r00lish67
Member of DD Central
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Post by r00lish67 on Feb 22, 2017 10:17:51 GMT
Since we all like to occasionally flag up some Fairly Cherished new loan offerings, I thought I'd start a general thread.
My wing sail and a prayer offering of the day:
Loan ID: 33079
Borrower: A commercial ship broker
Loan purpose: There's a big deal on a new boat that should bring in some big dollar soon. The actual loan purpose isn't specified, so presumably it's as per the loan type, just working capital to see them through until payday. No loan, no ship's biscuit.
Credit score: Their credit score hit 10 in November, but then went up to 80 again in December - stormy seas indeed.
Company accounts: Overdue by 5 months (due on 30/09/2016), water on board, or all on an even keel?
Loan security: Not unless you consider a Personal Guarantee worth the paper it's written on.
Loan Term: 12 months, with a fair wind.
Loan rating: A+, what else?
Loan interest rate: 5.5% (4.5% after FC fees). The treasurechest.
Ahoy me hearties, all on board!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Feb 22, 2017 11:14:29 GMT
Not according to Companies House
Accounts
Next accounts made up to 31 December 2016
due by 30 September 2017
Last accounts made up to 31 December 2015
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r00lish67
Member of DD Central
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Post by r00lish67 on Feb 22, 2017 13:24:41 GMT
Fair play, I was looking at a secondary source (companycheck), so I guess I'll have to walk the plank..
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Feb 22, 2017 14:36:22 GMT
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Feb 24, 2017 21:06:44 GMT
New suggestion:- Short term Loan East London 1 number 3333.
Failed to repay any of the due capital in November 2016 on loan 11781 and no interest paid since then. Now offered by FC as a refinance loan of 6 months after attempt to get external finance failed.
Does this sound like a wonderful FC experience?
Autobid at your peril following the current Short term London Loan default shambles.
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pip
Posts: 542
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Post by pip on Feb 25, 2017 11:36:46 GMT
New suggestion:- Short term Loan East London 1 number 3333. Failed to repay any of the due capital in November 2016 on loan 11781 and no interest paid since then. Now offered by FC as a refinance loan of 6 months after attempt to get external finance failed. Does this sound like a wonderful FC experience? Autobid at your peril following the current Short term London Loan default shambles. Yes I saw this, definitely not one I would bid on. Please feel free to bid on this though as I have some of the loans to be refinanced 
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acky
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Post by acky on Feb 25, 2017 12:28:57 GMT
I'm out!
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am
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Post by am on Feb 26, 2017 13:06:40 GMT
New suggestion:- Short term Loan East London 1 number 3333. Failed to repay any of the due capital in November 2016 on loan 11781 and no interest paid since then. Now offered by FC as a refinance loan of 6 months after attempt to get external finance failed. Does this sound like a wonderful FC experience? Autobid at your peril following the current Short term London Loan default shambles. I think I might look more askance at 33215, which in addition to the development loan includes £600k of equity release on the land value to pay off another facility. One wonders why the borrower has an outstanding loan - is there an incomplete (and overrunning?) development project hiding somewhere, or is he paying off the mortgage on his own home? (In the latter case I think he'd be better off paying off the mortgage with the profits of this development rather than paying a higher interest rate to FC, so I think it's unlikely to be the latter.) If it was the just the building costs being financed the LTV would be under 40% and I'd might break my policy of not lending on London and Surrey property. (Except that the tranche filled while I was researching traffic on the adjacent rail line.)
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am
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Post by am on Feb 26, 2017 16:28:25 GMT
I think I might look more askance at 33215, which in addition to the development loan includes £600k of equity release on the land value to pay off another facility. One wonders why the borrower has an outstanding loan - is there an incomplete (and overrunning?) development project hiding somewhere, or is he paying off the mortgage on his own home? (In the latter case I think he'd be better off paying off the mortgage with the profits of this development rather than paying a higher interest rate to FC, so I think it's unlikely to be the latter.) If it was the just the building costs being financed the LTV would be under 40% and I'd might break my policy of not lending on London and Surrey property. (Except that the tranche filled while I was researching traffic on the adjacent rail line.) I don't do London loans either. Is Surrey higher risk too? I think so - Surrey, like London, has property at eye-watering prices.
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adrianc
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Post by adrianc on Feb 27, 2017 11:20:02 GMT
I don't do London loans either. Is Surrey higher risk too? I think so - Surrey, like London, has property at eye-watering prices. Some of Surrey does. As with all home-county areas, there are better areas and cheaper areas. It's in the SE, so you're never going to have ABSOLUTE cheapness, but it's certainly no different to anywhere else within easy commuting distance of London.
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pip
Posts: 542
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Post by pip on Feb 28, 2017 10:50:29 GMT
I think I might look more askance at 33215, which in addition to the development loan includes £600k of equity release on the land value to pay off another facility. One wonders why the borrower has an outstanding loan - is there an incomplete (and overrunning?) development project hiding somewhere, or is he paying off the mortgage on his own home? (In the latter case I think he'd be better off paying off the mortgage with the profits of this development rather than paying a higher interest rate to FC, so I think it's unlikely to be the latter.) If it was the just the building costs being financed the LTV would be under 40% and I'd might break my policy of not lending on London and Surrey property. (Except that the tranche filled while I was researching traffic on the adjacent rail line.) I don't do London loans either. Is Surrey higher risk too? My issue with London properties is that the valuations seem to be very speculative. A few years ago the market was crazy, put a property on the market for £500k, and buyers would literally be falling over themselves offering OVER the asking price. I worked in London at the time and the mentality of people was buy at any price, i genuinely heard of somebody that put in an offer of £50k over the asking price and was outbid by somebody else! This is no longer the case, although prices are still crazy. The risk with the above mentality is it makes valuation very hard and easy for there to be speculative valuations. I sometimes think the valuations are just trying it on, when you hear of a couple of flats above a shop in a pretty dodgy area going for a few million you wonder, is this sustainable, is there any justification for the prices? Well the only justification for property prices is what other people have paid, and yes people have paid some very high prices for some not great properties in dodgy areas. I think the London market is definitely more at risk of a sharp correction though.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Mar 3, 2017 14:56:42 GMT
New suggestion Loan 33593 East Dulwich 1. £404,000 currently on loans page
Request for first part of large loan to buy and "retain as a Buy to let".
So how is the Capital to be repaid at the end of the loans?
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acky
Posts: 481
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Post by acky on Mar 3, 2017 18:08:10 GMT
New suggestion Loan 33593 East Dulwich 1. £404,000 currently on loans page
Request for first part of large loan to buy and "retain as a Buy to let".
So how is the Capital to be repaid at the end of the loans? .... as the Financial Summary says, by refinancing with a BTL lender. What's the problem with that?
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jayjay
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Post by jayjay on Mar 3, 2017 18:24:28 GMT
New suggestion Loan 33593 East Dulwich 1. £404,000 currently on loans page
Request for first part of large loan to buy and "retain as a Buy to let".
So how is the Capital to be repaid at the end of the loans? .... as the Financial Summary says, by refinancing with a BTL lender. What's the problem with that? and the healthy chunk of equity we are being offered as security makes this (in my opinion) a highly investable loan - unlike the vast majority on offer.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Mar 3, 2017 20:31:26 GMT
Point taken.
It still does not guarantee that all these new loans will eventually be capable of being refinanced.
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