elliotn
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Post by elliotn on Jun 29, 2017 13:37:44 GMT
4 of the flats sold, 3 continuing in legals - good portents for the pre-agreed f/h sale.
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Post by Collateral Rep on Jun 30, 2017 13:02:00 GMT
Hi moist, It does clarify this in the loan details, but to answer you, yes it ranks behind Loan BL00035. Many thanks, Gordon
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elliotn
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Post by elliotn on Jun 30, 2017 13:36:20 GMT
Hi moist , It does clarify this in the loan details, but to answer you, yes it ranks behind Loan BL00035. Many thanks, Gordon Gordon, there are conflicting statements in the loan details:- This is the second drawdown of £290,000 secured against the freehold of Block C, [address redacted]. The first drawdown was £676,000 bringing the total loan amount to £966,000 giving a 53.34% LTV.
Investors in this loan rank behind the first loan BL00035.
The loan security is a First legal Charge over the Freehold of Block C, [address redacted] and a solicitors undertaking.I read that the way FS set up some loans ie Coll have 1C, total loan is 966k/53% ltv with T2 290k behind T1 ie 37-53% slice.
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SteveT
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Post by SteveT on Jun 30, 2017 14:29:47 GMT
Gordon, there are conflicting statements in the loan details:- This is the second drawdown of £290,000 secured against the freehold of Block C, [address redacted]. The first drawdown was £676,000 bringing the total loan amount to £966,000 giving a 53.34% LTV.
Investors in this loan rank behind the first loan BL00035.
The loan security is a First legal Charge over the Freehold of Block C, [address redacted] and a solicitors undertaking.No conflict in those statements. COL hold the first charge on the freehold, which acts as security for both tranches. However, in case of default, the first tranche is ranked ahead of the second tranche if there was a shortfall. FS do this all the time.
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Post by elephantrosie on Jun 30, 2017 18:20:22 GMT
the new loan went so quickly. people just going to get rid of them in secondary market for the cashback
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Post by geraldine1210 on Jun 30, 2017 18:40:56 GMT
the new loan went so quickly. people just going to get rid of them in secondary market for the cashback Will cash back be paid if sold before draw down?
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ding
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Post by ding on Jun 30, 2017 20:32:30 GMT
Wow, I'm surprised how quickly the 2nd charge (14%) has been funded was ~25% funded 5 hours ago now nearly complete. When I looked 5 hours or so ago there was 60-80K on the SM for the 1st charge (14%). Now none remains - double Wow! So if both are on the SM, 'sensible' people would buy the 1st charge.
Cashback of 0.5% on 5K = £25 (I believe not liable for income tax). Still I will pass.
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oldgrumpy
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Post by oldgrumpy on Jun 30, 2017 20:53:41 GMT
Wow, I'm surprised how quickly the 2nd charge (14%) has been funded was ~25% funded 5 hours ago now nearly complete. When I looked 5 hours or so ago there was 60-80K on the SM for the 1st charge (14%). Now none remains - double Wow! So if both are on the SM, 'sensible' people would buy the 1st charge. Cashback of 0.5% on 5K = £25 (I believe not liable for income tax). Still I will pass. I wonder if some people threw money into the SM first ranking loan in error, thinking they would get cashback. I have to admit to being tempted successfully by the cashback on the 2nd (newer, 2nd ranking) loan. The first ranking loan is the one to buy now, if it is on the SM.
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Post by elephantrosie on Jun 30, 2017 21:49:56 GMT
Wow, I'm surprised how quickly the 2nd charge (14%) has been funded was ~25% funded 5 hours ago now nearly complete. When I looked 5 hours or so ago there was 60-80K on the SM for the 1st charge (14%). Now none remains - double Wow! So if both are on the SM, 'sensible' people would buy the 1st charge. Cashback of 0.5% on 5K = £25 (I believe not liable for income tax). Still I will pass. may i ask why you are passing this loan?
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ding
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Post by ding on Jun 30, 2017 22:28:29 GMT
Wow, I'm surprised how quickly the 2nd charge (14%) has been funded was ~25% funded 5 hours ago now nearly complete. When I looked 5 hours or so ago there was 60-80K on the SM for the 1st charge (14%). Now none remains - double Wow! So if both are on the SM, 'sensible' people would buy the 1st charge. Cashback of 0.5% on 5K = £25 (I believe not liable for income tax). Still I will pass. may i ask why you are passing this loan? Now your asking to go into my mind which may not be healthy! I've not done extensive (maybe even basic) DD. This is how I recall events... Loan for block. Mention of loans for adjacent block. Loans for apartments in block. I was concerned the borrow was over extending, and even if apartment was sold wouldn't repay loan (to use to carry on building...) I'm pleased to see several loans completed. Now seeing the low days for apartments and possibly harder to shift 2nd charge, I feel I've missed the boat. Good luck to all.
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elliotn
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Post by elliotn on Jul 1, 2017 5:19:25 GMT
Wow, I'm surprised how quickly the 2nd charge (14%) has been funded was ~25% funded 5 hours ago now nearly complete. When I looked 5 hours or so ago there was 60-80K on the SM for the 1st charge (14%). Now none remains - double Wow! So if both are on the SM, 'sensible' people would buy the 1st charge. Cashback of 0.5% on 5K = £25 (I believe not liable for income tax). Still I will pass. may i ask why you are passing this loan? I already over-extended myself on first tranche which has a lower ltv at 14%, as ding says I'll settle for the lower risk/more liquid tranche and forego the couple of quid CB I would have earned. The borrower may be over-extended but there are only 2/7 apartments left which are in legals and there is a pre-sale agreement in place for when they complete so am holding first tranche to term. Ltv suggests enough headroom for a re-sale if required although main risk could be early repayment so CB will help compensate T2 holders for the later loan.
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Post by lendinglawyer on Jul 4, 2017 6:02:30 GMT
CB now paid on 43! Props to COL for a great offering on this one.
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Post by Collateral Rep on Jul 4, 2017 8:14:07 GMT
Morning,
We were alerted of a discrepancy this morning and the developers have now fixed the issue which was related to the cashback.
If you still have issues please email info@collateraluk.com
Many thanks,
Gordon
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ali
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Post by ali on Jul 4, 2017 8:22:47 GMT
Just for the record, mine are now correct.
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Post by Collateral Rep on Jul 4, 2017 8:26:50 GMT
Morning @new2p2p,
Can you email your details so we can check - info@collateraluk.com
Many thanks,
Gordon
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