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Post by mshcah on Feb 17, 2017 11:14:47 GMT
£30k to "re-decorate and freshen up" a 2-bedroom apartment?
Gold-plated taps maybe?
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mullet
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Post by mullet on Aug 29, 2017 9:42:13 GMT
Up for renewal. Looks like they initially tried to sell it for £325k, now they still can't shift it for £300k ...but FS are sticking by their valuation of £345k.
I'd say this is more like an 85%LTV ...which is a bit high for a small 2nd charge loan (for me anyway!)
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duck
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Post by duck on Aug 29, 2017 10:12:22 GMT
Knowing the property, its location and the local market I view the valuation on the optimistic side.
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rogerthat
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Post by rogerthat on Aug 29, 2017 10:31:02 GMT
2nd charge automatically raises my defences but local knowledge is priceless..forewarned is forearmed
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Post by mrclondon on Aug 29, 2017 10:40:37 GMT
Two other bits of data - the only previous sale of this particular flat was Dec 2005 as a new build for £225k (cf combined debt £238k plus accruing interest). The only recent sale of a 2 bed flat in this particular development was July 2015 at £355k. (It looks likely that the 3 sales recorded in 2014 at £200k-£230k were for 1 bed flats, or much smaller 2-beds) I'll be taking a slice of this tomorrow, 13% seems a fair return to me. (And yes, as mullet says the real LTV is a lot higher than the 68% FS indicate, but I feel less than 90% of a distressed sale value) |
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duck
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Post by duck on Aug 29, 2017 11:57:24 GMT
The location would put me off if I was a buyer. This development was crammed in between the Wells Road (major route into Bath) and the main Paddington/Bristol rail line.
There are no views since the Wells Road runs at first floor/roof level and the rail line is also raised. Whilst property in Bath is certainly on the expensive side (and in demand) as I said previously I view the valuation on the high side.
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adrian77
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Post by adrian77 on Aug 29, 2017 12:28:37 GMT
I never touch second charges - I deal in distressed property and in my experience 30% is typical. Bought my latest house last week at 29.9% from valuation and the one before that was about 55% from valuation. This one is not screaming "buy me" at me...
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rogerthat
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Post by rogerthat on Aug 29, 2017 13:07:39 GMT
The location would put me off if I was a buyer. This development was crammed in between the Wells Road (major route into Bath) and the main Paddington/Bristol rail line. There are no views since the Wells Road runs at first floor/roof level and the rail line is also raised. Whilst property in Bath is certainly on the expensive side (and in demand) as I said previously I view the valuation on the high side. Having had to negotiate central Bath on many occasions a few years back both on foot and by vehicle I can almost imagine the location and the words "crammed" and "no views" paints a picture that I can see with my eyes shut.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 29, 2017 15:03:51 GMT
Up for renewal. Looks like they initially tried to sell it for £325k, now they still can't shift it for £300k ...but FS are sticking by their valuation of £345k. I'd say this is more like an 85%LTV ...which is a bit high for a small 2nd charge loan (for me anyway!) IF all that is true, then FS are well out of order continuing to foist a known quasi-fraudulent "Valuation" on Investors.
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rogerthat
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Post by rogerthat on Aug 30, 2017 11:09:27 GMT
1 min 14 secs ( I find that hard to believe) 36 new bids
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Post by badboyyardy on Aug 30, 2017 11:23:06 GMT
1 min 14 secs ( I find that hard to believe) 36 new bids How do you know they are new bids?
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rogerthat
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Post by rogerthat on Aug 30, 2017 11:27:01 GMT
I asked a question
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Post by mrclondon on Aug 30, 2017 12:28:15 GMT
1 min 14 secs ( I find that hard to believe) 36 new bids Website was pretty sluggish with multiple attractive loans going live at the same time, it took me just over 2 minutes for me to place bids on Bath, Birmingham and Shropshire (in that order) and the response for the Birmingham bid just timed out (although the bid was placed successfully). I skipped Bristol, 11% on the low side for unfinished development risk. It would have gone quicker if the website was more responsive. Personally I find it pretty inconceivable that the Bath flat wouldn't sell at auction for around £270k-£280k as a BTL, but in any case offering this loan on the SM at any point before the 5 month limit at a discount to cover basic rate tax liability, and it will fly off the shelf. The great thing is we all have differing opinions, and hence there is a viable market 
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Post by mrclondon on May 14, 2018 15:53:29 GMT
Up for renewal at 5pm today, 2.5 month late.
However the asking price was reduced to "Offers over £300k" in April, so the combined debt £238k vs current asking price of £300k is 79% LTV.
(I've been in this loan since launch in Feb 17, but not sure at this point ....)
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IFISAcava
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Post by IFISAcava on May 14, 2018 16:02:49 GMT
Up for renewal at 5pm today, 2.5 month late.
However the asking price was reduced to "Offers over £300k" in April, so the combined debt £238k vs current asking price of £300k is 79% LTV.
(I've been in this loan since launch in Feb 17, but not sure at this point ....)
and not up at 5pm either. Becoming a bit of a habit missing the stated launch times.
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