bg
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Post by bg on Oct 26, 2017 15:47:30 GMT
All in all I am sufficiently confident I will be able to sell on the SM down the line so am happy to invest. Why not just go and place the money on red? at least you will find out straight away the result of your gamble. If you want something with (near) zero risk then I would suggest you put your money in an FSCS backed savings account.
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r1200gs
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Post by r1200gs on Oct 26, 2017 20:44:42 GMT
Why not just go and place the money on red? at least you will find out straight away the result of your gamble. If you want something with (near) zero risk then I would suggest you put your money in an FSCS backed savings account. Do you really thing the people using this site need this patronising "advise"?
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bg
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Post by bg on Oct 26, 2017 20:47:32 GMT
If you want something with (near) zero risk then I would suggest you put your money in an FSCS backed savings account. Do you really thing the people using this site need this patronising "advise"? And quite how would you describe the advise to 'place my money on red' as opposed to the investment decision I laid out?
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Post by bracknellboy on Oct 26, 2017 21:15:31 GMT
MOD HAT ON:
Handbags back in the cupboard please guys, before it starts to get out of hand.
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rogerthat
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Post by rogerthat on Oct 27, 2017 15:22:55 GMT
Indeed...if only they could both spell ADVICE
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Post by charliebrown on Oct 27, 2017 15:45:06 GMT
I take the position that FS loans that outrank other FS loans on the same property ought to be among the safest on the platform because if it was necessary to 'recover' the loan FS have a huge incentive to make sure the recovery is successful. If the investors in the higher-ranking loan(s) don't receive their capital back and every bit of their accrued interest then the investors in the lower-ranking loan(s) would lose every penny they've invested. A 100% loss on a platform that deals in secured loans would be a horrible PR disaster for FS, so I'd expect them to try to avoid that at all costs, even if they have to dig into their own pocket to do so. But perhaps I'm just deluding myself. You sound deluded! Especially the bit about them dipping into their pocket Edit: Also, platform failure, 2nd charge holders will get burnt. The run-off company will want to wrap everything up as quick as possible. I’m not sure any of these p2p platforms have any PR left. Anyone who is investing on “trust” should think twice.
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r1200gs
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Post by r1200gs on Oct 27, 2017 16:16:28 GMT
Indeed...if only they could both spell ADVICE If only you could have a conversation with me in French or Dutch. I expect that's beyond you though. Funny enough other languages are not permitted on this site, though I noticed a mod chucking in a bit of French the other day. I should have given him a warning really. :-)
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rogerthat
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Post by rogerthat on Oct 27, 2017 16:19:56 GMT
French and Dutch..erm ..you're right..no I couldn't ...but I can offer you German ? ...don't rise to the bait and stop squabbling amongst yourselves..Ist time ive ever agreed with a Mod (as they will testify)
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r1200gs
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Post by r1200gs on Oct 27, 2017 16:34:05 GMT
French and Dutch..erm ..you're right..no I couldn't ...but I can offer you German ? ...don't rise to the bait and stop squabbling amongst yourselves..Ist time ive ever agreed with a Mod (as they will testify) While you try to get a rise by picking on a spelling mistake? You agree with the mod and yet fuel the fire. Interesting.
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Post by bracknellboy on Oct 27, 2017 16:40:13 GMT
MOD HAT ON:
Lets now definitely call time on this. No last orders, just "Time". And no lock in.
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Nomad
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Post by Nomad on Oct 27, 2017 16:41:37 GMT
French and Dutch..erm ..you're right..no I couldn't ...but I can offer you German ? ...don't rise to the bait and stop squabbling amongst yourselves..Ist time ive ever agreed with a Mod (as they will testify) While you try to get a rise by picking on a spelling mistake? You agree with the mod and yet fuel the fire. Interesting. Not interesting!
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r1200gs
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Post by r1200gs on Oct 27, 2017 17:03:24 GMT
MOD HAT ON: Lets now definitely call time on this. No last orders, just "Time". And no lock in. Good idea, pub.
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Post by mrclondon on Nov 18, 2017 18:19:42 GMT
The Oct 17 update from FS stated "The complete site has been cleared. However the ongoing development has been postponed as the developer is focussing on an additional project nearing completion. Development is planned to restart in January - all properties having now been presold off-plan." As mentioned earlier in the thread, FS are providing a number of loans to this borrower and a couple of sister SPVs (see thread Are all the Liverpool / Birkenhead loans linked? ). It's probably reasonable to assume the "additional project nearing completion" referred to in the October update is the tower block refurb in New Brighton. I'm less certain though that the January restart is actually going to see much site activity. Looking at at the Wirral planning portal, there seems no obvious activity associated with the discharge of the conditions on the outline planning approval, nor concerning the extra 7 units in phase 1 that the April 17 VR addendum letter refered to. (Links to the planning applications are on DDC). There is a fair amount of the first loans (esp phase 2) available on the SM at present at sensible discounts (-0.3% / -0.4% which amply covers the inherited basic rate tax liability at this early stage in the 6 month loans) for those interested in topping up. Disclosure: I have stakes in all the loans to this borrower, and have none of them listed on the SM.
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aj
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Post by aj on Nov 20, 2017 15:37:08 GMT
Thanks for the information mrclondon. I hadn't linked this and the tower block. I expect the latter to be a successful development, which gives me increased confidence in this loan.
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aj
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Post by aj on May 11, 2018 6:18:45 GMT
The first charge for phase 1 and 2 are now 2 weeks overdue and there are serious signs of trouble at the developer.
Have FS sprung into action and briefed investors on their plan for the repayment of this loan? I'll let you guess the answer to that one.
My best guess is they are going to let this one drag out until the developers other large development is complete and hope enough profit is left to renew The D*ll. Where that will leave this as a development prospect is uncertain.
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