Liz
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Post by Liz on Mar 11, 2018 12:58:47 GMT
Getting some concerns here:
The latest tranche is filling slowly.
Progress looks slow.
Several hundred K more likely needed to finish the job(3rd ranking loan likely needed and 2nd ranking may struggle to fill first)
If it all goes "DFL 1" then this site may be worth less than £400k. I hope funding Secure can get can this funded(cash back+bonuses may be needed) Or the developer can raise funds elsewhere because on the face of it the project looks good, although still plenty of risk.
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Post by brummiefred on Mar 30, 2018 8:10:14 GMT
Liz You are right to be concerned, see Progress Report and also bit in DDCentral
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steve11523
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Post by steve11523 on Mar 30, 2018 19:45:41 GMT
Can't see the relevant info in DD - I understand that this is only available to certain members. The renewal going live tomorrow looks pretty safe since it has priority over the deveoplment tranches
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sarahcount
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Post by sarahcount on Mar 31, 2018 10:02:41 GMT
All gone in less than a second.
I'm struggling to deploy funds in anything good on FS.
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rogerthat
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Post by rogerthat on Mar 31, 2018 10:04:15 GMT
All gone in less than a second. I'm struggling to deploy funds in anything good on FS. Now you see it..now you don't..glad I renewed what I had but not a chance of increasing 
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sarahcount
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Post by sarahcount on Mar 31, 2018 10:22:45 GMT
All gone in less than a second. I'm struggling to deploy funds in anything good on FS. Now you see it..now you don't..glad I renewed what I had but not a chance of increasing rogerthat - You put the words into my mouth. (literally as you are still posting inside other people's quotes!) But yes I agree. There was a time when it was possible to pick up underappreciated bargains but that doesn't seem to be the case now. Perhaps investors are becoming more professional or making more effort to investigate where they are placing their money. I've also got some bling coming close to the 30 days to go marker that I would like to sell while simultaneously using my ISA to buy any bling that happens to be for sale (you know what I am talking about here) but don't dare as it seems that bots are again hoovering up these loans in the blink of an eye and before I can even see a loan listed despite knowing exactly when it would appear. I'd rather pay the tax than lose the loan. I've had some large repayments recently (to which FS don't seem to make much of a fanfare and the forum often overlooks) and at this rate I'll be withdrawing funds from FS and very likely not re-deploying them anywhere else in P2P as I'm pretty much running down my exposure across the sector.
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Post by brummiefred on Mar 31, 2018 10:23:39 GMT
rogerthat See my report on Progress or should that be lack of .......!
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sarahcount
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Post by sarahcount on Mar 31, 2018 10:39:12 GMT
rogerthat See my report on Progress or should that be lack of .......! Yes I had seen that one. Spread a bit thin across quite a few sites. I'm also aware that this borrower has a loan on MT where they are being told to seek development funding elsewhere. It was really the fact that this was a first charge ahead of a significant amount of second charge funding that attracted me. Would like to think I was covered even if the development hit the rocks. I tend to specialise in these where I can. (Fat lot of good it's done my health with my largest loan in P2P being a site in Bolton on another platform that has one or two pressing issues to resolve going on at the moment).
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rogerthat
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Post by rogerthat on Mar 31, 2018 10:42:40 GMT
rogerthat See my report on Progress or should that be lack of .......! Actually I did read it, which was very interesting and not a little surprising considering the obvious interest just witnessed on this development. Is it just the low LTV or do others know something we don't ?..in light of your comments I have reviewed what other tranches I'm exposed to but one is already past the point of selling (I think) but overall I have the most in this senior tranche so was happy to renew. Clearly others thought the same. Look forward to your next instalment. Hopefully ive not posted in 'your' space but if I have apologies in advance. 
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Liz
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Post by Liz on Mar 31, 2018 10:51:32 GMT
All gone in less than a second. I'm struggling to deploy funds in anything good on FS. Now you see it..now you don't..glad I renewed what I had but not a chance of increasing I bought some on the SM, not as much as I wanted. Hopefully someone gets cold feet and sells some more.
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rogerthat
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Post by rogerthat on Mar 31, 2018 10:57:25 GMT
rogerthat - You put the words into my mouth. (literally as you are still posting inside other people's quotes!) But yes I agree. There was a time when it was possible to pick up underappreciated bargains but that doesn't seem to be the case now. Perhaps investors are becoming more professional or making more effort to investigate where they are placing their money. I've also got some bling coming close to the 30 days to go marker that I would like to sell while simultaneously using my ISA to buy any bling that happens to be for sale (you know what I am talking about here) but don't dare as it seems that bots are again hoovering up these loans in the blink of an eye and before I can even see a loan listed despite knowing exactly when it would appear. I'd rather pay the tax than lose the loan. I've had some large repayments recently (to which FS don't seem to make much of a fanfare and the forum often overlooks) and at this rate I'll be withdrawing funds from FS and very likely not re-deploying them anywhere else in P2P as I'm pretty much running down my exposure across the sector. Sorry Sarah..ive got the pointy hat on with the "D" on it..very fetching..  I was hoping to put what little spare I have in my ISA on this but hopefully some bling will arrive next week
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rogerthat
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Post by rogerthat on Jun 26, 2018 14:00:55 GMT
fundingsecure ...We now have 2 renewals in the mailbox for Darmonds Green with the same error on..i think "The borrower already has an existing loan of £235,000 with Funding Secure against the property (1668848797) and requires the funds to carry out the development of the site" Not sure about the smutty stick but Id wager a cattle prod or two wouldn't go amiss at HQ..unless im resigned to eating a generous portion of humble pie, wasn't the loan referred to above renewed with 1047818326 which went live on 31/03/2108 ?
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baldpate
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Post by baldpate on Jun 26, 2018 15:48:19 GMT
Regarding the latest renewals (T1 & T3 of the development facility, both 2nd renewals - i.e. 3rd outing), of more concern to me is the unsubstantiated claim made back in December that the GDV had risen to £2m (from £1.32M). It is only in the expectation that the final dev will be worth £2M that the current value of £.25M makes any sense for a development that is barely out of the ground!
Lenders in the 1st priority land loan may be OK, but I won't be touching the 2nd priority stuff unlessI see convincing evidence of a £2M GDV.
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baldpate
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Post by baldpate on Jun 26, 2018 19:41:52 GMT
Further to my own post above, I asked FS about this via online chat, not long before the renewals were opened for funding (an unfortunate consequence of the new policy of banging out these loans at short notice). Evie (the online customer service agent) told me they would try to provide a loan update before it opened. That didn't happen, obviously. Now FS are offering Tranche 4 for renewal at 11 am tomorrow, and still no explanation of where the £2M GDV comes from.
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TheDriver
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Post by TheDriver on Jun 27, 2018 6:12:52 GMT
Regarding the latest renewals (T1 & T3 of the development facility, both 2nd renewals - i.e. 3rd outing), of more concern to me is the unsubstantiated claim made back in December that the GDV had risen to £2m (from £1.32M). It is only in the expectation that the final dev will be worth £2M that the current value of £.25M makes any sense for a development that is barely out of the ground! Lenders in the 1st priority land loan may be OK, but I won't be touching the 2nd priority stuff unlessI see convincing evidence of a £2M GDV.
FS must be pleased this renewal is filling fast without them having to justify anything, and hoping the same happens later this morning with T4. I was nearly tempted by it, but decided to check a bit of background first, and FWIW here are my thoughts: Whichever way you look at it doesn't add up; 7 of (assumed) 9 tranches drawn, with half of the remaining needed to pay the next 6 months interest, while the 80% advanced hasn't got near a roof anywhere after 2 renewals, and some not even started (fundingsecure, suggest you ask for an opinion from the QS to reconcile spend against published budget).The updates seem to give the impression of 14 units, which ISTM is the only way to get near a £2M GDV, still unsubstantiated after 6 months - unfortunately no mention of planning (or even space) for that possibility. FS? adrian77 : Adrian . . . .?
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I was hoping to put what little spare I have in my ISA on this but hopefully some bling will arrive next week