rogerthat
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Post by rogerthat on Feb 25, 2019 12:44:49 GMT
1 hour ago (25/02/19)
Following a meeting with the receiver last week, we now have an action plan to move forward and make progress. We are finalising the finer details and once this is completed an update will be posted.
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SteveT
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Post by SteveT on Feb 25, 2019 12:49:17 GMT
All these pre-update updates are progress of a sort, I guess. But when are we going to start getting pre-pre-update update updates?
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Steerpike
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Post by Steerpike on Feb 25, 2019 13:02:52 GMT
I can't decide which I prefer, communication of nothing or no communication at all, I suppose that on balance platitudinous drivel is more heartwarming than deafening silence but I reserve the right to change my mind.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 25, 2019 15:31:00 GMT
I can't decide which I prefer, communication of nothing or no communication at all, I suppose that on balance platitudinous drivel is more heartwarming than deafening silence but I reserve the right to change my mind. I can’t see this update being used before and therefore cannot be described as platitudinous. They are also all informative and cannot be described as drivel.
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adrian77
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Post by adrian77 on Feb 28, 2019 11:48:27 GMT
recent update 2 points 1) however much more is to be done ! I am in this loan (idiot!) and from the updates I read I thought it was nearly finished but it appears that now it is not even close....
As I said before I think the £3.19m is a joke - sadly I don't have the time nor cash to buy this one but would be tempted - impossible to say what I would pay as I don't know the building. I really hope I am wrong but I just can't see over £3m being realised - what would I offer - as a guess off the top of my head £800K!
2) Totally agree with the FS decision to sell as seen - they can expect some cheeky offers.
Another interesting one...
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r1200gs
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Post by r1200gs on Feb 28, 2019 12:07:58 GMT
Interesting indeed. I'm in the first ranking loan of £575,000 which I would hope is safe because it's a chunk of change, but those after that are very likely to be screwed here. How jaded am I with peer to peer? Hell, I'm putting money in the bank right now! Yes, a bank!
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michaelc
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Post by michaelc on Feb 28, 2019 15:21:01 GMT
We don't know the state of the apartments and how much needs spending to bring them up to a nearly new condition although it is significant. We do know this is a block of 42 apartments and surely even with "professional" fees 575K would be safe?
I'm definitely not going to be pompous and suggest certain categories of adults should be barred from spending/investing their money as they deem fit but I do think a fair bit of patience is required with this type of investment. I'm quietly confident at least for the first loan. Time will tell.
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r1200gs
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Post by r1200gs on Feb 28, 2019 16:08:12 GMT
We don't know the state of the apartments and how much needs spending to bring them up to a nearly new condition although it is significant. We do know this is a block of 42 apartments and surely even with "professional" fees 575K would be safe? I'm definitely not going to be pompous and suggest certain categories of adults should be barred from spending/investing their money as they deem fit but I do think a fair bit of patience is required with this type of investment. I'm quietly confident at least for the first loan. Time will tell. FS have already said that the cost to complete is significantly higher than first thought, which might suggest we were mislead as to the progress that had been made and the actual condition was rather different to what was thought, but I'm getting used to that. It will be interesting to see if FS can manage to return capital and interest on a loan with a 15% LTV, but somehow nothing would surprise me any more. If I was in lower ranking loans I would have already written them off and consider any actual return to be a bonus.
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rookey123
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Post by rookey123 on Feb 28, 2019 17:08:06 GMT
Surely the first tranche has to be safe. Think I may have to ask fundingsecure myself as even with work to do £600k for 42 flats has to be viable.
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adrian77
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Post by adrian77 on Mar 1, 2019 9:03:03 GMT
I really hope so - will be very surprised if it isn't - as to the other charges...
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rogerthat
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Post by rogerthat on Mar 1, 2019 9:49:36 GMT
I really hope so - will be very surprised if it isn't - as to the other charges... Thanks a lot...cheer me up why don't you
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adrian77
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Post by adrian77 on Mar 1, 2019 13:19:32 GMT
For tranche 5 we had
So what changed between tranche 5 and 7?
Sorry if I upset you Rogerthat but I just can't see anywhere near £4.17m considering there seems to be a lot done. I think there is £1.87m on this one with the first charge being about 9 months late---I called the cinema 100% wrong (ignoring the fact I am curious as to how this was actually repaid) so hope springs eternal...
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adrian77
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Post by adrian77 on Mar 1, 2019 16:42:00 GMT
I have redone my maths on this one - I think rogerthat is correct and the totals are as follows 1st charge £575K..purchase
2nd " £1.5m..dev tranches
3rd " £510K..supplementals
total - a staggering £2.585m I think the wording of the loans is very confusing and I bought into the second charge by mistake - what an idiot! I did not realise that all 3 charges have the same interest rates - viz 13% - what a 5 star idiot! So what is the incentive for the 3rd charges holders - exactly 13-13 = 0 which I what I expect what their return will be! I really hope I am wrong but...
For me to get my investment back this one is going to have to sell for well over £2m which I am not exactly confident about
Ch.H - Development - Renewal (2637081380)
has the quote
like what it isn't
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james21
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Post by james21 on Mar 1, 2019 17:08:40 GMT
I have redone my maths on this one - I think rogerthat is correct and the totals are as follows 1st charge £575K..purchase 2nd " £1.5m..dev tranches 3rd " £510K..supplementals total - a staggering £2.85m I think the wording of the loans is very confusing and I bought into the second charge by mistake - what an idiot! I did not realise that all 3 charges have the same interest rates - viz 13% - what a 5 star idiot! So what is the incentive for the 3rd charges holders - exactly 13-13 = 0 which I what I expect what their return will be! I really hope I am wrong but... For me to get my investment back this one is going to have to sell for well over £2m which I am not exactly confident about Ch.H. - Development - Renewal (2637081380) has the quote like what it isn't And the interest is paid on the first loan before the second is paid out. The additional loan will be a certain 100% loss for investors
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syalith
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Post by syalith on Mar 1, 2019 18:10:32 GMT
I'm sure I read somewhere on this forum about a property on another P2P site which sold for £900k+ and the investors only got around £450k back after the receivers took their share.
I'm in the first loan for £50k, tempted in by the low LTV and 16% interest rate, usually I just stick to residential properties. This was by far my biggest P2P investment and also the first P2P loan I've ever had default.
If I get my capital back I'll consider that a fantastic result, but I'm expecting to lose some or all of it. It all depends on whether the money lent was really spent on the property, or if the borrower did a runner with it.
There is supposedly marketing taking place but I can't find it anywhere online, I asked fundingsecure for a link to the marketing and they would only promise to add it to the next update.
I expect anyone outside of the first tranch will get nothing, but I hope to be wrong about that.
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