rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 5, 2018 10:39:56 GMT
I think when they get a offer they should let us know. I might consider buying at £30k I can understand not giving an exact offer, but a setting of expectation would be useful, e.g. "We expect to be able to recover the majority of the capital". Basically, any information would be useful! On the contrary, I would suggest that much of the exasperation expressed on this forum is to a greater extent, due to the constant and repetitive updates containing catch phrases like 'we spoke to' or 'we expect' or 'we have been led to believe' or 'we have been promised' or 'we have been unable to contact' or 'the director is out of the country' etc etc. What I would like is FS to undertake a procedure whereby a strict protocol is adopted, circulated to all investors and crucially, implemented so that lenders know exactly where they stand and what actions will be taken over a known timeframe, which would negate to a greater extent, the waste of time spent contacting Live Chat (I gave that up long ago) which in the majority of cases achieves nothing but further angst. The freeing up of that time at HQ would be more profitably spent looking at each loan in rotation well before the date of maturity, so that potential overruns are red flagged in advance rather than allowing delinquent borrowers 3 months grace and then announce there's a problem. That combined with real time regular compulsory oversight (like CBRE) on all property developments, would greatly reduce many of the problems that arise or at least nip them in the bud before they got out of control. Its not rocket science
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Sept 5, 2018 11:04:34 GMT
I can understand not giving an exact offer, but a setting of expectation would be useful, e.g. "We expect to be able to recover the majority of the capital". Basically, any information would be useful! On the contrary, I would suggest that much of the exasperation expressed on this forum is to a greater extent, due to the constant and repetitive updates containing catch phrases like 'we spoke to' or 'we expect' or 'we have been led to believe' or 'we have been promised' or 'we have been unable to contact' or 'the director is out of the country' etc etc. What I would like is FS to undertake a procedure whereby a strict protocol is adopted, circulated to all investors and crucially, implemented so that lenders know exactly where they stand and what actions will be taken over a known timeframe, which would negate to a greater extent, the waste of time spent contacting Live Chat (I gave that up long ago) which in the majority of cases achieves nothing but further angst. The freeing up of that time at HQ would be more profitably spent looking at each loan in rotation well before the date of maturity, so that potential overruns are red flagged in advance rather than allowing delinquent borrowers 3 months grace and then announce there's a problem. That combined with real time regular compulsory oversight (like CBRE) on all property developments, would greatly reduce many of the problems that arise or at least nip them in the bud before they got out of control. Its not rocket science I completely agree on your points. I was specifically referring to the case where they say an offer has been received. An indication of the amount is useful.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Sept 5, 2018 11:09:46 GMT
I can understand not giving an exact offer, but a setting of expectation would be useful, e.g. "We expect to be able to recover the majority of the capital". Basically, any information would be useful! On the contrary, I would suggest that much of the exasperation expressed on this forum is to a greater extent, due to the constant and repetitive updates containing catch phrases like 'we spoke to' or 'we expect' or 'we have been led to believe' or 'we have been promised' or 'we have been unable to contact' or 'the director is out of the country' etc etc. What I would like is FS to undertake a procedure whereby a strict protocol is adopted, circulated to all investors and crucially, implemented so that lenders know exactly where they stand and what actions will be taken over a known timeframe, which would negate to a greater extent, the waste of time spent contacting Live Chat (I gave that up long ago) which in the majority of cases achieves nothing but further angst. The freeing up of that time at HQ would be more profitably spent looking at each loan in rotation well before the date of maturity, so that potential overruns are red flagged in advance rather than allowing delinquent borrowers 3 months grace and then announce there's a problem. That combined with real time regular compulsory oversight (like CBRE) on all property developments, would greatly reduce many of the problems that arise or at least nip them in the bud before they got out of control. Its not rocket science Very well put sir I hope they read this
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 5, 2018 12:15:04 GMT
On the contrary, I would suggest that much of the exasperation expressed on this forum is to a greater extent, due to the constant and repetitive updates containing catch phrases like 'we spoke to' or 'we expect' or 'we have been led to believe' or 'we have been promised' or 'we have been unable to contact' or 'the director is out of the country' etc etc. What I would like is FS to undertake a procedure whereby a strict protocol is adopted, circulated to all investors and crucially, implemented so that lenders know exactly where they stand and what actions will be taken over a known timeframe, which would negate to a greater extent, the waste of time spent contacting Live Chat (I gave that up long ago) which in the majority of cases achieves nothing but further angst. The freeing up of that time at HQ would be more profitably spent looking at each loan in rotation well before the date of maturity, so that potential overruns are red flagged in advance rather than allowing delinquent borrowers 3 months grace and then announce there's a problem. That combined with real time regular compulsory oversight (like CBRE) on all property developments, would greatly reduce many of the problems that arise or at least nip them in the bud before they got out of control. Its not rocket science I completely agree on your points. I was specifically referring to the case where they say an offer has been received. An indication of the amount is useful.Useful to whom and in what way ? We'll have to agree to disagree as 'an indication of the amount' is as much use as an unsigned cheque or an IOU or a knot in a handkerchief or just another update. Furthermore, the only acceptable 'offer' is one that pays all capital and accrued interest as per the terms of the original loan agreement and if that is not deemed realisable, then the FS swat team should be mobilised. Bandying about monetary 'offers' that are hypothetical or may not even transpire is foolhardy and an entrenched position from which its hard to manoeuvre. FS are the sole arbiters of such situations and act primarily in our interests.. hopefully. Their very survival depends on that
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 15, 2019 11:52:21 GMT
"34 mins ago..11 ish 15/03 We have just received a response from the borrower's solicitor regarding the neighbour dispute over the land. The borrower made an application to the court to appeal the situation but this was refused. In turn, this has had a negative impact on the value of the site because 12ft has been given to the neighbour.
The borrower's solicitors have apparently also found someone prepared to purchase the site, but the offer price is £nn,000. <snip by mod> We have also asked for copies of the court documents, and details of how this situation has arisen. We will be taking our own legal advice on the matter and will provide further updates when available."
"Given the low loan amount and LTV we have not had a full valuation carried out but do have confirmation via an estate agents appraisal of the current sale value....."
some prophetic posts earlier in this thread
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Mar 15, 2019 13:15:01 GMT
sure were - FS (or rather estate agent) valuation £114,950.00 and current offer is £nn,000 <snip by mod> Brilliant ! Well at least we are not talking about yet another stellar Whitehaven type loss but I reckon at least 7% ... That said, to be fair to FS, I think £nnK is a very good price for this plot - would have been tempted myself if I lived in the area..
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Mar 15, 2019 13:36:26 GMT
The way FS was run I am 90% certain the borrower disclosed the problem with neighbour to FS in some way. So after FS have their legal advice, I'd be gobsmacked if FS recover any additional money from the borrower. But we'll find out in 1 to 2 years time.
|
|
|
Post by mrclondon on Mar 15, 2019 13:49:16 GMT
[Mod hat on] I've readacted a couple of recent posts to remove the offer price, the reasons there for, and any calcs derived from from it.
It is for now an offer, not a completed purchase price. It feels inappropriate to me for the level of this offer to be posted in the public domain, as it severely prejudices the chances of a significant higher offer from another party.
Once the sale has completed then its fine to discuss the level achieved - it will after all be published in the LR db soon thereafter (for England / Wales transactions as this is).
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 15, 2019 13:53:20 GMT
Sorry about that..entirely unintentional
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Mar 15, 2019 13:58:21 GMT
Heads up- one redaction of the offer amount was missed in your most recent post
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Mar 15, 2019 15:09:47 GMT
Sorry I thought it was a formal offer - just thinking and totally unrelated to this loan.
What happens if a persons gets a FS loan and buys a land plot with the money, he then gets a further loan to develop it e.g. to buy a timber frame and simply trousers the money (as if anybody would do that).
He then defaults on the land plot and another person whether known to him or not buys it from the receivers for a song... maybe FS valuations could do to be a little less optimistic - just a thought.
|
|
syalith
Member of DD Central
Posts: 62
Likes: 102
|
Post by syalith on Jul 30, 2019 17:09:49 GMT
Fundingsecure, it has been two months since the borrower's solicitor sent you a proposal to sort this one out. You said you would inform us of your position regarding this proposal after you had met with the solicitor.
May I ask, has this meeting taken place yet or are you waiting until after Christmas? Also, I think it would be a great idea to UPDATE investors about it.
|
|
|
Post by mrclondon on Nov 13, 2019 15:15:40 GMT
Loan has been defaulted on the website.
|
|
morris
Member of DD Central
Posts: 261
Likes: 149
|
Post by morris on Dec 3, 2020 15:59:08 GMT
Loan closed with 73.3% returned to investors after deductions.
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Dec 3, 2020 16:25:04 GMT
could have been worse - that said yet another p!ss poor result...
|
|