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Post by bracknellboy on Mar 5, 2019 17:29:58 GMT
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If the next two payments are made on time, then my IRR since 2013 with FS will be 5.40%. That will be the end of my experience with them. ....
Just my ramblings. As this is my final loan with FS I will refrain from any further postings about them but wish all those involved with them a better experience than myself. Your wish is too late for me. I came to the party relatively late (as I did with Lendy) hoping that they would have gone over that learning curve you referred to. I got the worst of all worlds. I am defo sitting on an overall loss. with still PowerBoat and Whitehaven (the latter = small fry) still to come. I never got to the point of having massive diversification with them. I did have relatively large (for me) sums in PBoat and Wind Turbine. I can't be bothered at the moment to calculate my total overall loss, but I would not be surprised if it was 30-50%. I think I will have a less drastic loss on Lendy.
EDIT: so at the moment it looks like my losses are > x2 interest earned, and my net position, assuming approx. 75% loss on the powerboat will be something like >3x and net at about 40% of peak investment. Some going.
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arby
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Post by arby on Mar 5, 2019 21:18:21 GMT
I don't feel anyone is really surprised at the financial outcome. Apart from the possible rose-coloured glasses approach that FS had when dealing with this borrower in the first instance, the fact remains that after it became apparent to most lenders that the loan had defaulted, FS preferred to continue with the lazier easier approach of believing the continuous meaningless feedback promises offered by the borrower. An always jam tomorrow attitude.
It has often been mentioned that platforms go through a learning curve. Not fine in my book as I suggest that as it's not their own money that 'learning curve' does seem to take on an extended term of can kicking. After the totally FS mismanaged turbine loan you would have thought that things in their heads would have kicked into place. But no, this loan, the oldest as far as I'm aware on FS books was just placed on the back burner. A Grade 2 listed building with water ingress could do nothing but deteriorate in value.
If the next two payments are made on time, then my IRR since 2013 with FS will be 5.40%. That will be the end of my experience with them. On paper it was worth it but after the time spent doing DD it wasn't. Plus I no longer have confidence in this particular platform and no, I'm not prepared to give yet another 'turning over a new leaf' management a chance. There are far superior returns to be had elsewhere without the associated dereliction towards lenders funds.
Hopefully others in FS will have had a better experience than myself. But for all those 12%'s, it only takes a couple to go sour and those returns look anything but healthy. Plus of course it's serves no purpose counting accrued interest which is still being shown for this loan even though there is zero chance of it ever being received.
Just my ramblings. As this is my final loan with FS I will refrain from any further postings about them but wish all those involved with them a better experience than myself. There used to be a time when people moaned about losses. Now we moan when we only make 4 times the typical savings rate Yes, I fully take your point that the returns may not be worth the time it takes to actively manage the portfolio-that is up to each individual to decide. A return certainly isn't guaranteed, but I truly believe that initial expectations play a huge part in our experience- I came into FS with the minimum goal of not losing money. If I had your result I'd be very happy. A lot of people seem to have the impression that 12% was guaranteed with no effort. Those people will inevitably be disappointed.
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adrian77
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Post by adrian77 on Apr 11, 2019 8:22:34 GMT
I don't believe it ! I don't think defaulting the sale will be that easy or cheap....so it looks like the capital recovered will be even less - now in a good mood - not.
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littleoldlady
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Post by littleoldlady on Apr 11, 2019 15:28:24 GMT
I don't believe it ! I don't think defaulting the sale will be that easy or cheap....so it looks like the capital recovered will be even less - now in a good mood - not. Do "we" get to keep the amount already paid?
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littleoldlady
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Post by littleoldlady on Apr 11, 2019 15:34:47 GMT
If the next two payments are made on time, then my IRR since 2013 with FS will be 5.40%.
{I} wish all those involved with them a better experience than myself. That's about 6% more than me. I doubt that there is anyone with a better experience, at least amongst current lenders.
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adrian77
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Post by adrian77 on Apr 11, 2019 16:19:34 GMT
we would if my solicitor was doing the legal work! As to this situation I have no idea and I guess it is down to the selling contract? I am sure FS will confirm the money is ring-fenced...
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littleoldlady
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Post by littleoldlady on Aug 8, 2019 18:49:40 GMT
Where is the July £16K?
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adrian77
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Post by adrian77 on Aug 9, 2019 8:52:10 GMT
damn good question - bit puzzled by the payment record to date - the last payment was late and considering there are another , I think, 5 ones to go this one is not looking too good. What I don't understand is why the buyer is doing this (unless he is a clever sod)
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littleoldlady
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Post by littleoldlady on Aug 13, 2019 11:29:46 GMT
13.8 update:
We should by now have received the July payment but it has not yet been received. Our solicitor is chasing the buyer's solicitor for the funds. As soon as they are received they will be paid to all investors and the loan updated.
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adrian77
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Post by adrian77 on Aug 13, 2019 14:23:27 GMT
you what - one delay if not two has already been agreed to - FS please post the contract clause that states what the immediate daily interest penalty will be for late payment e.g base at 4%. Also please post the contract clause that will enable FS to revoke the contract should payment not be forthcoming. Please don't tell me this is a repeat of the art loans and a poor legal document signed whilst half-cut! I really don't want to hear there is no "plan b" should this sale falter...
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bugs4me
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Post by bugs4me on Aug 13, 2019 14:35:34 GMT
you what - one delay if not two has already been agreed to - FS please post the contract clause that states what the immediate daily interest penalty will be for late payment e.g base at 4%. Also please post the contract clause that will enable FS to revoke the contract should payment not be forthcoming. Please don't tell me this is a repeat of the art loans and a poor legal document signed whilst half-cut! I really don't want to hear there is no "plan b" should this sale falter... Oh adrian77 - you must be the eternal optimist to expect a straight answer from FS assuming you ever receive one.
This is my last zombie loan with FS and it's been a total ****up from day one. The borrower did a runner back to B'Ham ages ago yet still FS flaffed and fluffed around disposing of the property. Even listed in the statement of affairs there's a 50k bill in there from 'recovery management experts' - well they were a raging success plus several other expenses incurred simply due to a lack of action on the part of the platform.
So anything back on this shambles of a loan will be a bonus and the purchaser has got the platform exactly where they want them - unrepeatable explanation not permitted on a public forum.
But as per usual, what's the rush when you're dealing with lender's hard earned cash. Things would be totally different if that was not the case.
Please though let us know when you receive a response from FS.
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littleoldlady
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Post by littleoldlady on Aug 13, 2019 15:35:24 GMT
Is the buyer (effectively) the borrower? In other words have we been shafted again?
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adrian77
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Post by adrian77 on Aug 13, 2019 16:19:58 GMT
A very good question - answers on a digital postcard
I have checked the sales arrangement - the second tranch was supposed to be made BY July and here we are middle of August!
I wonder what the hell is going on here - I wonder if the buyer is a clever sod who has outsmarted FS (always a first time!). Not sure where he stands legally as this sounds a right legal mess to me - it is just possible he has not got the money and desperately trying to raise it and/or he is looking for a buyer so when he finds one he pays FS and immediately flips it for a higher price. I don't know the hotel business but the final property sale price did look on the cheap side to me but there were problems with it so maybe not so cheap.
Whatever a low sale price and a delay in getting paid - what's the P2P platform called - oh yes Funding Secure...
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adrian77
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Post by adrian77 on Sept 7, 2019 9:34:15 GMT
currently updating my top 40 : Unless I have missed it - we are still waiting and today is the 7th Sept ... I would surmise this is a tad worrying
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r00lish67
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Post by r00lish67 on Sept 7, 2019 9:43:36 GMT
currently updating my top 40 : Unless I have missed it - we are still waiting and today is the 7th Sept ... I would surmise this is a tad worrying A genuine question - which of Funding Secure's non-closed off loans do you not currently find worrying? I'd be intrigued to know.
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