arby
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Post by arby on Apr 4, 2019 10:54:37 GMT
Bought on SM and just sold mine at a premium. (Update "We have been advised by the Borrowers, that the security will be listed for sale shortly.") In the unlikely event the loan is payed off early then I guess paying a premium would mean the buyer could make a loss. Not sure all buyers are fully aware of the risks of paying a premium. Yes, fully agree and I do consider it myself when buying on the SM, but also it's worth remembering that in the bigger picture we're all trying to get +13% while avoiding -100%, so getting -0.3% on a SM purchase that completes after a few weeks is pretty negligible to me.
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p2pstephan
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Post by p2pstephan on Apr 4, 2019 11:30:00 GMT
Sorry I meant to say bought on PM (Not SM) Fine with 8% - 9% and as you say (voiding -100%, so getting -0.3%). I have 20k of company money to invest. Over the last year FS has done our small firm proud (Thanks FS). We would invest more but it is hard to spread risk on FS without going for some very risky loans.
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Post by mrclondon on Jul 15, 2019 18:23:59 GMT
I've some concerns regarding the last 2 updates on this loan 11th July 19th June The 2018 planning application was marked as withdrawn on the planning portal on 14th May, a full month before the June update that implied good news was imminent. It's not clear what the reference to 31st July implies.
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james21
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Post by james21 on Jul 15, 2019 18:46:38 GMT
£214k second ranking, supplementary, (dont know where this word supplemental came from), they must have made it up of £131k, if you are in the £131k you are going to be sucking lemons because its a 100% loss, and in the £214k some loss cant guess how much
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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 Jul 15, 2019 22:14:37 GMT
£214k second ranking, supplementary, (dont know where this word supplemental came from), they must have made it up of £131k, if you are in the £131k you are going to be sucking lemons because its a 100% loss, and in the £214k some loss cant guess how much That magic crystal ball in action again ?
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adrian77
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Post by adrian77 on Jul 16, 2019 6:40:05 GMT
quite possibly - I have flagged this one as an interesting one - the early tranches are already 6 months late , there are numerous issues with the site (uneven, ex rubbish tip, river etc etc)
Personally I think this one will be ,at best, very close to breaking even
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Post by mrclondon on Aug 16, 2019 11:18:41 GMT
Update from FS earlier this week However, today the new application has been marked as Status: Application Invalid (was Status: Received) NB. The application is only visible via the related cases - property history tabs of one of the previous applications. Given my previous post (4 above) implied FS are being fed poor info from the borrower, I hope fundingsecure follow up this latest twist sooner rather than later.
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Post by mrclondon on Nov 12, 2019 14:14:59 GMT
Loan has now been defaulted on the website The final ids are
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iRobot
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Post by iRobot on Oct 29, 2021 18:09:22 GMT
29/10/2021 - On 22 October 2021, an increased offer was received from the borrowers in the sum of £750,000. This is an increase of £50,000 on the current sale price and, as such, carries the recommendation of acceptance by the Receivers. The sale at this level will proceed and an update following completion will be provided.
IF - big if - the sale completes at the above level, I'd guestimate a 65-70% return to lenders.
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iRobot
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Post by iRobot on Jan 31, 2022 20:25:06 GMT
31/01/2022 - "The proposed sale to the borrowers became commercially unviable, despite them offering additional sums (but on a full and final basis with therefore no recourse to pursue any shortfall). Therefore discussions were had with the previous third party who had commenced progressing the sale and an additional £25,000 was offered by them (making a total of £725,000). There is a contribution cost which will be deducted from these sale proceeds of £10,000 making the actual consideration being paid by the buyer £715,000. The buyer is ready, willing and able to exchange and we have instructed our solicitors to proceed."
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