lowrentyieldmakessense(honest!) Posted October 8, 2005 Share Posted October 8, 2005 Ladies and gents, it looks like we just found the "greatest fools". I just hope they are the last fools. UK banks are going to lose a lot of money on some irresponsible lending - I can't understand why they haven't tightened up yet- the US was behind us on this bubble but they are already tightening up on credit and all the UK banks seem to have done is increase the interest rates on credit cards. I think Northern Rock are still doing 125% mortgages Quote Link to comment Share on other sites More sharing options...
teddyboy Posted October 8, 2005 Share Posted October 8, 2005 This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. :angry: First things first! I am ALL FOR Free Enterprise - Good Luck to all that have the balls to do it. I actually read this article, not so sure you have. The gist of the arguement was the fact that people this young can borrow as much as £9m in 9months in a market that has been in decline for 18 months. This is a jibe at the lenders! These same lenders would not take the risk on someone that it is unlikely to move and fight tooth and nail to pay for their house. When one of these 'success stories' makes such a flippant remark as 'what the worst that can happen?'. If I was the lender I would be shitting bricks now! I am not jealous of them AT ALL!!! Your remark that was not backed up with a contructive reason, shows its shallowness. TIP: Read the posts carefully! Engage brain, before typing! Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted October 8, 2005 Share Posted October 8, 2005 This whole discussion has been unproductive and highly unintelligent. Its sad and pathetic how jealous u all sound. They are collectively mugs. The banking world preys on these gullible fools, believe me, I know. http://firstrung.co.uk/articles.asp?pageid...=643&cat=44-0-0 Quote Link to comment Share on other sites More sharing options...
YankeeDoodle123 Posted October 17, 2005 Share Posted October 17, 2005 They are collectively mugs. The banking world preys on these gullible fools, believe me, I know. http://firstrung.co.uk/articles.asp?pageid...=643&cat=44-0-0 Why are you guys so jealous of these 3 seemingly good entrepreneurs?! Why not just congratulate them on their success and wish them all the best for the future?! Quote Link to comment Share on other sites More sharing options...
aclwalker Posted October 17, 2005 Share Posted October 17, 2005 Why are you guys so jealous of these 3 seemingly good entrepreneurs?! Why not just congratulate them on their success and wish them all the best for the future?! Hmm, are you sure you and anna aren't 2 out of the 3 of them? Two new members whose first posts are to defend fools? Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted October 17, 2005 Share Posted October 17, 2005 Why are you guys so jealous of these 3 seemingly good entrepreneurs?! Why not just congratulate them on their success and wish them all the best for the future?! They're gonna need all the luck in the world, especially if they think Donald Trump is to be emulated! I do love how you define simply borrowing £9m from a bank as "their success", it rather depends what they make of it and whether success flows from there. If they make a go at it in the current market then they deserve a medal, however it's a bit late in the game, when it comes to booms it helps to lead rather than follow. I do wonder why a 6 week old thread has been dug up by a bunch of newly registered users, I just hope you aren't those guys looking for a little self-affirmation. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted October 17, 2005 Share Posted October 17, 2005 I think Northern Rock are still doing 125% mortgages rock being the operative word here. Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 18, 2005 Share Posted October 18, 2005 A little bit of maths: "Their strategy is to structure complex financial deals with developers and banks and to ensure that their rental income yields at least £600 a month on each property after costs" and "They like to point out that they do not rely on handouts to fund their ventures, most of which are newly built properties costing £200,000 and more" err - unless 'costs' include the mortgage-interest, and assuming no vacant periods, then this gives a basic yield of less than 4%. Quote Link to comment Share on other sites More sharing options...
van hoogstraten Posted October 18, 2005 Share Posted October 18, 2005 If the banks are prepared to lend them the money fair play to them - however I will not keep my money in a bank that doesnt lend it out responsibly & I wouldnt expect anyone else too either Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted October 18, 2005 Share Posted October 18, 2005 Why are you guys so jealous of these 3 seemingly good entrepreneurs?! Why not just congratulate them on their success and wish them all the best for the future?! What success? Getting a loan of £9 million? If they can come out of this without going bankrupt, that would be success. Another "new" poster who thinks we are jealous of people with £9 million of DEBT. Maybe I should try and borrow £10 million, then everyone would be jealous of me. NOT! Quote Link to comment Share on other sites More sharing options...
marzipan Posted October 18, 2005 Share Posted October 18, 2005 "we’re looking at over £1,000 profit per property per month" the mortgages are interest only, then shouldn't that £1000 be put towards paying off the repayment part of the mortgage? oh, sorry i forgot - the capital gain on the properties will pay off the whole mortgage in two years so they don't need to worry about that! Quote Link to comment Share on other sites More sharing options...
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