ablender
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Post by ablender on May 3, 2017 15:39:25 GMT
But you haven't seen the valuation report yet and we know the borrower is in receivership. And as you only buy into loans you are confident to hold to term after your exhaustive DD checks have been passed, I'm a bit surprised with your happiness at this new loan, although glad you are happy, obviously. I'd rather have the option to invest in a 12% loan than not have that option at all. I have no idea if I will invest or not (yet - DD ongoing); sometimes even 12% simply doesn't equate to the risks I say more like 14% or 16%.
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treeman
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Post by treeman on May 3, 2017 15:40:51 GMT
And in a departure from the norm, there will only be half of the interest on account (the first six months only). A new accronym/category needed then ............ IOA for 6 months, then what for 6 months before SBL ? Suggestions ? Sensible - Serviced By Borrower Less Sensible - Might Pay Monthly, Cross Your Fingers
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 3, 2017 15:56:24 GMT
I would suggest anyone needing a laugh, googles the hotel and reads the reviews ... they are horrific but very funny.
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IFISAcava
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Post by IFISAcava on May 3, 2017 16:08:20 GMT
Makes the promise of keeping hotel funds in a separate account moot, given that no one in their right mind would stay here.
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am
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Post by am on May 3, 2017 16:16:11 GMT
Regarding the 3 East Anglia loans, and for those bothering to do DD If anyone remembers the DD they carried out for PBL119 /DFL009, and read about the previous owner... that's our borrower. Quite the character You googled the property addresses in companieshouse.gov.uk? I was confused to find the O.B. addresses associated with two different, but similarly named, companies. I'm guessing that the borrower purchased the properties when the other company was liquidated.
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GeorgeT
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Post by GeorgeT on May 3, 2017 16:22:15 GMT
More high quality loans to reputable borrowers from SS then
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mosaic
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Post by mosaic on May 3, 2017 16:31:37 GMT
I do find it convenient that the valuation instruction shows the loan amount of £2,677,500 which turned out to be exactly 70% of what the valuation report concluded was the value. A nice round number.
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am
Posts: 1,495
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Post by am on May 3, 2017 16:32:12 GMT
You googled the property addresses in companieshouse.gov.uk? I was confused to find the O.B. addresses associated with two different, but similarly named, companies. I'm guessing that the borrower purchased the properties when the other company was liquidated. I found the borrower for 2 connected loans (W********) via a reverse search. The name relates to the business, and 2 charges relate to the property. From there I found the hotel business that the borrower is involved with (although, I'm unsure what company is directly involved with the hotel) More censorship is creeping in I see (in the VRs)... Ah, I see the VRs are now available.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 3, 2017 16:46:37 GMT
I do find it convenient that the valuation instruction shows the loan amount of £2,677,500 which turned out to be exactly 70% of what the valuation report concluded was the value. A nice round number. Yes. A combination of the borrower being the one that pays the Surveyor, and LY letting the Surveyor know exactly what loan will be... It has been noted - VRs aren't always the most reliable documents (I don't think ozboy knows this, so please don't tell him, as he love a good VR) You're a very Cheeky Boy, Dude, but I like you! And "No", I was completely unaware that VRs aren't always honest, solid, and utterly reliable documents, I mean, they're produced by " RICS Professionals" - thanks for the tip Dude!
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fasty
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Post by fasty on May 3, 2017 17:08:35 GMT
275 days is an aggressive drop. Still, without DD prob for the best 😎👊🏿 The receivership thing worries me. I'm becoming ever more cautious on this platform. They can't spell receivership either; that worries me too. Perhaps the Work Experience child did the DD. No, on reflection that's unfair to work experience children; ours would not have made that mistake.
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trevor
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Post by trevor on May 3, 2017 18:14:34 GMT
Compare these 3 loans with one currently available on MT at 12%. Guess where my money has gone?
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ben
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Post by ben on May 3, 2017 18:48:57 GMT
Regarding the 3 East Anglia loans, and for those bothering to do DD If anyone remembers the DD they carried out for PBL119 /DFL009, and read about the previous owner... that's our borrower. Quite the character I would not worry about doing any DD as apparently Lendys DD is better then any banks, so nothing to worry about here.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 3, 2017 19:01:10 GMT
Regarding the 3 East Anglia loans, and for those bothering to do DD If anyone remembers the DD they carried out for PBL119 /DFL009, and read about the previous owner... that's our borrower. Quite the character I would not worry about doing any DD as apparently Lendys DD is better then any banks, so nothing to worry about here. Poor ole Paul, that one's gonna haunt him!
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twoheads
Member of DD Central
Programming
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Post by twoheads on May 3, 2017 19:54:41 GMT
Regarding the 3 East Anglia loans, and for those bothering to do DD If anyone remembers the DD they carried out for PBL119 /DFL009, and read about the previous owner... that's our borrower. Quite the character I would not worry about doing any DD as apparently Lendys DD is better then any banks, so nothing to worry about here. Yes, it's reassuring to know: after all of the reputable lenders' DD - rejecting all of our borrowers unanimously, that LtPP with their superior research can uncover their underlying worth and present us with gilt edged 'opportunities'. Hmmm.
But I don't worry about that... I'm still investing. Carefully.
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Post by p2plender on May 3, 2017 22:35:25 GMT
"I would not worry about doing any DD as apparently Lendys DD is better then any banks, so nothing to worry about here."
Northern Rock or Bradford&Bingley?
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