rogerthat
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Post by rogerthat on Dec 26, 2019 1:02:08 GMT
Sadly, like the London/Eastbourne hotel fiasco, recently commented on by sussexlender and this Liverpool saga, both of which were the result of Funding Circles appalling gullibility and mismanagement and despite contacting them many times before I mailed them again on 12.12.19 "as its now getting on for yet another 2 months since the last known update on the platform, is there any news of progress ? Receivers/solicitors have now been employed for well over a year and as yet no further progress appears to have been made other than the chapter and verse mantra trotted out via the previous updates. However, according to Companies House, REC2 expenses still seem to be accumulating at an alarming rate..in excess of £210K ( to 18/09/19 ) according to the latest entry posted 1st Nov 2019. Repairs and maintenance alone almost £140K !..what are they doing..rebuilding it ? Property management £8.5K+.. Legal Fees £2.5K+.. Security approaching £4K.. when investors who bankrolled the project are getting no return on their investment ? You do realise that when this loan was presented on your platform, FC assured potential investors that all 35 apartments had been pre-sold and that as a further inducement, there were several retail units on the ground floor for sale/lease/rent..in other words a reasonable proposition. I'd like some facts please as to where this project is at, what progress has been made and when I'm going to see a return on my £1000 investment.?" As of yet ive not had any response..actually that's not quite true because I have received :- 1. 10.12.19...Acknowledgement of receipt of my mail 2. 16.12.19..."We are working hard to respond to your mail" 3. 19.12.19..."I have been in touch with the case manager regarding this loan to provide further information as to what the status is.Please bear with us and I will get back to you as soon as I get the relevant information. Your patience is much appreciated here " 4. 21.12.19 They then had the nerve to send me a survey question :- "Hello, We'd love to hear what you thought of the customer service you received from Mary. Please take a moment to answer one simple question by clicking either link below: How would you rate the support you received? I cant post here what I wanted to say but maybe Funding Circle ought to make a New Years Resolution to stop treating investors like something that they've trodden in..just a thought.
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Post by gravitykillz on Dec 26, 2019 8:03:48 GMT
Thankfully I only invested £20. But would be happy to at least get £15 back so I could end my relationship with funding circle for good. I am so grateful I got out when I did. The platform has declined every year since 2016.
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Post by gravitykillz on Dec 26, 2019 8:09:43 GMT
I miss the funding circle where we could select our own loans and pick our own interest rates. Also where we could sell loans at a premium (I made more money selling security backed loans than I got on interest). But alas those days are gone.
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Post by gravitykillz on Dec 26, 2019 8:12:18 GMT
But tbh if it was not for funding circles appalling platform I would never have discovered ratesetter or lending works or crowdproperty or lendinvest. There are better platforms out there now and far more options for my money.
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keitha
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Post by keitha on Dec 26, 2019 9:19:53 GMT
Sadly, like the London/Eastbourne hotel fiasco, recently commented on by sussexlender and this Liverpool saga, both of which were the result of Funding Circles appalling gullibility and mismanagement and despite contacting them many times before I mailed them again on 12.12.19 4. 21.12.19 They then had the nerve to send me a survey question :- "Hello, We'd love to hear what you thought of the customer service you received from Mary. Please take a moment to answer one simple question by clicking either link below: How would you rate the support you received? I cant post here what I wanted to say but maybe Funding Circle ought to make a New Years Resolution to stop treating investors like something that they've trodden in..just a thought. my usual response is to say not satisfied because as yet a substantive answer to my question hasn't been received, and If loans etc were updated in a timely manner Investors would not have to chase, so they'd lead less people to do the cut and paste responses, so more people could do proper responses, so they would have more resources available to chase non payers etc which would lead to better recoveries, which would lead to greater confidence on the part of lenders, which would lead to less people wanting out, which would also cause more people to want to invest and drive the share price up.
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rogerthat
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Post by rogerthat on Dec 26, 2019 11:30:17 GMT
Yes..but of course they shut up shop before I could fire off a broadside
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rogerthat
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Post by rogerthat on Jan 3, 2020 17:24:38 GMT
As of 03/01/20 still no reply to my mail
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rogerthat
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Post by rogerthat on Jan 13, 2020 11:05:05 GMT
So..on the assumption that Funding Circle has any credibility left at all, the truth (?) emerges. Around 3 1/2years after this debacle started the situation now appears to be :- "The receivers have progressed the works to the stage at which the warranty provider indicated was necessary. The warranty provider required a structural engineer to inspect the development and provide a report. On inspection, the structural engineer highlighted further areas, which the borrower had completed before it went into liquidation, that they required to be rectified before they could provide the warranty provider with their report. Without this report, the warranty provider will not provide the warranty and without the warranty, the existing sales of the plots cannot be completed, The issues to be rectified are complicated and as such, the receivers have advised that it is not cost effective to rectify them. As such, the receivers have advised Funding Circle to sell the site at auction in its current state. Given there are leaseholders involved, the laws state that certain notices need to first be provided to them, which the receivers' solicitors are currently dealing with. The receivers anticipate the site going to auction by the end of May.
We will update investors further at the end of February."
I hope this helps to understand and once again apologies for how long it took to be updated.
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keitha
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Post by keitha on Jan 13, 2020 13:16:08 GMT
So..on the assumption that Funding Circle has any credibility left at all, the truth (?) emerges. Around 3 1/2years after this debacle started the situation now appears to be :- "The receivers have progressed the works to the stage at which the warranty provider indicated was necessary. The warranty provider required a structural engineer to inspect the development and provide a report. On inspection, the structural engineer highlighted further areas, which the borrower had completed before it went into liquidation, that they required to be rectified before they could provide the warranty provider with their report. Without this report, the warranty provider will not provide the warranty and without the warranty, the existing sales of the plots cannot be completed, The issues to be rectified are complicated and as such, the receivers have advised that it is not cost effective to rectify them. As such, the receivers have advised Funding Circle to sell the site at auction in its current state. Given there are leaseholders involved, the laws state that certain notices need to first be provided to them, which the receivers' solicitors are currently dealing with. The receivers anticipate the site going to auction by the end of May.
We will update investors further at the end of February."
I hope this helps to understand and once again apologies for how long it took to be updated.
disgusting so in effect some or all of the work done under supervision of administrators , may be wasted because of other shoddy work, I assume the developers were also doing the building work etc themselves, so cannot be chased to put right bodges ( or maybe bodge was specified ). Absolutely gutted for the investors, and leaseholders who own these.
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Post by gravitykillz on Jan 13, 2020 18:23:05 GMT
The site will probably be sold back to the developer at a discount.
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aj
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Post by aj on Jan 22, 2020 15:48:37 GMT
Absolutely gutted for the investors, and leaseholders who own these. As an investor, I'm glad that finally we at least have some honesty about the situation. It is disappointing that the receivers blew so much money trying to finish this building, IMHO they should not have dipped their toes into property refurbishment as it is a bit beyond their speciality/remit. Their actions have undoubtedly increased investor losses, although hindsight is 20/20. The sting is not too much for me on this one; my investment was relatively minor and partially returned at the expense of the leaseholders that paid up. The freehold seems unlikely to go for much at all at auction considering structural issues with the building and legal issues with the leaseholders.
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rogerthat
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Post by rogerthat on Jan 22, 2020 22:06:29 GMT
Absolutely gutted for the investors, and leaseholders who own these. As an investor, I'm glad that finally we at least have some honesty about the situation. It is disappointing that the receivers blew so much money trying to finish this building, IMHO they should not have dipped their toes into property refurbishment as it is a bit beyond their speciality/remit. Their actions have undoubtedly increased investor losses, although hindsight is 20/20. The sting is not too much for me on this one; my investment was relatively minor and partially returned at the expense of the leaseholders that paid up. The freehold seems unlikely to go for much at all at auction considering structural issues with the building and legal issues with the leaseholders. As an investor whose lost (to date) c £800 on my original investment in this black hole, Im not happy at all...truth or not. Something doesn't quite add up. 1. How is it 6 (or is it 7) flats were sold despite the building being (apparently) structurally unsafe..surely some prior inspection must have been made before contracts were exchanged ? 2. Why wasn't a thorough inspection made of the whole building prior to any remedial work done on the remaining unsold flats which has resulted in around c£1/4m being needlessly spent (19/09/2018 to 18/09/19 ) with I guess much more to come from Sept 19 to the recent update. 3. I notice a familiar company name involved as receivers ?..Av***n Y**ng..who have recently "sold" a plot on the Funding Secure platform (Al***d St Wi**al) recently for less than 10% of its valuation. Coincidence ? Any investor live nearby who could drop in and ask a leaseholder what the craic is ?
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aj
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Post by aj on Feb 27, 2020 12:56:49 GMT
Building is allegedly up for auction on 21/5/20. I would be interested to see the lot description if anyone can find it?
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Post by gravitykillz on Feb 28, 2020 6:22:34 GMT
Building is allegedly up for auction on 21/5/20. I would be interested to see the lot description if anyone can find it? So we will get a few quid back around mid june. Well I guess it would buy a few drinks during euro2020.
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c88dnf
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Post by c88dnf on May 26, 2020 12:51:11 GMT
Building is allegedly up for auction on 21/5/20. I would be interested to see the lot description if anyone can find it? So, does anyone know if the auction actually happened last Thursday? Needless to say, there is no information on FC's website.
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