ding
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Post by ding on Aug 23, 2017 12:56:00 GMT
Typical I miss the £10 loan, but stumbled on a painting 50% LTV An Alfred J Munnings painting. £253,750.00 available @1% month. I will have some
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star dust
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Post by star dust on Aug 23, 2017 13:10:51 GMT
Typical I miss the £10 loan, but stumbled on a painting 50% LTV An Alfred J Munnings painting. £253,750.00 available @1% month. I will have some I don't normally lend on art, but are Unbolted any different to other Platform's, do they have more expertise? It looks a reasonable loan LTV etc from a cursory glance. I am currently trying to find out when the funds are taken, because it doesn't appear immediate, but I don't want to wipe out my cash balance by buying any more. In Edit: Its gone out of my cash available now so no more than a token from me today. Although they seem to think it won't fill today so may transfer some more in for tomorrow.
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ben
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Post by ben on Aug 23, 2017 13:24:54 GMT
Typical I miss the £10 loan, but stumbled on a painting 50% LTV An Alfred J Munnings painting. £253,750.00 available @1% month. I will have some I don't normally lend on art, but are Unbolted any different to other Platform's, do they have more expertise? It looks a reasonable loan LTV etc from a cursory glance. I am currently trying to find out when the funds are taken, because it doesn't appear immediate, but I don't want to wipe out my cash balance by buying any more. Not sure if they have any more expertise or not but they appear to use some of the big art houses, so I am guessing there valuations are probably more accurate, but like all art can be hit and miss. They have also included a previous purchase price even though is over a decade again it shows that it has had some value at some point. The other similar art loans I have been in with unbolted have repaid, so I am quite happy to take a chunk even though I usually avoid art. They do not take the money until it goes live, it just marks it down as pending so you can still cancel whatever you put in before the loans goes live.
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treeman
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Post by treeman on Aug 23, 2017 13:28:16 GMT
Typical I miss the £10 loan, but stumbled on a painting 50% LTV An Alfred J Munnings painting. £253,750.00 available @1% month. I will have some I don't normally lend on art, but are Unbolted any different to other Platform's, do they have more expertise? It looks a reasonable loan LTV etc from a cursory glance. I am currently trying to find out when the funds are taken, because it doesn't appear immediate, but I don't want to wipe out my cash balance by buying any more. New to Unbolted - but I see the listing has an Expected Loan Start Date of 30 Aug 2017, so I'm guessing it'll not drawdown for a week at least depending on funds being committed. There is a 'Commit to lend' button on the loan page. I'm guessing interest only accrues from drawdown? Does seem a reasonable proposition. Think I'll watch and wait before deciding.
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ben
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Post by ben on Aug 23, 2017 13:35:54 GMT
I don't normally lend on art, but are Unbolted any different to other Platform's, do they have more expertise? It looks a reasonable loan LTV etc from a cursory glance. I am currently trying to find out when the funds are taken, because it doesn't appear immediate, but I don't want to wipe out my cash balance by buying any more. New to Unbolted - but I see the listing has an Expected Loan Start Date of 30 Aug 2017, so I'm guessing it'll not drawdown for a week at least depending on funds being committed. There is a 'Commit to lend' button on the loan page. I'm guessing interest only accrues from drawdown? Does seem a reasonable proposition. Think I'll watch and wait before deciding. Interest will only start to be earned once the loans goes live. So if you commit money today it will not earn money until it goes live although if they raise the money before then they may well start the loan before.
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stub8535
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Post by stub8535 on Aug 23, 2017 14:04:52 GMT
Different from some of the previous art loans.
Direct to an individual rather than auction house.
Vhnw individual. More likely to make part payments. 9 months min interest to pay may reduce incentive to pay down in this period though.
Unusual, for unbolted, recourse to the idividual if the art does not meet loan value.
Larger 1% monthly interest to compensate for risk.
No sm to flip will thankfully keep some away.
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star dust
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Post by star dust on Aug 23, 2017 14:47:56 GMT
0.85% loan, £10 limit -
In Edit: still £159 available!
Edit: 16:19 - not sure exactly when it went but it lasted 20 mins +
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stub8535
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Post by stub8535 on Aug 23, 2017 18:42:48 GMT
Pulled the Munnings over doubt in title holding. Borrower may have loan elsewhere, by implication, using same collateral?
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Post by dan1 on Aug 23, 2017 18:48:56 GMT
Pulled the Munnings over doubt in title holding. Borrower may have loan elsewhere, by implication, using same collateral? It's part of an active loan on FS (3020915407) with 101 days remaining!
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stub8535
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Post by stub8535 on Aug 23, 2017 18:53:39 GMT
Pulled the Munnings over doubt in title holding. Borrower may have loan elsewhere, by implication, using same collateral? It's part of an active loan on FS (3020915407) with 101 days remaining! Ty dan1. Wonder which platform the vhnw conman will peddle it on next? Why are FS not holding it in a secure place? I hope that, having seen the antics, FS pull all the security into their possession. So glad I got the major patt of my money off fs if that is an example of their pawn security.
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marka
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Post by marka on Aug 23, 2017 19:01:09 GMT
I'd transferred some cash to unbolted with the intention of buying some more of this tomorrow (I'd already pledged all the cash I had on there), so I'm going to be requesting a withdrawal as soon as it's credited. I suspect there will be a few similar transactions in the morning. At least I get to test out their withdrawal process for the first time!
Well done to unbolted for spotting this before it went too far!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 23, 2017 19:13:30 GMT
It's part of an active loan on FS (3020915407) with 101 days remaining! Ty dan1 . Wonder which platform the vhnw conman will peddle it on next ? Why are FS not holding it in a secure place? I hope that, having seen the antics, FS pull all the security into their possession. So glad I got the major patt of my money off fs if that is an example of their pawn security. Errrrr, because it's not their money at risk? More and more negative information coming out of the woodwork on a Daily basis now re various P2P Platforms. And it's gonna get worse. A lot worse. VERY pleased to see that everyone has now, finally, woken up to the various Valuations Reports and LTVs Scam Racket. But, as I knew it would, it's taken LOSSES for Investors to realise the full implications. Now, where's my Badge?!!
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stub8535
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Post by stub8535 on Aug 23, 2017 19:15:28 GMT
Ty dan1 . Wonder which platform the vhnw conman will peddle it on next ? Why are FS not holding it in a secure place? I hope that, having seen the antics, FS pull all the security into their possession. So glad I got the major patt of my money off fs if that is an example of their pawn security. Errrrr, because it's not their money at risk? More and more negative information coming out of the woodwork on a Daily basis now re various P2P Platforms. And it's gonna get worse. A lot worse. VERY pleased to see that everyone has now, finally, woken up to the various Valuations Reports and LTVs Scam Racket. But, as I knew it would, it's taken LOSSES for Investors to realise the full implications. Now, where's my Badge?!! Aaaaannnnddd dismount!
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Ukmikk
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Post by Ukmikk on Aug 23, 2017 19:17:15 GMT
I'd transferred some cash to unbolted with the intention of buying some more of this tomorrow (I'd already pledged all the cash I had on there), so I'm going to be requesting a withdrawal as soon as it's credited. I suspect there will be a few similar transactions in the morning. At least I get to test out their withdrawal process for the first time! Well done to unbolted for spotting this before it went too far! Agreed. Excellent work by Unbolted. Their approach and their open communication really gives me confidence.
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star dust
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Post by star dust on Aug 23, 2017 19:21:15 GMT
Similar position to others, may be doing my first test of the withdrawal system as I've sent some money over to buy into this tomorrow too. But I'm glad they discovered this, pulled the loan, and were planning to hold possession of the painting during the loan. So perhaps they are slightly more professional than some as I mused this morning.
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