16:20 GMT
Took a small amount of this loan, not surprised it went so quick. 50% LTV seems very attractive, but as lobster indicated, all may not be as it seems. |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 19, 2017 22:41:05 GMT
I pared down my holding, only renewed very small four figures, (had 3 loan parts) which is enough for me, I'm not greedy.
Art eh?!!!!!!
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Post by badboyyardy on Jul 25, 2017 12:57:55 GMT
Hmmm and a 2nd tranche just went as quickly today - guess the 51% LTV is now kinda borderline.
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mikes1531
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Post by mikes1531 on Jul 25, 2017 13:36:10 GMT
Hmmm and a 2nd tranche just went as quickly today... And the third tranche comes up for renewal on 5/Aug.
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Post by badboyyardy on Jan 23, 2018 9:58:41 GMT
UPDATE: So the seller needs to sell another painting to repay the interest wonder which others he has loans on - zero on SM at the moment
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