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Post by choupica on Jul 3, 2018 7:37:19 GMT
I could not find a thread on this one.
Anyway I just saw it was purchased at 170k in November which means 99% ltv. That said, since it exchanged from one borrower to another, it could be a distress sale price.
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number5
Member of DD Central
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Post by number5 on Mar 19, 2019 9:47:49 GMT
fundingsecure....Can you please update this loan.... It has been overdue since December It is now nearly April and no repayment or recent update Thanks
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Post by mrclondon on Sept 8, 2019 19:38:46 GMT
About a month ago, FS provided an update that included "we are working with the borrower to agree a path forward for the sale."
I visited the property last week, and have posted photos in DDC for those with access as the previous tenant's branding is still present (so identifying the property rather too easily). The unit was shuttered, and with no estate agent's sign present (neither 'For Sale' nor 'To Let').
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Post by mrclondon on Nov 12, 2019 13:48:53 GMT
Loan has now been defaulted on the website
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iRobot
Member of DD Central
Posts: 1,657
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Post by iRobot on Mar 1, 2021 18:17:46 GMT
FS taking fee based on 5% of full loan value  Hope the current legal challenge is preventing those monies from leaving the company's bank account(s).
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morris
Member of DD Central
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Post by morris on Mar 1, 2021 18:19:37 GMT
Property sold. Loan completed. 43.3% return of capital.
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arby
Member of DD Central
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Post by arby on Mar 1, 2021 22:07:01 GMT
FS taking fee based on 5% of full loan value Hope the current legal challenge is preventing those monies from leaving the company's bank account(s). I know this topic has been done almost to death, but in trying to explain to others why this issue is so unfair I often state that we invested under the pretence of a first charge, but in reality it is akin to a second charge behind FS, together with all the associated leveraging danger that goes with a second charge on an overvalued asset.
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Post by df on Mar 1, 2021 22:58:43 GMT
Property sold. Loan completed. 43.3% return of capital. Although this rate of capital loss is very common, this repayment is very significant milestone in my affair with FS as it broke me even. My remaining loan book looks very unhopeful, but if any more repayments come forward I'll be in profit 
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adrian77
Member of DD Central
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Post by adrian77 on Mar 2, 2021 7:23:17 GMT
totally agree - they take our money, they screw-up big time and we pay them 5% - crazy or what!
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arby
Member of DD Central
Posts: 910
Likes: 959
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Post by arby on Mar 2, 2021 10:31:51 GMT
totally agree - they take our money, they screw-up big time and we pay them 5% - crazy or what! ...and that's before even getting into the T&Cs which would suggest to any lay investor that FS don't take a fee until all investor monies are repaid.
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