rogerthat
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Post by rogerthat on May 9, 2018 8:28:23 GMT
04 May 2018 The monitoring surveyor has reported that completion of the development is anticipated to occur by the end of May 2018. We will continue to liaise with the borrower and the monitoring surveyor and will update investors on any changes and further developments if/when they arise. 365 days late for Tranche 2...Happy Birthday
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rogerthat
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Post by rogerthat on Jun 2, 2018 10:00:10 GMT
On one of my recent visits back to old haunts to syphon off any realisable recoveries that have floated to the surface I note that this development is reported (31/05/18) as being close to completion..again. Should that be the case, a quick look at the historical notes to this patient remind me that the loan interest was supposedly increased from 9% to 11% ? from around late May 2017. If so and enforced, then there should be a worthwhile interest accrual on this. In addition, I believe the last payments on the original loans were not paid either. Whether any of it gets paid let alone the capital involved remains to be seen. Back in August 17 it was reported that all 35 flats had been pre-sold..
For me the tranches as of 31/05/18 are:- T7 24360 371days late T6 22906 380 " " T3 22709 387 " " T2 22621 389 " "
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rogerthat
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Post by rogerthat on Jul 2, 2018 15:02:55 GMT
29th June 2018 The borrower's solicitor has confirmed that the sales of the individual flats will now complete throughout July. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 31st May 2018 The monitoring surveyor has confirmed that the project is approaching completion and the final set of works are being completed in the next week. The borrower's solicitor has confirmed that the sales of the individual flats will complete throughout June. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. Spot the difference..but at least we're getting nearer..hopefully
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rogerthat
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Post by rogerthat on Jul 4, 2018 13:00:05 GMT
And as if by magic up pops the next months delay...odds on the August/September edition appearing in due course ? 04 Jul 2018 The borrower's solicitor has confirmed that the borrower requires the month of July to complete final "snagging" works at the development. As such, the sales of the individual flats will now complete throughout August. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 29th June 2018 The borrower's solicitor has confirmed that the sales of the individual flats will now complete throughout July. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 31st May 2018 The monitoring surveyor has confirmed that the project is approaching completion and the final set of works are being completed in the next week. The borrower's solicitor has confirmed that the sales of the individual flats will complete throughout June. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. Spot the difference..but at least we're getting nearer..hopefully
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blender
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Post by blender on Jul 4, 2018 14:04:33 GMT
When it says 'the borrower's solicitor has confirmed' we note that he or she works only for the borrower, making the statement worthless. I have just sold a complete account, of about £10k, to get rid of the half of it which was in an FC property project which was approaching the edge of the black hole - the point of no return. Sorry if you picked some up, but you will accrue at 10%, and then 12%, and then ……...
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rogerthat
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Post by rogerthat on Jul 4, 2018 14:35:13 GMT
When it says 'the borrower's solicitor has confirmed' we note that he or she works only for the borrower, making the statement worthless. I have just sold a complete account, of about £10k, to get rid of the half of it which was in an FC property project which was approaching the edge of the black hole - the point of no return. Sorry if you picked some up, but you will accrue at 10%, and then 12%, and then ……... Ive put nothing into FC since before the automated "blind investing" option was foisted upon everyone. What was left was around 145 or so retard loans of which around 10 are dribbling back a few pennies every month but I got caught on two in particular ..the London-Shoreditch-Eastbourne fiasco and this Liverpool one with £1K in each (excl int). Im ever hopeful that this Liverpool one will eventually complete..what will be left, if anything in the London funeral pyre is anybody's guess but this Liverpool one is still classed as 'Late' rather than a bad debt
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lucky
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Post by lucky on Jul 4, 2018 14:42:20 GMT
When it says 'the borrower's solicitor has confirmed' we note that he or she works only for the borrower, making the statement worthless. I have just sold a complete account, of about £10k, to get rid of the half of it which was in an FC property project which was approaching the edge of the black hole - the point of no return. Sorry if you picked some up, but you will accrue at 10%, and then 12%, and then ……... Ive put nothing into FC since before the automated "blind investing" option was foisted upon everyone. What was left was around 145 or so retard loans of which around 10 are dribbling back a few pennies every month but I got caught on two in particular ..the London-Shoreditch-Eastbourne fiasco and this Liverpool one with £1K in each (excl int). Im ever hopeful that this Liverpool one will eventually complete..what will be left, if anything in the London funeral pyre is anybody's guess but this Liverpool one is still classed as 'Late' rather than a bad debt Which after 400 days is somewhat surprising
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blender
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Post by blender on Jul 4, 2018 15:17:46 GMT
Quite late, then. Perhaps before it is paid, the Prin** may no longer need it.
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Post by Badly Drawn Stickman on Jul 4, 2018 17:24:24 GMT
Quite late, then. Perhaps before it is paid, the Prin** may no longer need it. It is an unusual property, no door only a window high up, designed for single person occupancy, very long hair essential apparently. Entrance is by a sophisticated vocal command system. As (very) late loans go, this may not be a great concern (I hold quite a bit), seems to be more one of the links in a tangled chain, this one has the advantage of being completed.
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blender
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Post by blender on Jul 4, 2018 19:02:31 GMT
Quite late, then. Perhaps before it is paid, the Prin** may no longer need it. It is an unusual property, no door only a window high up, designed for single person occupancy, very long hair essential apparently. Entrance is by a sophisticated vocal command system. As (very) late loans go, this may not be a great concern (I hold quite a bit), seems to be more one of the links in a tangled chain, this one has the advantage of being completed. I suppose the whole development might have been a complex, risky and very tangled scheme, intended to eventually attract and trap a prin**. Repayment being based on the prin**s ransom. Lenders should have known that would never work, and if it did it would take about 16 years from the original deal.
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johns
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Post by johns on Jul 4, 2018 19:51:27 GMT
I wonder what FC has bothered to do to verify the claims of the borrower's solicitor, regarding the monthly excuse as to why the expected completion date has - surprise, surprise - been delayed for yet another spurious reason. Answers on the back of a (very small) postage stamp, please. This farce rivals the London hotel fiasco in respect of FC's apparent deceit and contempt for its investors. What are others' views on how long before this loan too is defaulted. I'll give it 3 months (being a glass half full person).
Don't suppose FC cares though.
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aj
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Post by aj on Jul 6, 2018 11:10:34 GMT
No sign of the 'Monitoring Surveyor' in recent months. Have they been fired for being completely useless and just relaying excuses from the borrower? FC are perfectly capable of doing that themselves...
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c88dnf
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Post by c88dnf on Jul 6, 2018 17:15:06 GMT
All absolutely standard FC behaviour. Due Diligence not really their forte, but no problem, there's a ready supply of savvy investors/ mug punters.
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jo
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Post by jo on Aug 29, 2018 14:37:40 GMT
' Two plot sales have also completed and we are holding these funds on account.'...... because of course they are.
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rogerthat
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Post by rogerthat on Aug 29, 2018 15:13:09 GMT
' Two plot sales have also completed and we are holding these funds on account.'...... because of course they are. 29 Aug 2018 The planning condition has now been signed off. Two plot sales have also completed and we are holding these funds on account. However, the borrower has advised that a report is required from the insurance company before the remaining sales can complete. Our Monitoring Surveyor is continuing to liaise with the borrower and the insurers in relation to obtaining this report. We will update investors at the end of September. So..at the very least another 5/6 weeks of elapsed time. Why do FC need to hold onto funds (if they actually do hold them) ? and do the funds received reflect the penalty increase from 9 to 11% since May 2017 as well as the reneged final payment of the original loan/s .It was also stated that all rooms had been sold at the outset of this development, so why is it reported only 2 have completed? and why have these 2 flats escaped this supposed insurance report ? One is not amused
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