Liz
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Post by Liz on Dec 6, 2017 19:24:23 GMT
Thanks for that info...which reminds me to ask ..I have the box ticked on My Details to receive emails regarding updates.. "If this is selected, you will receive email updates about the loans you have invested in."As I am an investor in this particular loan, should I have received an email informing me that there was an update (at the time of this post..33minutes ago)..I only became aware of it by opening the forum and seeing your thread (and then confirming it by looking at My Investments). I do receive mails informing of new loans, activated and finished loans etc but ive never received an update on an existing loan. Enquiring through live chat this morning I was assured that I should (I have reset and updated the ticked box twice)..thanks I have the box ticked but have never received an e-mail regarding an update. I assume it doesn't work.
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rogerthat
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Post by rogerthat on Dec 6, 2017 19:28:27 GMT
" We are waiting for an updated valuation prior to issuing a comprehensive update." Thanks for that..as I have 4 figures invested I'm kinda sensitive too, especially as I see the loans ticked past the point at which it could be sold (154days)..pity FS didn't extractus digitus on the Comprehensive Update prior to this point..but then perhaps I need to smell the coffee
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rogerthat
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Post by rogerthat on Dec 6, 2017 19:30:18 GMT
FS only rarely send emails in connection with a loan update, for example where there is sensitive information that they don’t wish to put on the website and instead email it to lenders. Sorry..replied above..will get it right one day
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adrian77
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Post by adrian77 on Jan 15, 2018 18:58:15 GMT
I note this one is about to come back to market
I read
Well however much did/will that cost let alone interest on 611-938K at 22% or whatever
I also see on the team's web site this boat is at 68% completion
I just don't see the claimed market for a suppy boat to the rigs as this boat was not designed as such - granted the designer is clearly a mega-boffin
looks to me as if this loan started at £500K and is now £938K...
Clearly I wish these chaps well but I just can't afford to risk any more of my money with FS on such potentially problematic loans. What happens if they hit another technical challenge and don't get any sponsorship?
I have seen endurance boats with similar HP for sale at nowhere close to the £1.35m valuation.
On the plus side I read 90% of the boat could be recycled - hope it does not come to that!
This one really does not float my boat - I just hope I am proved wrong...
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mikes1531
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Post by mikes1531 on Jan 16, 2018 19:42:57 GMT
Have fundingsecure indicated whether there is any connection between this borrower and the one that borrowed against the other powerboats that now are well and truly overdue loans?
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guff
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Post by guff on Jan 16, 2018 20:15:20 GMT
I'm priddy sure there is no link, but at least FS have a charge against this one and G******** V*****.
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adrian77
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Post by adrian77 on Jan 16, 2018 21:06:06 GMT
I read the following regarding this team from a news article in late 2016 -
Question is - why did this sponsor pull out....
must have missed the FS reference to it when this loan was posted
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mikes1531
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Post by mikes1531 on Jan 18, 2018 23:00:37 GMT
Email received at 2139 this evening...
Loan going live tomorrow (Friday, 19/Jan) at 1100.
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oldgrumpy
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Post by oldgrumpy on Jan 19, 2018 0:01:22 GMT
So, I wonder whether FS's performance in authorising this increased loan is going to be a repeat of their abject one on the overdue powerboats. Nigel, you can *** *** on boat loans until you oversee repayment on the powerboats. Until then - no boat money from me! Credit is earned by trust.
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aj
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Post by aj on Jan 19, 2018 7:09:52 GMT
So who's in for todays renewal? Anyone?
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Post by Deleted on Jan 19, 2018 8:30:55 GMT
I often warn against boat loans. I would warn against a loan that assumed that they could find a customer for a project that generally is of no interest for +99% of the world's population. I would normally not go in for a loan that was borrowing to pay the interest of a previous loan. I dislike lending to a team that managed to Bol@@@k up the project management of a build so adding to the costs by roughly 25%. I don't like to loan to a project that adds zero to the world but burns tonnes of fuel and puts people at risk of death for no merit. So guess what, this doesn't "float my boat."
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n
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Yet another Nick
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Post by n on Jan 19, 2018 8:32:25 GMT
So who's in for todays renewal? Anyone? Silence was the stern reply. But I hope there are plenty so I can get my £25 back.
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 19, 2018 9:46:01 GMT
No. The TIDE is definitely turning against this CURRENT loan, so I'm going to BOW out and WAVE goodbye.
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r00lish67
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Post by r00lish67 on Jan 19, 2018 10:24:02 GMT
Started jotting and this turned into a bit of a beast. TLDR = No. All of the reasons @bobo listed. Even aside from those perfectly valid reasons, then what oldgrumpy said. Oh, and three more points: 1) There is currently no sponsorship lined up i.e. no confirmed exit. There is a possible back up plan though: "interest from the oil and gas industry for crew transfer to and from rigs in the North Sea" . Really? Does any oil and gas firm currently use £1.75m leisure boats to transfer crew? Are there not safety concerns in sending crew around in super high performance boats that have a nasty tendency of flipping over? 2) The initial loan was 41% LTV and at 14% interest, which suggests that 41% LTV on this proposition is a very risky level of LTV indeed. This one is 70% LTV. 3) Except it's not 70% LTV because that assumes it's finished, but it isn't. Or is it? We are told that the boat is "largely complete", except it's not because it needs another £250k of labour on it. The £1.35m 'current value' is derived from taking a fairly arbitrary £400k off the final value of the boat of £1.75m. Except who would pay that for a 75% finished boat? Aside from that, where does the £1.75m final value come from? Who is going to pay that for this boat if it fails to earn sponsorship. Oh sorry, I forgot, oil and gas firms looking for a safe and cost effective way to transport crew. Also, the loan description feels rather akin to those "fund me for my charity trip to safari in Kenya" type offers. It sounds like a fabulous boys trip around the world, which is not something I'm keen to fund. I just don't see any redeeming features of this loan. It's a loan that, IMV, was a very high risk proposition in every respect in its first iteration and is now a gigantically high risk proposition, and offered by a platform with an ongoing PR nightmare about 2 boats from the same industry which have highlighted all of the risks of this sort of loan and FS' inability to deal with them thus far. If this team are this keen to get going then I'd happily consider taking first charges against their residential properties, jewellery, maybe even fine art as collateral? How about that instead? <deep calming breath> I've hesitated about posting this, because I'm conscious that there are investors currently locked into this loan and if I was one of them I'd like a chance to exit at renewal. However, on reflection, I'd still rather some FS investors lose a portion of £638k rather than more investors losing probably a very similar portion of £938k . And, if the new loan doesn't fill, then the team can prop up some of their own assets as collateral which would be much more appealing. Or, FS can demonstrate just how off-beam I am by selling the half completed boat in its current state. For its current value of £1,350,000. More than twice the current loan against this asset. Edit: And, now that I've had a cup of peppermint tea and the red mist has lifted, if I've misrepresented anything in the above or if others see the positives that I can't, then please do say.
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guff
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Post by guff on Jan 19, 2018 10:55:23 GMT
… or if others see the positives that I can't, then please do say. Well, unlike the other two, there does at least appear to be a charge on this one, however I'm not sure how many people would be interested in being able to circumnavigate the planet in 2 months for £1M - Virgin will do it in 2 days for £1k.
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