jimbob
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 7, 2016 9:55:32 GMT
Post by jimbob on Jun 7, 2016 9:55:32 GMT
We will be posting a new loan at 12 noon today. Secured by a first legal charge on a property valued at £180,000 Loan Amount: £10,000 In the event of a default this loan would fall behind an existing loan for £120,000 Interest: 12% pa Overall LTV: 72% There will be no bid restriction on this loan More detailsFundingSecure This loan to me looks as though it is priced for liquidity rather than risk. How can an effective second charge @66 to 72% LTV carry the same risk as the effective first charge that precedes it. I can easily imagine a scenario where this loan gets wiped out completely. 12%? no thanks. I'm happily in the first loan, it will be interesting to see how quickly this one fills. Not for me though
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jimbob
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Post by jimbob on Jun 7, 2016 8:51:36 GMT
Glaxo has done ok since I bought 100 at 1253...
Should have bought more at that price but hey ho ^_~
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jimbob
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Post by jimbob on Jun 6, 2016 21:41:07 GMT
I have always felt that SS was a risky investment (no surprise there) but 12% was a good return, so the "plan" always was to "make Hay whilst the sun shines", well now there are rainclouds in the sky, and whilst it may be a passing shower, there are some pretty dark patches. Anyway, to cut to the chase, I am going to dratically reduce my position, but I want to keep a little bit, - if the metaphoric rain clouds dissipate I can always come back in - what would you suggest? Hastings is out, didn't plan to keep that long anyway Glasgow (both) interesting but probably not a long term keep (besides it involves solicitors!!) London Riviera - nah Gravel quarry? Duke street? Clitheroe? Exeter "duffle's"? suggestions? probably only keep a couple. Brian All of them must surely have some sort of a wrinkle, or they wouldn't need to finance at 27% IRR ^_~ - PBL72 used to be a second charge but is now a first charge and the borrower repaid the first charge and it has a low low LTV with plenty of remaining days - that is the best one I think.
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 6, 2016 17:21:37 GMT
Well... Savingstream mooted that they were going to offer some different types of loans.. A potential graveyard... We've gone from superyacht, to houses, to nursing home.... and now we're at the end of the spectrum with a potential graveyard The Graveyard in the Garden Centre
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 6, 2016 12:50:33 GMT
Picked up some PBL72
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 6, 2016 11:21:38 GMT
I'm rich, 13 pence interest just arrived !
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 6, 2016 10:25:02 GMT
Go on then I'll have a very small bite at ~16.8% IRR
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 6, 2016 9:44:37 GMT
Bonus clearing first, then diversify fully into non bonus platforms imo.
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jimbob
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Post by jimbob on Jun 6, 2016 8:44:17 GMT
Here is mine, ablrate is just over 6% of the total book.
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jimbob
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Post by jimbob on Jun 5, 2016 23:39:08 GMT
And in complete contrast I've been adding significant funds to FS over recent weeks and they are now my 2nd biggest p2p platform behind AC (which for now has around twice as much).
The loan volume is such that most weeks there is at least 1 or 2 loans that pass my own due diligence checks, and for now the SM is working massively in my favour to reduce both tax liability and default risk pretty close to zero in both cases.
I've been with FS since launch, and have suffered just one capital loss (Lubin paintings, although FS have topped a few other shortfalls as goodwill gestures). I have just one defaulted loan awaiting recovery (Persian carpets) which pre-dated the SM. I've had a crack at modelling IRR with various discount rates from a seller's perspective: docs.google.com/spreadsheets/d/1dvPjQEA6vRUPpL6TSGz28B7ghcnn7YQQhzuf2asUXSo/edit?usp=sharingExecutive summary - Sales at 0.75/1% discount after ~ 90 days are suitable for all to look at maybe, 2% can come into play if you're a higher rate taxpayer post 130 days (Assuming a 6 month loan) The exact 'acceptable' IRR is obviously a combined tax/default problem. 8 or higher % maybe ?
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 5, 2016 12:05:29 GMT
Post by jimbob on Jun 5, 2016 12:05:29 GMT
Errm Did the diamond ever appear ?!
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 5, 2016 10:49:43 GMT
Post by jimbob on Jun 5, 2016 10:49:43 GMT
Thanks for the feedback Mike. I guess we'll find out what everybody thinks of this loan at 1 PM today! If it's typical, the rollover rate will be 70-80%, leaving £1000-1500 available for new investors. With a £50 limit, that means room for 20-35 people (allowing for some who only want to invest £25). With that little available, the loan will be fully funded in just a few seconds. In short... blink and you'll miss it! Yes it will literally go in 1 to 2 seconds.
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 4, 2016 8:12:25 GMT
would someone like to give me a referal? Check your inbox
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 3, 2016 22:18:19 GMT
It is intended to go forward into a DFL. But if something doesn't smell right then SS could pull it. That's the risk. Edit: crossed with Liz PBL085 seems to be going nicely, and seeing as I'm in neither that nor 25 at the moment I'm personally prefunding the DFL. I'll have sold or some other stuff will have redeemed by then, am totally swollen with SS loans right now by my standards
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Post by jimbob on Jun 3, 2016 17:29:11 GMT
I don't see why not, the loan has default in big red letters - willing buyer, willing seller and all that
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