morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Jun 30, 2020 11:49:24 GMT
'The borrowers professional advisers have submitted a statement of the guarantors assets and liabilities which supports acceptance.'
Has the borrower and/or his advisers not been economical with the truth in the past? Can this statement be verified or do we just roll over and accept what his advisers say.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Jun 18, 2020 13:48:23 GMT
Sold for £830,000. Return of 92% of capital to investors.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Jun 16, 2020 11:59:01 GMT
100% of my ISA funds, and 0% of my non-ISA funds.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Jun 3, 2020 13:39:51 GMT
The property has 6 bedrooms, 2 receptions rooms and 2 bathrooms, but there are no internal photographs in the sales prospectus.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 29, 2020 18:32:24 GMT
Loan due to end on 25 May 2020. Now marked as defaulted. No updates ever posted for this loan. 8.81% LTV
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 21, 2020 19:37:36 GMT
Today I received an email from GS which apart from promising a higher interest rate (really?), seemed to be more around their commitment to keeping a credit line for their borrowers than returning capital to their investors. Have I bought into an open ended credit line from which I can never escape? Can someone enlighten me - what exactly are GS doing to 'fix' liquidity (apart from selling off their loan book and walking away) if they are not accepting new investment? You omitted to mention that this is solely for investors in the ISA with a higher rate payable from the date of maturity of the bond until repayment (if repayment ever comes).
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 20, 2020 19:15:09 GMT
When you say in full, do you mean the original amount minus the suspended balance and realised loss but before the forecast recovery amount? Yes, that is what I mean. That's good news then. I have some mature from August onwards.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 20, 2020 16:53:45 GMT
When you say in full, do you mean the original amount minus the suspended balance and realised loss but before the forecast recovery amount?
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 16, 2020 17:03:34 GMT
The sale proceeds were £415,058. Return to investors was £353,058 including 2.5% + VAT to CG, and 5% to FS. 85% of the sale proceeds were returned to investors, costs being £61373. but only 70.7% of the loan value was returned.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 15, 2020 12:59:54 GMT
Loan on 1-3 N********* Avenue closed today with 70.7 % of capital returned.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 5, 2020 11:42:39 GMT
I am not expecting to accumulate much wealth by investing in p2p. In fact I would be happy to keep it under the bed if it wasn't depreciated by the ravages of inflation. And I expect inflation to increase in the future as Governments seek to depreciate the value of the money they have had to borrow.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on May 5, 2020 11:36:25 GMT
I agree that FSCS backed interest of any positive amount is going to be scarce for years to come. However the problem with risky investments, no matter how low the risk, that pay a low rate is that it takes an awful long time for accumulated interest to act as a buffer against defaults. At 3.5% pa it takes 3 years without a default to reach a point where you can tolerate a 10% default. In the post virus world I expect defaults to become commonplace, and even a platform as solid as LP will not be totally immune. Taken in aggregate, we are going to be poorer for a long time. There is no escaping that unpleasant truth. The longer the lockdown goes on, or a second wave of the virus if the lockdown is ended prematurely, the poorer we shall be. The days of accumulating wealth are over for most of us for the foreseeable future and capital protection, at least in nominal terms, will be paramount. Just my opinion. Time will tell who is right.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Apr 30, 2020 12:06:06 GMT
The fact that he might lose a property with only 30% LTV does help focus the mind.
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Apr 29, 2020 7:42:32 GMT
The supplemental has a note that there will be no return of capital. I put the minimum in this this as the new owners appeared to getting to grips with this development and it offered 15%. It was asking a bit much however with a LTV of 88.64%
|
|
morris
Member of DD Central
Posts: 270
Likes: 154
|
Post by morris on Apr 21, 2020 7:08:46 GMT
It was a payment in full and final settlement, so no sale. Funds received was £38,300. After everyone had their snouts in the trough the balance to investors was £25,024.
|
|