rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Nov 29, 2018 13:26:36 GMT
I have contacted Funding Secure several times for an update on this "unredeemed" loan which has now gone 4 months without an update. I keep being promised an update will be issued "by the end of the week". still waiting. Rest assured an update will be put on FS for this loan. However, I don't think you'll like the FS update or find the FS update useful. I reckon this loan will be take another 1.5yrs to resolve (ie May 2020).
|
|
|
Post by portlandbill on Dec 4, 2018 11:26:21 GMT
another "end of the week" has gone by with no update despite 2 promises that it would be done last week
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Aug 14, 2019 6:56:04 GMT
A more promising update posted yesterday.
At least if this sale also falls through the receiver will then be in possession of two forfeited deposits which should at the very least cover their fees.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Aug 14, 2019 7:26:17 GMT
A more promising update posted yesterday. At least if this sale also falls through the receiver will then be in possession of two forfeited deposits which should at the very least cover their fees.I wouldn't bank on it.
|
|
micky
Member of DD Central
Posts: 651
Likes: 536
|
Post by micky on Aug 14, 2019 9:15:45 GMT
They already have done
|
|
|
Post by spareapennyor2 on Aug 14, 2019 14:22:58 GMT
looks like another low interest loan pick your own rate
is it worth the hassle
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Aug 14, 2019 15:36:33 GMT
Running almost 2 years Borrowed £224k Rental income £30k PA to borrower Interest owed about £100k (includes FS portion) Borrower (tenant family member) offering £245k So borrower has had our money for about 5% PA
Dont know what receivers fees are going to be but they have been appointed for a year and a half
I can see a good capital recovery; might even get it all back but no interest to lenders, and no interest to FS either, this is what I call a FS charity loan, they get nothing out of it but a load of work and grief all for not a lot of income in the set up fees, no way to run a business. Utter shambles FS.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Aug 15, 2019 8:38:12 GMT
here is what somebody wrote last year (not me)
Well take a bow that man - spot on!
Well we also read
- take another bow !
So in addition to above I guess this borrow has kept his business and income - had rental income and/or free accommodation whilst having in effect an interest free loan for about 18 months. It would not surprise me if the original offer to buy was part of this charade. A 5 bedroomed flat is plenty big enough for an extended family. So this chap just happened by happy coincidence to have the cash and contract offer available the same day the bailiffs arrived - yeah right! Not for the first time FS have been well and truly stitched up like a kipper due to their gross lack of business acumen or whatever. This is very interesting for me as I have both domestic and commercial tenants - love this forum. I don't approve of such behaviour but you have to say this borrowers has played it very well (from a money grabbing viewpoint) and totally boxed FS into a corner. If I were a betting man I would wager this chap would be offsetting some of the costs against his tax bill.
I originally predicted 25-50% loss on this one but I did not foresee the above so to end on a positive note then ,as already mentioned, the capital repayment should hopefully be pretty close to 100%
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Aug 15, 2019 9:05:23 GMT
To be blunt, this could have been a good demonstration of what higher risk secured lending should all; that in a situation where the borrower appears to be a little unscrupulous, the security works as intended to materially/completely mitigate any loss to investors.
i.e. If this was the worst loan FS had on their books I'd be feeling pretty good about the security doing what it's meant to do, but it's not, so I won't.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 15, 2019 9:33:40 GMT
Borrower played FS like a harp, far from the first and definitely not the last. Tower block should be up next, let's see how well they played FS and if they spent the millions where they were supposed to.
|
|
|
Post by spareapennyor2 on Aug 23, 2019 9:14:01 GMT
22/8/19 update didn`t pay asked for 2 months ext declined 14 days to complete bah bah bah
NOTE: The sale amount agreed was sufficient to repay the loan in full
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Aug 23, 2019 9:27:56 GMT
22/8/19 update didn`t pay asked for 2 months ext declined 14 days to complete bah bah bah NOTE: The sale amount agreed was sufficient to repay the loan in full But they have a 10% deposit hopefully non returnable, the update refers to a second deposit dont know what thats about?
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Aug 23, 2019 9:56:57 GMT
22/8/19 update didn`t pay asked for 2 months ext declined 14 days to complete bah bah bah NOTE: The sale amount agreed was sufficient to repay the loan in full fundingsecure ...It really pisses me off to discover relevant 'update' gossip on here prior to being notified via your own thread specifically set aside for the purpose. You soon get snotty if anyone dares to leave their footprints on your hallowed turf. Please at least try and look professional. I also noted your last sentence (in the past tense)..does that mean investors will now also lose the interest accrued, despite you allegedly retaining a second deposit ?
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Aug 23, 2019 10:47:29 GMT
22/8/19 update didn`t pay asked for 2 months ext declined 14 days to complete bah bah bah NOTE: The sale amount agreed was sufficient to repay the loan in full fundingsecure ...It really pisses me off to discover relevant 'update' gossip on here prior to being notified via your own thread specifically set aside for the purpose. You soon get snotty if anyone dares to leave their footprints on your hallowed turf. Please at least try and look professional. I also noted your last sentence (in the past tense)..does that mean investors will now also lose the interest accrued, despite you allegedly retaining a second deposit ? Personally I hate their update thread. There's no way to know if it's relevant to my portfolio. I have no idea why they can't just have an opt-in to receive automated email notification of an update on a loan in our portfolio....
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Aug 23, 2019 10:53:42 GMT
What an interesting one this one is. I think FS are being more pro-active than before but I am puzzled why the buyer has not been hit with an instant daily fine for not completing as per the contract eg base +4%. Glad FS have taken 10% deposit (more than we got back for Whitehaven etc!) so what is the buyer playing at? Either he is being stupid and about to lose over £22K or a clever clogs and I suspect the latter. Maybe the final price has been unilaterally reduced in order to try and prevent ever more legal action? I can't see how the latest offer price is going to repay the capital plus recovery costs let alone repay any interest.
The bottom line is that this one is 16 months late and we are still waiting for the readies...
|
|