mikes1531
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Post by mikes1531 on Jul 5, 2017 9:50:52 GMT
This £195k loan is described as a development project, but all of the money is being advanced at the start of the project. In reading the VR, however, it isn't the least bit clear to me whether the stated £325k valuation is the value right now before the development work starts. If that's the case, then the 60% LTV shown would be correct. OTOH, if the £325k valuation is the expected value after the development work is complete, then the actual LTV now would be higher than 60%, possibly considerably so. In fact, if £325k is the future value, and the development cost is anywhere approaching the £195k being borrowed, then it appears that the value right now easily could be less than £200k and the real LTV could be more than 100%. I won't be making an investment in this loan until this question is clarified via some more input from fundingsecure . I'm emailing this question directly to FS as well, but I would hope they'd respond here because I expect I'm not the only one who found the VR to be unclear. Did anyone here find anything in the VR that I might have missed that makes the situation clear? |
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Post by robberbaron on Jul 5, 2017 12:15:51 GMT
From the website:
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pier2pier
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Post by pier2pier on Jan 17, 2018 21:23:58 GMT
notice this is being renewed next week, pass the site on a regular basis and not much happening here except for the removal of the roof, does not look like much work has gone on in at least 2 months since i recognised the yard. be interesting to read what FS put up next week.
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pier2pier
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Post by pier2pier on Jan 23, 2018 11:34:35 GMT
Funds have been received to renew loan - will be actioned shortly
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rogerthat
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Post by rogerthat on Feb 4, 2018 21:27:04 GMT
8 hours ago
Loan to be renewed tomorrow, 5th February.
Loan 920****407
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Post by spareapennyor2 on Feb 5, 2018 7:25:48 GMT
will we see new photo`s
i wonder?
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james21
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Post by james21 on Feb 5, 2018 8:14:26 GMT
notice this is being renewed next week, pass the site on a regular basis and not much happening here except for the removal of the roof, does not look like much work has gone on in at least 2 months since i recognised the yard. be interesting to read what FS put up next week. The land is owned by the borrower, the loan is for the development but according to the above little has been done and there is no new info from FS. Think I will give this one a mis
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pier2pier
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Post by pier2pier on Feb 5, 2018 11:29:22 GMT
passed the site last thursday or friday, no change in the view, as in everything you can see is in exactly in the same spot as they were in November  behind the gate, 2 cones have never moved at all & a skip in the background has never moved either. There is plenty of land nearby for industrial use and would wonder as to how much demand there would be. No expert but just passing on what i see  |
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r00lish67
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Post by r00lish67 on Feb 8, 2018 8:54:55 GMT
Can anyone explain what is happening with this renewal? On 21/01/2018 FS wrote in the updates: 'Funds have been received to renew loan - will be actioned shortly'
Since then we had other two promises of imminent renewal and this did not happen. It is not the exact date that worries me (even though would be nice to see a date and have it!) but the strange feeling that FS has openly lied in the updates. I am starting to think that the funds for renewal have not been received and FS is still waiting for them (otherwse I see no reason for delaying the renewal for three weeks). Seems a little strong to me to say they've lied in this case. They thought they'd be ready to renew, and now it's been delayed. I really wouldn't worry unless these extra days turn into a few extra weeks as FS quite often leave renewals lingering. In fact, they're due quite a few renewals at the moment, my personal theory is that they'd rather people invest their spare coppers in the boat. One further thought on nervousness about waiting for renewals in general. If you're nervous about waiting for a loan to renew, that suggests that you think you might lose money if it instead defaults. In which case, should you have been holding on the loan past redemption anyway? Apologies if that comes across as preachy, not intended, but that was the development in thought process I went through with FS -i.e. if I feel like I'm rolling a dice at redemption time, I should not be holding this loan!
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r00lish67
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Post by r00lish67 on Feb 8, 2018 9:48:15 GMT
Don't worry, I evaluate very carefully my odds and do my DD on each single loan I invest in (and I tend not invest in any renewal). I have a list of over 20 FS loans 'due for renewal'. That is not the point at all (and will wait for those where there is a plausible excuse) The point is that the updates for 9205946407 look very strange at best. If FS received the interest three weeks ago (and was already over two weeks late) and wishes to renew the loan, what is stopping them doing so? That is my question and be sure I know very well how FS (does not) work. Ah ok, I see. Yes, it is a bit odd then I suppose. In the worst case, it could be because they've identified a breached covenant or some such that would mean they are holding back from renewal. Or maybe the borrower is messing about not signing on the dotted line and saying they're now going to finance elsewhere. <insert further wild speculation here> I'm sure we could come up with lots of plausible reasons, but it's probably not worth the heartache given the far more concerning and prolonged updates elsewhere in the portfolio.
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rogerthat
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Post by rogerthat on Feb 8, 2018 11:44:19 GMT
Can anyone explain what is happening with this renewal? On 21/01/2018 FS wrote in the updates: 'Funds have been received to renew loan - will be actioned shortly'
Since then we had other two promises of imminent renewal and this did not happen. It is not the exact date that worries me (even though would be nice to see a date and have it!) but the strange feeling that FS has openly lied in the updates. I am starting to think that the funds for renewal have not been received and FS is still waiting for them (otherwse I see no reason for delaying the renewal for three weeks). Seems a little strong to me to say they've lied in this case. They thought they'd be ready to renew, and now it's been delayed. I really wouldn't worry unless these extra days turn into a few extra weeks as FS quite often leave renewals lingering. In fact, they're due quite a few renewals at the moment, my personal theory is that they'd rather people invest their spare coppers in the boat. One further thought on nervousness about waiting for renewals in general. If you're nervous about waiting for a loan to renew, that suggests that you think you might lose money if it instead defaults. In which case, should you have been holding on the loan past redemption anyway? Apologies if that comes across as preachy, not intended, but that was the development in thought process I went through with FS -i.e. if I feel like I'm rolling a dice at redemption time, I should not be holding this loan! New nickname for you roolers olde chap...Preacher Man 
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Post by beepbeepimajeep on Feb 8, 2018 12:10:18 GMT
my personal theory is that they'd rather people invest their spare coppers in the boat. I think this is it exactly.
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ding
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Post by ding on Feb 11, 2018 12:35:54 GMT
And it carries on...
05/02/2018 - Apologies for the delay - renewal will be actioned within the next two days.
04/02/2018 - Loan to be renewed tomorrow, 5th February.
21/01/2018 - Funds have been received to renew loan - will be actioned shortly
12/01/2018 - To be renewed next week
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rogerthat
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Post by rogerthat on Feb 12, 2018 23:24:57 GMT
To be renewed tomorrow 13th (well at least it isn't a Friday  )..any further opinions before this goes live ? I do have an investment in the 1st loan ending 46407 |
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adrian77
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Post by adrian77 on Feb 13, 2018 10:38:07 GMT
I am a tad concerned that a) the last financing package was a bit late to arrive and b) the developer needs to borrow money this early on in the project.
Personally I am thinking NINO i.e. quick nibble in and quick nibble out as soon as possible with no renewal...
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behind the gate, 2 cones have never moved at all & a skip in the background has never moved either. There is plenty of land nearby for industrial use and would wonder as to how much demand there would be. No expert but just passing on what i see 
)..any further opinions before this goes live ? I do have an investment in the 1st loan ending 46407