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general operations director, site owner and moderator - propertytribes.com
What do others think of the article? Are there any specific questions you would like me to ask the panel members?
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
(26-03-2014 11:59 AM)Vanessa Warwick Wrote: I would like you to ask the panel members if they might provide a lending solution for those who are with MX/NRAM/UKAR to provide a product to mortgage away from these lenders.
Perhaps a short term 5 year product to get away from these lenders and have five years to find another solution?
(26-03-2014 01:17 PM)daniel_booth Wrote: A question - Simon Zutshi says if a borrower defaults he will step in and make the payment himself.
What if there are mass defaults the next time a big crisis hits, seems he'd have to keep a huge reserve fund.
What are the terms of the guarantee?
(26-03-2014 01:17 PM)daniel_booth Wrote: Would some form of insurance not be a better option?
Interesting news!Business Insider says figures from the P2PFA, the industry association for online lenders, show that Landbay saw a huge drop in lending in the third quarter of this year - it lent just £283,000 in that period compared to £5.3m in the second quarter and £16.7m lent in the first quarter of 2016.
Landbay is a peer-to-peer PropTech firm which is only two years old; it allows people to lend and provide mortgages for buy to let landlords. Investors receive a monthly return based on the mortgage repayments. Full/source story
That can not be right? nearly £300k thats just one good mortgage.
With LandBay minimum loan of £70k that is just 4 mortgage completions, based on there minimum.
That supprised me though we dont use LandBay much. Better options are often avaliable - P2P is great for investors but got to have a upside for the borrowers.
Criteria like "The property value exceeds £100,000" may as well read "we dont do the north" and with other lenders with no income "You have a minimum income of £30,000 pa" is not competative. Put on the rates on top of that its a rare choice.
THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001
Landbay claims to have 243 mortgages with an aggregate value of £42.9m (176,543 each) secured against property valued at £63.7m (67.3% LTV) and an average 171.75% rental cover at the pay rate of the loans
and zero defaults / arrears
Average borrowing rates 5.13% + 0.88% annual fee = 6.01% fixed and 4.55% + 0.61% annual fee = 5.16% tracker
Not really sure of its place in the market
From time to time I receive emails from Ablrate touting the latest offers that it is offering through it's lending platform
There aren't many that are secured on 'property' as they seem to be aimed at borrowers securing loans against planes, shipping containers and other assets.
But today's is a property play and it has some features that people might be able to comment on
The loan is for £330k and will be made to a finance company which is "standing behind the loan" and is, in turn, "securing it with a 2nd charge against against a £3,900,000 (current value) residential property that has a Gross Development Value of £5,400,000. There is also a Personal Guarantee with the guarantor having a £3 million net worth."
The property to which the 2nd charge will be attached has an "outstanding debt of £2,500,000. The mortgage holder is entering into a 'Deed of Priority' with the finance company which will be assigned to Ablrate Lenders. This deed does two things:
1. It restricts the amount of money the first charge holder can claim in default to £2.5 million (so interest and fees in default cannot roll up and affect the 2nd charge) and;
2. It restricts the first charge holder from selling the property for anything less than the combined debt of their company and the finance company. So the minimum the property could be sold for is £2.83 million. The valuations will be in the documents section, the minimum valuation has been made at £3.95 million in its current condition.
Subject to sufficient bids being received and acceptance by the borrower, the loan interest will be 14%, will be for 12 months"