ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 16, 2017 10:03:57 GMT
Now, despite the arguable doom and gloom (?!) I am minded to renew on this tomorrow 17/1/17.
With all the other Loans against the Barn it's still LTV 26% and FS haven't adjusted the value (£700K) "to reflect the recent work performed", which was "structural adjustments."?!!!!
I'm not in property but don't these things usually sell fairly easily - this ones's 5 beds on 4 acres.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 16, 2017 13:21:33 GMT
Without information on why structural change was required then my cautious nature has me asking, where's the barge pole?
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ozboy
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Post by ozboy on Jan 16, 2017 15:20:09 GMT
Take your point stub8535, however at some stage you have to trust the Platform regarding "material facts" and I would like to think that if there was anything serious, structurally, then FS would avail us?
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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 17, 2017 10:06:31 GMT
Info is in the update, seemingly the structural works were lifting up the barn by installing a brick course/whatever under the walls.
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mac
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Post by mac on Jan 17, 2017 11:09:29 GMT
Why is the min bid 100£?
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ozboy
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Post by ozboy on Jan 17, 2017 13:01:02 GMT
Because everyone would pile in, as indeed they did, and FS likes to give the minnows a chance to feed as well, instead of the whales taking huge chunks and leaving crumbs.
It's called "fairness", which seems fair enough to me.
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guff
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Post by guff on Jan 17, 2017 13:04:48 GMT
The minimum (not maximum) bid was £100 so it got stuck with £75 left to fill. I raised it with them and they fixed it, but by the time I tried to get it, the £75 was gone.
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ozboy
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Post by ozboy on Jan 17, 2017 13:09:44 GMT
My mistake, thanks Guff, got it wrong in my haste and didn't read correctly, I am conditioned to the more usual "Bid Restrictions." And good question mac, FS will have known it would go like hotcakes yet the minimum shuts out the pin money - bit unfair! Apologies peeps  |
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ozboy
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Post by ozboy on Jan 17, 2017 14:45:04 GMT
I'm confused now, just re-read the notifying message from yesterday which states "There will be a restriction on both loans of £100 for the first 24 hours." which I take to mean the usual - that the Maximum you can Bid is £100???
Course, a "Restriction" could be in either direction and mean Min or Max?!
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n
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Yet another Nick
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Post by n on Jan 17, 2017 14:55:21 GMT
I am not aware that there has ever been a minumum restriction (apart from £25) on any loan.
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ozboy
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Post by ozboy on Apr 13, 2017 18:44:28 GMT
Is this a 1st or 3rd Charge?!!!!
Today's Renewal eMail states "This is the renewal of a loan of £16,000 secured by a first legal charge against a barn conversion."
BUT
The General Information against the loan on FS website states "This loan is for £16,000 and falls behind previous loans issued under a facility of £125,000 as well as a loan of £32,500 issued under loan ref 1383504707." AND the Loan Title is "Surrey Property 3rd charge - Renewal (2390800381)"
I assume the General Information is correct and it IS a 3rd Charge (?) so the eMail today is yet another example of the notorious FS "Human Errors"??
Which occur worryingly frequently; shouldn't the FCA be ensuring that this sort of misinformation just doesn't happen?
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mikes1531
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Post by mikes1531 on Apr 13, 2017 19:42:22 GMT
Is this a 1st or 3rd Charge?!!!! It's a first charge in that there is no other lender involved, so FS have a first charge on the property. It's a third charge in that there are two groups of FS investors who would have higher priority than this loan in a 'recovery' situation. At least FS have calculated the LTV recognising the situation.
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