Liz
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Post by Liz on Apr 6, 2017 12:10:42 GMT
The loan and rolled-up interest take this loan to around £100K(in default it would go even higher), a bit close to the forced sale price of £100k before fees.
Anyone investing?
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mikes1531
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Post by mikes1531 on Apr 6, 2017 12:28:39 GMT
The success of this loan all depends on the borrowers following through on their plan to inject £30k into the property to refurbish/convert it.
With it being vacant at the moment, I have to wonder what they're actually paying for it, though that's going to be rather indeterminable as it's being part-exchanged for a new flat. The current owner can't be taking much interest in it, so there's a chance it's being 'sold' at a fire sale price, so the LTPV probably is very close to 100%. If the valuer's description of the borrowers as "experienced property developers" is reasonably accurate, that would be a positive.
I can remember seeing VRs from this valuer before but, unfortunately, I can't remember whether they were thought to be reasonable or optimistic.
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Post by sunburyjane on Apr 6, 2017 14:48:32 GMT
I hope these "experienced property developers" are not the same ones involved in the other Whitehaven property tranches which are 3 months overdue with no contact from the borrower. I'm sure FS wouldn't do further business with them until the previous loans sorted out, or would they........
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SteveT
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Post by SteveT on Apr 6, 2017 14:51:17 GMT
I hope these "experienced property developers" are not the same ones involved in the other Whitehaven property tranches which are 3 months overdue with no contact from the borrower. I'm sure FS wouldn't do further business with them until the previous loans sorted out, or would they........ The pre-launch email from FS said there is no connection between this borrower and the other Whitehaven development
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Post by sunburyjane on Apr 6, 2017 15:00:58 GMT
I should have read the posting. I will still give this one a miss, as it seems a bit of a coincidence.
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09dolphin
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Post by 09dolphin on Apr 7, 2017 13:02:18 GMT
I only consider lending (when the LTV is about 70%) if I know that I will try to sell the loan in the secondary market at up to 0.6% discount when there are about 120 days left. When I do that it makes me feel guilty so it's not something I often do. Lending at 70% LTV is just too risky for the return of 12 - 13% for me.
I understand the model FS use but it was more appropriate when it was a pawn site rather than now when it's a site which lends predominantly on property.
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adrian77
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Post by adrian77 on Jul 19, 2018 15:42:38 GMT
I note there are 2 Whitehaven loans - the ex night club which has spectacularly failed and this one. Having seen the auction results for this area then I freely admit I over-estimated the likely disposal values. I also think this one is over-valued and compared to other properties it is worth nowhere near the loan amount let alone the valuation.
Will add this one to my FA league.
I think I will have this one as a League 1 viz over 49% capital loss but if it goes the way of the other Whitehaven loan then definitely Premier League material.
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spareapennyor2
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Post by spareapennyor2 on Oct 24, 2018 11:33:56 GMT
unsold 65k
24/10/18
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arby
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Post by arby on Oct 24, 2018 13:18:20 GMT
"forced sale value- current condition - £100k"
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