paulb
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Post by paulb on Sept 27, 2018 19:07:26 GMT
I think the non-renewing lenders tend to get repaid before the renewal is filled, I assume with an underwriter's cash. I guess they were a little keen this time - don't complain!
It looks like the bulk of the loan wasn't renewed, but it's filling again fast - probably helped by the fact there are a lot fewer new loans available.
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09dolphin
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Post by 09dolphin on Sept 28, 2018 19:02:36 GMT
So glad to see this tranche is slowly filling. Enough to have a degree of confidence that my money (due to be repaid when the next tranche comes up for renewal) may actually be repaid. However I am not as confident about the next loan. I do wonder who is actually investing in these loans given the LTV.
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aj
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Post by aj on Oct 19, 2018 11:25:53 GMT
No updates on this one for a few months... Is the first charge still being renewed? Allegedly the funds were raised for renewal 4 months ago.
FS look to be back to their bad old ways of no updates on overdue loans.
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SteveT
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Post by SteveT on Oct 30, 2018 11:03:10 GMT
fundingsecure , what on earth is delaying getting the 1st-ranking tranches of this loan renewed? Back on 1st June you raised another £100k via a 5th facility / 1st tranche and informed lenders in the 1st-ranking loans that " 11/06/2018: Funds have been raised to cover the interest on this loan. However, loans in prior tranches must be renewed first." I disputed this, since the 1st-ranking loans were already overdue and therefore should have had first call on the new funds. However, after several weeks' deliberation, you insisted that all of the loans were considered "performing" and so the longest-overdue (lower ranking) tranches would be renewed first. The interest on the three 3rd and 4th-ranking tranches that you then renewed in August and September (£41k, £41k and £18k respectively) presumably has absorbed all of the £100k raised in June, yet there is no sign of a 5th facility / 2nd tranche being launched nor of any progress in renewing the 1st ranking tranches, now approaching 6 months overdue. This underlines why the 1st-ranking tranches should have been given first call on the £100k raised in June. When can we expect the 1st-ranking tranches of this loan to be renewed?
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rogerthat
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Post by rogerthat on Oct 30, 2018 11:59:14 GMT
Totals as at 30/10/18
1. 1987161194...352
2. 3032624398...350
3. 2546251467...349
4. 3242057342...347
5. 2950815489...295
5. 1271951285...295
7. 1966836505...287
8. 2888556631...280
9 .1980709380...277
10. 2492002253...272
11. 1945673433...151
12. 1899264998... 76
13. 1875630890... 60
14. 6023851512... 34 .
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adrian77
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Post by adrian77 on Oct 30, 2018 17:18:50 GMT
The 1.3 acre site has been valued at £5,650,000
There is a greenfield site in lancashire for sale at 2.75m for 9.1 acres!
Has somebody been sniffing the glue samples!
I am a tad concerned about this one
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09dolphin
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Post by 09dolphin on Nov 10, 2018 8:00:27 GMT
Does anyone have any information about this loan? FS do state in their updates that previous loans are being repaid but that's not exactly helpful for those mugs who are in the 1st etc tranches. A meaningful update is overdue.
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SteveT
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Post by SteveT on Nov 20, 2018 16:36:21 GMT
fundingsecure , what on earth is delaying getting the 1st-ranking tranches of this loan renewed? Back on 1st June you raised another £100k via a 5th facility / 1st tranche and informed lenders in the 1st-ranking loans that " 11/06/2018: Funds have been raised to cover the interest on this loan. However, loans in prior tranches must be renewed first." I disputed this, since the 1st-ranking loans were already overdue and therefore should have had first call on the new funds. However, after several weeks' deliberation, you insisted that all of the loans were considered "performing" and so the longest-overdue (lower ranking) tranches would be renewed first. The interest on the three 3rd and 4th-ranking tranches that you then renewed in August and September (£41k, £41k and £18k respectively) presumably has absorbed all of the £100k raised in June, yet there is no sign of a 5th facility / 2nd tranche being launched nor of any progress in renewing the 1st ranking tranches, now approaching 6 months overdue. This underlines why the 1st-ranking tranches should have been given first call on the £100k raised in June. When can we expect the 1st-ranking tranches of this loan to be renewed? fundingsecure , another month passes and still no sign of the so-called "performing" 1st-ranking tranches of the Lytham St Annes loans renewing (now at 373 days, so more than 6 months overdue and NOT performing by anyone's definition). Here's what I've just been told on Live Chat. Will the promised update be forthcoming, I wonder .... SteveWhen are the first-ranking tranches of the Lytham St Annes loans going to start renewing? We were promised this months ago, when the additional loan was raised, and now complete radio silence. " 11/06/2018 Funds have been raised to cover the interest on this loan. However, loans in prior tranches must be renewed first" All the prior tranches were indeed renewed some 2 months ago. So why aren't the first-ranking tranches now being renewed? FS Live Chat Operator Thank you for your patience. I have just spoken to the loan manager and we are just finalising some details. Once we have the full details we are aiming to have an update on these loans by the end of the week. SteveI was told the same thing more than a month ago. Why should I believe it again now?? FS Live Chat Operator Unfortunately with property loans, time scales can alter. We are chasing this daily. An update will be posted when we are able to, this should be by the end of the week. SteveBut we were told on 11th June that " Funds have been raised to cover the interest on this loan". If you have the funds, why can you not get the renewal underway? Or were we lied to in June? FS Live Chat Operator I understand your comments and I appreciate that you may have frustrations. I unfortunately do not have any additional information at this time. Once we have full details an update will be posted to the loan page, which should be by the end of this week.
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rogerthat
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Post by rogerthat on Nov 30, 2018 16:53:35 GMT
23 mins ago 30/11/18 The borrower is in advanced talks with a developer to sell the property sufficient to repay all debts. In addition, they expect to close on a significant transaction which will yield sufficient profit to substantially repay the facility. This is expected to complete before Christmas.
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rs
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Post by rs on Nov 30, 2018 17:00:29 GMT
23 mins ago 30/11/18 The borrower is in advanced talks with a developer to sell the property sufficient to repay all debts. In addition, they expect to close on a significant transaction which will yield sufficient profit to substantially repay the facility. This is expected to complete before Christmas.
Yet more blah blah blah. "Advanced talks" normally means no contracts signed off so I expect another 6 months before funds received. This is best case earliest timetable. I wonder what happened to interest received. I wonder why they can't renew & pay the interest. Maybe because there is a real risk this project is not going to pay out.
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09dolphin
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Post by 09dolphin on Dec 1, 2018 7:40:32 GMT
23 mins ago 30/11/18 The borrower is in advanced talks with a developer to sell the property sufficient to repay all debts. In addition, they expect to close on a significant transaction which will yield sufficient profit to substantially repay the facility. This is expected to complete before Christmas.
Yet more blah blah blah. "Advanced talks" normally means no contracts signed off so I expect another 6 months before funds received. This is best case earliest timetable. I wonder what happened to interest received. I wonder why they can't renew & pay the interest. Maybe because there is a real risk this project is not going to pay out.
My reading of the latest update is that the borrower has run out of money and cannot repay interest to renew a tranche as they have done in the past.
"Advanced talks" doesn't fill me with confidence. How often have we seen this phrase in similar updates? What exactly does "advanced talks" mean to FS. From past loan performances "advanced talks" may mean there has been a tentative enquiry from a buyer who is happy to make an offer based on a desperate developer needing money fast. I also recall a similar phrase used about 2 years ago in the power boat loan which is still to be resolved.
Yet another loan that I believe will lead to a significant capital loss to lenders.
Isn't it time for FS to actually get involved in these "advanced talks" rather than just accepting what the borrower says at face value.
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mjc
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Post by mjc on Dec 1, 2018 8:55:03 GMT
Yes, FS should be involved in these talks when a borrower is struggling and have failed to renew on time. They are just too laid back, sitting on the phone, pulling their hair out, wringing their hands, saying we have tried to call....... or the borrower told us......
I feel sorry for the developer, but they should not have stretched themselves, stuck to homes under the hammer.
For this reason I’m out of FS ...... in a few years no doubt, I’m looking for safer p2p’s.
“expected returns across all loans is basically the same as the lowest-risk loans suggests that those taking higher risks are getting practically the same returns as those playing it safe lending to A+ borrowers.“. (4W/FC)
“The P2P lending sites have widely varying standards, abilities and experience in lending, whereby some do not even appear to conduct all the basic credit checks or other checks that you would expect or they do so with little skill. This means that the risks vary dramatically between them.”
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 1, 2018 14:12:08 GMT
Yet more blah blah blah. "Advanced talks" normally means no contracts signed off so I expect another 6 months before funds received. This is best case earliest timetable. I wonder what happened to interest received. I wonder why they can't renew & pay the interest. Maybe because there is a real risk this project is not going to pay out.
My reading of the latest update is that the borrower has run out of money and cannot repay interest to renew a tranche as they have done in the past.
"Advanced talks" doesn't fill me with confidence. How often have we seen this phrase in similar updates? What exactly does "advanced talks" mean to FS. From past loan performances "advanced talks" may mean there has been a tentative enquiry from a buyer who is happy to make an offer based on a desperate developer needing money fast. I also recall a similar phrase used about 2 years ago in the power boat loan which is still to be resolved.
Yet another loan that I believe will lead to a significant capital loss to lenders.
Isn't it time for FS to actually get involved in these "advanced talks" rather than just accepting what the borrower says at face value.
I don't agree with this statement.
Your Quote "Yet another loan that I believe will lead to a significant capital loss to lenders." Implies there are a lot of Loans that make Capital losses that is simply not true the % is relatively low for completed loans
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09dolphin
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Post by 09dolphin on Dec 1, 2018 15:56:50 GMT
My reading of the latest update is that the borrower has run out of money and cannot repay interest to renew a tranche as they have done in the past.
"Advanced talks" doesn't fill me with confidence. How often have we seen this phrase in similar updates? What exactly does "advanced talks" mean to FS. From past loan performances "advanced talks" may mean there has been a tentative enquiry from a buyer who is happy to make an offer based on a desperate developer needing money fast. I also recall a similar phrase used about 2 years ago in the power boat loan which is still to be resolved.
Yet another loan that I believe will lead to a significant capital loss to lenders.
Isn't it time for FS to actually get involved in these "advanced talks" rather than just accepting what the borrower says at face value.
I don't agree with this statement.
Your Quote "Yet another loan that I believe will lead to a significant capital loss to lenders." Implies there are a lot of Loans that make Capital losses that is simply not true the % is relatively low for completed loans
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09dolphin
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Post by 09dolphin on Dec 1, 2018 16:30:28 GMT
GODANUBIS- since when did "another" mean "many".
However if you want details perhaps we should start with the Wind turbine loan or are you claiming there was no loss on this loan? After all "another" just means more than one. I'm also in the Whitehaven loan where the land value doesn't equate to the total money lent and it was supported by the false claims FS published despite numerous photos of a derelict site. Then of course there is the Powerboat loan which would be laughable if so many people weren't exposed to a loss (still to be confirmed but expected). The railwayana - yet another example of loss. I could go on but I doubt that despite numerous examples of loss (and I'm happy to list all my losses of capital for you) it will affect your apparent belief that FS is the best investment vehicle you could have and that you could actually achieve a profit.
Of course losses are expected when investors are supposedly getting 8 - 13% interest but the present losses are unacceptable to me. Over the past 3 years investing with FS I expect to make a gain of <1%
Shame I didn't invest in National savings isn't it.
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