gurberly
Member of DD Central
Posts: 168 
Likes: 98
|
Post by gurberly on Jun 6, 2018 11:47:30 GMT
T1 renewal now up for tomorrow. My attention was drawn to this: "This was the first tranche of an overall facility of £396,000. All funds have now been drawn down on the facility and based on the increase in this loan we have increased the facility to £419,500"That's all well and good for the 1st tranche holders who have the chance to opt out of the renewal, but what about T2,T3,T4 holders who have now had borrowing extended beyond the original facility without any say in the matter? I don't recall seeing this before, and it's most unwelcome - is this setting a precedent? Does this mean FS can/will now extend other loans facilities simply by renewing tranches?
I'm in T3 of this loan (supposedly LTV 65% LOL) and am sufficiently miffed to have written to FS to complain about the practice and request FS indemnify investors in the later tranches.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jun 6, 2018 12:34:57 GMT
T1 renewal now up for tomorrow. My attention was drawn to this: "This was the first tranche of an overall facility of £396,000. All funds have now been drawn down on the facility and based on the increase in this loan we have increased the facility to £419,500"That's all well and good for the 1st tranche holders who have the chance to opt out of the renewal, but what about T2,T3,T4 holders who have now had borrowing extended beyond the original facility without any say in the matter? I don't recall seeing this before, and it's most unwelcome - is this setting a precedent? Does this mean FS can/will now extend other loans facilities simply by renewing tranches?
I'm in T3 of this loan (supposedly LTV 65% LOL) and am sufficiently miffed to have written to FS to complain about the practice and request FS indemnify investors in the later tranches.
The have; "will be guaranteed by FundingSecure in the event of a default" but the loan has been removed from site as far as I can see
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on Jun 6, 2018 13:52:29 GMT
This is a bit crazy. The email said this:
This was the first tranche of an overall facility of £396,000. All funds have now been drawn down on the facility and based on the increase in this loan we have increased the facility to £419,500. This gives an overall LTV of 70%.
The description originally reflected this but has now been updated to:
This was the first tranche of an overall facility of £396,000. All funds have now been drawn down on the facility. This increase to the original loan that is being used to cover the interest owed does not form part of the original facility and will be guaranteed by FundingSecure in the event of a default.
1. Firstly there is no history/audit of the description - everyone is just signing up to whatever it said on the day they looked at it (which may change in the future). I've seen non audited updates to many FS loans in the past. I accept corrections must sometimes be made, but this must be made clearer
2. If the loan is being increased from 200k to 233.5k, and only the increase is being guaranteed how do I know if I'm investing in the guaranteed 33.5k or the non-guaranteed 200k?
|
|
michaelc
Member of DD Central
Posts: 4,871
Likes: 2,762
|
Post by michaelc on Jun 6, 2018 14:12:41 GMT
It doesn't seem to be technically in a flood risk area but due to it being so close to water, I wonder if getting buildings insurance could be an issue?
|
|
Brainer
Member of DD Central
Posts: 186
Likes: 323
|
Post by Brainer on Jun 7, 2018 0:42:51 GMT
Description now reads:
Literally stops mid sentence. They literally don't know what they're doing.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 7, 2018 12:16:32 GMT
Description now reads:
Literally stops mid sentence. They literally don't know what they're doing.
"Subsequently, there was some internal confusion with another loan"....surely the understatement of a lifetime but don't blame the temps...that lies squarely at managements door ? 
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 22, 2018 12:08:24 GMT
Renewal of (2016414640) with 3160872237
£90K @ 12%...LTV 66% Both properties completed...one in the 'process' of being sold and re-finance of the other onto longer term mortgage.... 1000...2000...3000...pull !   |
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 22, 2018 13:10:21 GMT
Yeah, but pull what? |
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jun 22, 2018 13:33:16 GMT
Both properties appear to be for sale on Rightmove.
Doesn't look like a bad loan to me.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 22, 2018 14:27:31 GMT
Yeah, but pull what? Jump and I hope you make the right decision
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jun 22, 2018 15:27:43 GMT
Yeah, but pull what? Jump and I hope you make the right decision Btw how's the ODI's going ? 
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 22, 2018 15:32:13 GMT
It would appear that we are giving those dastardly colonial chaps a bit of a drubbing.  |
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jun 22, 2018 15:38:38 GMT
I used to regard my FS investments as a safety parachute but now I think some bugger has cut the suspension lines and I see a very hard landing looming up in the very new future...
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Aug 17, 2018 16:09:26 GMT
Im assuming that the Hoddesdon 3rd tranche renewal email @ 16.40 has the wrong date on it ?
|
|
lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Aug 17, 2018 16:22:24 GMT
Im assuming that the Hoddesdon 3rd tranche renewal email @ 16.40 has the wrong date on it ? Are you having a nibble?
|
|
