ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 6, 2017 17:43:05 GMT
Yeah, for sure.  PS: Two words daveb4 - Football Association. |
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adrian77
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Post by adrian77 on Aug 8, 2017 7:51:06 GMT
I can't find this one for sale - has anybody got an up to date link.
I deal in distressed property sales albeit in the cheaper end of the market and the latest valuations strikes me as a joke - what a complete and utter disaster!
Very disappointed in FS - similar to FC...
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micky
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Post by micky on Aug 8, 2017 7:57:03 GMT
My only hope is that it attracts the old bidders back to make offers and create a bit of interest in the property.
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rs
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Post by rs on Aug 8, 2017 16:12:35 GMT
Well, my guess is that the bid received are very far from the guide price... Another site shows an "Estimated Market Value" of £1,146,445, based on old transactions on this house: Price Paid Date £1,000,000 25 Feb 2014 £826,000 28 May 2010 The borrower made quite a lot of changes/renewals, but still it all seems unfinished (in some of the marketing pages it reads 'it needs 500.000 GBP to complete" and its value is anyway nowhere near the original estimates.... All makes sense if this is FS though!
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09dolphin
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Post by 09dolphin on Aug 8, 2017 17:27:27 GMT
Well, my guess is that the bid received are very far from the guide price... Another site shows an "Estimated Market Value" of £1,146,445, based on old transactions on this house: Price Paid Date £1,000,000 25 Feb 2014 £826,000 28 May 2010 The borrower made quite a lot of changes/renewals, but still it all seems unfinished (in some of the marketing pages it reads 'it needs 500.000 GBP to complete" and its value is anyway nowhere near the original estimates.... All makes sense if this is FS though! FS had access to all the information in the public domain as we do and as did the valuer. I assume the valuer based his/her estimate of the value of the property taking into account the information available.
I think this is one of several loans where FS have accepted overoptimistic valuation. As I have an interest in this loan I will be starting to challenge the original valuation as FS are not prepared to.
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james21
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Post by james21 on Aug 17, 2017 18:39:29 GMT
As confirmed in the FS update, this property is now once again back on rightmove for 2.45 mil guide price. The first charge holder, who has an outstanding charge of 1.8 mil, only cares about tis debt (as normal I would say) and will do everything to cover quickly that and nothing else. Peace to the FC evaluations over 4 millions and then 3.5 millions just a few weeks back.... I would suggest anyone to stay well away from FS second charge loans unless the interest offered is 50%... Their property evaluation mismanagement is colossal. This borrower should have not received a penny as second charge. Looking at the status of the project as presented now (over 750k extra quids down the toilet) it looks clear that any serious independent surveryor would NOT have approved this disastrous loan a year back... As looks obvious that FS did not care to check *anything* on the field.... Have to say its what happens when a loan turns bad, the 1st charge holder is only interested in getting his cash back; hang the rest. There is another at present Wimbledon construction, FS are second, the first holder wants his money back
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ozboy
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Post by ozboy on Aug 17, 2017 18:44:55 GMT
Does anyone else think that FS is learning the difference between Pawn Loans and Property Development Loans?
At our expense.
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james21
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Post by james21 on Aug 17, 2017 18:48:33 GMT
I think its more about buyer beware; all the platforms post loans based largely on trust and its our money at risk not theirs, just have to be selective to try and reduce the risk of the default
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adrian77
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Post by adrian77 on Aug 18, 2017 13:15:51 GMT
These loans are not sold "as seen"- I am no legal expert but I would wager FS have a duty of care to ensure these valuations are within the realms of sanity!
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09dolphin
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Post by 09dolphin on Aug 18, 2017 17:00:51 GMT
If we get 80p in the £ I'll be happy.
FS really should consider the effectiveness of the valuation process used when offering property loans. I personally no longer invest in loans above 65% of the LTV for initial loans and tend to not renew unless the LTV is 60% or less, this takes account of the valuations which often seem optimistic to say the least.
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rogerthat
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Post by rogerthat on Aug 18, 2017 17:22:51 GMT
'Relatively' new to FS but agree with your comment generally..for valuations I knock 20 - 25% off (for a pessimistic LTV view) and wont touch auto renews with a bargepole..id rather have the extra 'workload' in re-checking what my original view was and the e.mail reminder before sanctioning. 70% LTV max and only on brand new 1st charge loans..otherwise 60 - 65%..anything lower being a bonus...specifically filled the IFISA 1st before touching the main account..on the basis that the quicker it filled the more tax free sovs for the year..though the 1st wont be a full term.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 18, 2017 17:45:43 GMT
If we get 80p in the £ I'll be happy.
FS really should consider the effectiveness of the valuation process used when offering property loans. I personally no longer invest in loans above 65% of the LTV for initial loans and tend to not renew unless the LTV is 60% or less, this takes account of the valuations which often seem optimistic to say the least. Presumably you're aware of The Jock Boatyard Default 09dolphin? Where the Sale was £225K. Of an asset re"Valued" TEN months ago at £480K. Such, errrrrrrr, "miscalculations" though seem to be totally acceptable to all on here. Hopefully one or two Solicitors and/or Barristers and/or Para-Legals are getting severely burned by P2P now and there'll be some serious legal action "at cost"!
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phil
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Post by phil on Aug 26, 2017 10:02:51 GMT
If we get 80p in the £ I'll be happy.
FS really should consider the effectiveness of the valuation process used when offering property loans. I personally no longer invest in loans above 65% of the LTV for initial loans and tend to not renew unless the LTV is 60% or less, this takes account of the valuations which often seem optimistic to say the least. Presumably you're aware of The Jock Boatyard Default 09dolphin? Where the Sale was £225K. Of an asset re"Valued" TEN months ago at £480K. Did we ever see the valuation report for 480k? I got a feeling it wasn't placed on the platform?
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09dolphin
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Post by 09dolphin on Aug 26, 2017 10:30:36 GMT
I had invested in the boatyard loan and lost money. However I would say that overall I am in profit from the loans I've made.
Yes there are some loans that don't work out and I expect people expect this. What I find difficult to accept is the valuations FS sometimes post which are frankly ridiculous.
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djpix99
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Post by djpix99 on Aug 31, 2017 14:07:23 GMT
It's been 4/5 weeks since the last update on the Kn***sb****** loan, I've used live chat a couple of times in the last few weeks, but they keep saying an update is due at the weekend. Has anyone received a different updates?
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