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Post by routlep on Dec 2, 2017 11:20:02 GMT
But the planning approval gives a bit more margin in the LTV so i’ll Have a piece of this one
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Liz
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Post by Liz on Dec 2, 2017 12:34:27 GMT
I know it's early, but what if it doesn't fill and even £700-£800k is too much for an underwriter, then what? Existing lenders may be unhappy at being trapped in this one. Clearly many haven't rolled over.
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adrian77
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Post by adrian77 on Dec 2, 2017 18:00:20 GMT
This is a very good general question - I note FS seem to be heading towards an 8 figure (if not there already) property loan total. What if the property market cools and punters such as "moi" only invest in initial offerings - I am concerned FS may be left with a large number of late finishing/over budget projects which can't be re-financed - if I am correct this will not be pretty.
Just a thought .....anybody got £40K to sink into an endurance boat which is an interesting one to follow.
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j1
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Post by j1 on Dec 2, 2017 18:19:38 GMT
Surely a bank would offer a loan on the security property. Why don't more borrowers take out a mainstream loan and then look to P2P for a top up?
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r00lish67
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Post by r00lish67 on Dec 2, 2017 19:18:53 GMT
If this or any renewal doesn't fill and there aren't underwriters lurking, then existing investors will be locked in as I understand it. I believe this happened with the Rishton loan, no? However, interest will of course continue to accrue ...  |
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Liz
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Post by Liz on Dec 2, 2017 19:31:51 GMT
Surely a bank would offer a loan on the security property. Why don't more borrowers take out a mainstream loan and then look to P2P for a top up? Often mainstream banks won't offer to fund these projects for a vast array of reasons, that's why we earn 12%+ because borrowers aren't mainstream. And sometimes borrowers want quick cash and p2p can deliver quickly in some cases.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 2, 2017 19:58:29 GMT
If this or any renewal doesn't fill and there aren't underwriters lurking, then existing investors will be locked in as I understand it. I believe this happened with the Rishton loan, no? However, interest will of course continue to accrue ... (Big belly emoticon here)  .......................... meaning "Big Belly Laugh"!!! EDIT: Add "Rolling helplessly on floor with tears streaming down face" emoticon here.
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mikes1531
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Post by mikes1531 on Dec 3, 2017 3:21:44 GMT
I know it's early, but what if it doesn't fill and even £700-£800k is too much for an underwriter, then what? If this or any renewal doesn't fill and there aren't underwriters lurking, then existing investors will be locked in as I understand it. I believe this happened with the Rishton loan, no? Yes, that's what happened with Rishton. But you don't have to worry about this one -- the original loan was repaid at about 2200 on Saturday. I have no idea where FS got the money to do that from -- the renewal loan is still only 65% funded, so FS still need £520k more from investors.
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mikes1531
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Post by mikes1531 on Dec 3, 2017 3:32:35 GMT
Just a thought .....anybody got £40K to sink into an endurance boat which is an interesting one to follow. Of the £1.3M returned to investors in the Bristol loan, it seems that about £0.5M was rolled forward into the renewal. That left about £0.8M looking for a new home. Some of that may have been put into the Bristol renewal by investors who were in the old Bristol loan but didn't want to roll over their entire investment -- AFAIK, FS don't have a mechanism to allow partial rollovers. A good chunk of the rest seems to have gone into SM purchases. Even the endurance boat -- where there's now less than £17k available on the SM as I write this compared to double or more than that just a few hours ago.
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KoR_Wraith
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Post by KoR_Wraith on Dec 3, 2017 8:44:11 GMT
Two valuation increases to cover owed interest leaves me less comfortable with the security and ability for the borrower to repay if things don't go to plan.
Have halved my investment in the renewal.
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r1200gs
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Post by r1200gs on Dec 3, 2017 13:36:55 GMT
Two valuation increases to cover owed interest leaves me less comfortable with the security and ability for the borrower to repay if things don't go to plan. Have halved my investment in the renewal. Convenient valuation increases made me uncomfortable as well, uncomfortable enough to give it a miss.
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rogerthat
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Post by rogerthat on Dec 3, 2017 13:59:28 GMT
Have to say that the vibes I got with this renewal (coupled with DD) made me a tad nervous...ive had all mine out of this as completed loan/s..half a loaf is better than no bread
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adrian77
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Post by adrian77 on Dec 3, 2017 17:41:59 GMT
this was correct - it is even less now- although rates range from 9-22%
I am amazed ; maybe this one will be plain sailing in 2018 ....or maybe not?
Another interesting one to watch but as a rule marine vessels don't float my boat.
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rogerthat
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Post by rogerthat on Apr 7, 2018 18:52:04 GMT
Have to say that the vibes I got with this renewal (coupled with DD) made me a tad nervous...ive had all mine out of this as completed loan/s..half a loaf is better than no bread Ok..so maybe quoting my own post is a tad narcissistic (yeah yeah and pride before a fall etc ) but ive just noticed there is £135,950 on the SM if anyone is interested, more than twice a certain boat ! and more than any other loan even though it only represents 9% of the total advanced. Glad to say none of its mine  and good luck to those who do hold it 
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TheDriver
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Post by TheDriver on Jun 16, 2018 13:24:01 GMT
Now these have been separated, after 24 hours they're both about one third funded - so RS are covering the other £1M because the previous loan was repaid yesterday. I was pleased to be out, especially when I saw the refinancing of the "cottage" is proposed to be BTL; IME a lender will be looking for a rent of at least £75k/annum to cover the current borrowing, which seems a bit steep even given the annexes!
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.......................... meaning "Big Belly Laugh"!!! EDIT: Add "Rolling helplessly on floor with tears streaming down face" emoticon here. 
and good luck to those who do hold it 