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Property Moose
SPV 29
Dec 22, 2015 16:45:18 GMT
Post by Financial Thing on Dec 22, 2015 16:45:18 GMT
Thanks guys. The vote was in favour of the managed. We are currently working on a better way of managing the voting system which will be deployed around March time and see it all within your accounts to make things easier. Good stuff propertymooseI would also like the property calculations to be visible after the loan has closed
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Post by Financial Thing on Dec 22, 2015 13:53:33 GMT
Funny but I'm thinking that if fundingsecure fixed their SM and did away with the premiums, it might free up a lot of capital to go into these new loans. *hint* Financial Thing : I'm afraid I don't follow. What exactly are you suggesting be fixed, and how would that free up capital? Watching the SM today, I get the feeling that activity has ground to a halt. Parts offered at par seem to be sitting there unsold. With three FS loans needing funding simultaneously, investors seem to be directing all their available cash towards those. I don't think this bodes well for the £350k loan FS will be launching tomorrow. Are FS investors saturated? It probably doesn't help that SS are trying to fund a £4.6M loan at the moment as well, and £0.8M of that still is looking for investors. mikes1531 Eliminating the premiums would make the SM liquid. Currently there are 35 pages of SM loans, 1 page of 0%'s. You and I both know most of these SM loans will sit collecting dust. Having zero premiums would allow people to move out of older loans and possibly place those funds into the new offerings. Also allowing those who have money waiting to invest but whom have max allocations in the new loans to diversify into older loans. It's not the whole solution but having easier and faster liquidity would certainly help.
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Post by Financial Thing on Dec 21, 2015 22:10:49 GMT
gb007 : I've followed the link, and I'm confused. The words refer to 35 apartments, but the photo looks to be of a single upmarket house, or possibly three flats. What am I missing? It's a bad photo, the building is actually rather large
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FundingSecure (FS) in Administration
New Loans (FS)
Dec 21, 2015 21:27:04 GMT
Post by Financial Thing on Dec 21, 2015 21:27:04 GMT
Funny but I'm thinking that if fundingsecure fixed their SM and did away with the premiums, it might free up a lot of capital to go into these new loans. *hint*
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Post by Financial Thing on Dec 21, 2015 19:55:39 GMT
MoneyThing please give my thanks to the mysterious Dr. Shuang for adding the total loan amount available on the loans page.
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Post by Financial Thing on Dec 21, 2015 17:19:12 GMT
To anyone considering the Poole loan, I'm very familiar with this property (Canford Cliffs Rd) as I live off this road. It's one of the most affluent streets in Poole and developers claw each others eyes out to obtain plots here.
Also regarding planning, even if planning permission hadn't been completed, nearly every development on that street is single homes turned into condo's so I doubt there would be an issue.
This is probably the best loan FS has offered in terms of security in the event of needing to liquidate this land.
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Post by Financial Thing on Dec 21, 2015 16:44:39 GMT
Either there are a lot of non-taxpayers or a lot of numpties about, as there seem to be buyers for loan parts with just 40 days to run. OK, maybe they're not numpties. Maybe they're just blissfully unaware of the tax situation as described by FS. Or they don't believe it. Or they've asked advice their tax advisers and have been told that they won't have to pay tax on all the interest they receive at maturity. I think they are unaware and to be honest, I would have been also if I didn't lurk the forum.
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Post by Financial Thing on Dec 21, 2015 13:41:42 GMT
My wife has 3 18 month £20k sums repaying in early January. Sent an email to wellesleyco asking if the rates for reinvesting would be lifted and told no, rates would be as advertised. She is not going to accept a reduction in interest so it looks like SS and MT will have more funding going there. It depends on what they're offering at the time. I emailed last week and they responded: Currently we do have the following promotional rates available for customer who have had lending terms mature recently: 4.65% (Annual) on 18 Months: Interest Paid Maturity 6.10% (Annual) on 3 Years: Interest Paid Maturity 6.76% (Annual) on 5 Years: Interest Paid Maturity Terms and Conditions 1. Offer valid immediately and ends 5pm on 10th January 2015. 2. Minimum investment is £5,000. 3. This offer is valid for new deposits, Interest and matured funds only. Early Access requests made during the promotional period cannot be reinvested at a later date in order to receive the promotional bonus. 4. Wellesley & Co. reserve the right to remove this offer at any time during the promotional period. 5. This offer cannot be held in conjunction with any other promotional offers. Should you wish to take advantage of this offer, please contact me directly.
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Post by Financial Thing on Dec 21, 2015 13:29:38 GMT
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Post by Financial Thing on Dec 21, 2015 13:11:00 GMT
Its Eddie the Eagle
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Property Moose
SPV34
Dec 21, 2015 13:08:23 GMT
Post by Financial Thing on Dec 21, 2015 13:08:23 GMT
The Chartered Surveyor explained:
"Developers are buying a £100k house, adding a bed in the lounge, / dining room, apply to the local authority for a license as an HMO and getting a surveyor to value it at £150k. Typically a funder will lend £120k against it. Along comes the buyer thinking they will be receiving a high yield rate on the HMO but the HMO occupants tend to treat the houses poorly, leaving them trashed with high repair costs. Occupancy rates can be low. Now that same house is only worth £80k in real terms with £120k outstanding against it.
When the market tumbles (I believe within 1 year), people will lose money on all these overvalued properties. I will keep you posted."
Makes sense to me but take the info. for what it's worth.
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Property Moose
SPV34
Dec 20, 2015 15:25:28 GMT
Post by Financial Thing on Dec 20, 2015 15:25:28 GMT
I will provide more specifics soon.
One thing I noticed in PM's recent report, occupancy rates in their HMO's have been lower than expected, therefore decreasing yields. I do know HMO's are notoriously difficult to manage, less reliable tenants who cause more wear and tear. Management quality is the key and how good the PM's adopted management is remains to be seen.
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Post by Financial Thing on Dec 19, 2015 17:40:10 GMT
Just curious to what other forumeers do? Are you in this for the long terms and reinvest interest or do you use a strategy where you withdraw interest to keep your platform balances at certain levels?
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Property Moose
SPV34
Dec 19, 2015 16:15:05 GMT
Post by Financial Thing on Dec 19, 2015 16:15:05 GMT
On a side note, my friend is a Chartered Surveyor who values for several p2p lending sites and has warned of the bubble that is surfacing within the HMO residential market.
Can't really go into specifics but he has 20 years experience in the property market in the NW of England and rarely warns me about anything so when he does, I listen.
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Post by Financial Thing on Dec 18, 2015 17:36:02 GMT
When they fix the spinning ball issue and speed up the website, they will receive my full praise.
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