09dolphin
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Post by 09dolphin on Aug 8, 2018 11:50:03 GMT
Is this the next default? FS are "in discussions with the lender" as the 1st loan is due to repay or renew today (as stated on the online chat).
If the borrower can repay the interest what is there to discuss? If the borrower can't pay the interest then it seems to me that there is yet another potentially huge default looming - hope I'm wrong.
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Post by beepbeepimajeep on Aug 8, 2018 11:55:07 GMT
Hope not, I have kept renewing my multiple (albeit small) investments across these loans. Will wait and see, fingers crossed.
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Post by boudicca on Aug 8, 2018 12:15:49 GMT
Is this the next default? FS are "in discussions with the lender" as the 1st loan is due to repay or renew today (as stated on the online chat).
If the borrower can repay the interest what is there to discuss? If the borrower can't pay the interest then it seems to me that there is yet another potentially huge default looming - hope I'm wrong. Next default ? Just checked the loan out.
Repayment was due yesterday, and you start calling default one day after. Really?
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09dolphin
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Post by 09dolphin on Aug 8, 2018 12:26:04 GMT
Is this the next default? FS are "in discussions with the lender" as the 1st loan is due to repay or renew today (as stated on the online chat).
If the borrower can repay the interest what is there to discuss? If the borrower can't pay the interest then it seems to me that there is yet another potentially huge default looming - hope I'm wrong. Next default ? Just checked the loan out.
Repayment was due yesterday, and you start calling default one day after. Really?
My problem is that if they are having problems with paying the interest in the 1st loan how are they going to cope with the multiple loan parts due for repayment in the next few months.
I suggest that you check out the total number of loans rather than just this the one loan.
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Post by boudicca on Aug 8, 2018 12:32:48 GMT
Next default ? Just checked the loan out.
Repayment was due yesterday, and you start calling default one day after. Really?
My problem is that if they are having problems with paying the interest in the 1st loan how are they going to cope with the multiple loan parts due for repayment in the next few months.
I suggest that you check out the total number of loans rather than just this the one loan.
Just looked at other thread, you mentioned you are only holding defaulted loans. This hasn't defaulted.
Also, if you are trying to leave the platform, can't understand why you haven't' sold this loan on the secondary market.
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Post by boudicca on Aug 8, 2018 12:46:45 GMT
New update just out - perhaps not the next default after all.
The borrower is reviewing whether to simply renew or whether to partly pay down the loan, as has been done with other loans. It will therefore either be renewed or closed and replaced with a smaller loan shortly.
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Post by dan1 on Aug 8, 2018 12:59:06 GMT
New update just out - perhaps not the next default after all.
The borrower is reviewing whether to simply renew or whether to partly pay down the loan, as has been done with other loans. It will therefore either be renewed or closed and replaced with a smaller loan shortly. Oh my word you are naive boudicca Let me remind you of one of the updates on a particular development in Whitehaven
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Post by boudicca on Aug 8, 2018 13:04:02 GMT
New update just out - perhaps not the next default after all.
The borrower is reviewing whether to simply renew or whether to partly pay down the loan, as has been done with other loans. It will therefore either be renewed or closed and replaced with a smaller loan shortly. Oh my word you are naive boudicca Let me remind you of one of the updates on a particular development in Whitehaven Is pointing out that a default isn't imminent one day after the renewal date, naive ? Do you think this loan is about to default ?
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blender
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Post by blender on Aug 8, 2018 13:11:36 GMT
New update just out - perhaps not the next default after all.
The borrower is reviewing whether to simply renew or whether to partly pay down the loan, as has been done with other loans. It will therefore either be renewed or closed and replaced with a smaller loan shortly. Oh my word you are naive boudicca Let me remind you of one of the updates on a particular development in Whitehaven Going up where? Perhaps they meant going up in flames. The great thing about a timber frame is that it is created off site, and you need to produce only some paperwork, not the actual frame.
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adrian77
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Post by adrian77 on Aug 8, 2018 13:28:32 GMT
absolutely - and all FS needed to do was to contact the manufacurer and with the permission of the lender ask for a notarised copy of the bill of sale and proof of funds received.
Did they do this - answer on a digital postcard I can now run off a £530K invoice if anybody would like to send me a cheque!
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Imothep
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Post by Imothep on Aug 8, 2018 18:32:51 GMT
absolutely - and all FS needed to do was to contact the manufacurer and with the permission of the lender ask for a notarised copy of the bill of sale and proof of funds received. Did they do this - answer on a digital postcard I can now run off a £530K invoice if anybody would like to send me a cheque! actually that’s not what FS should have done , there is a FIDIC & JCT mechanism in place for material off site payments , recognised by RICS. It is generally accepted that the lender will make the payment direct to the manafacturer and the goods are then assigned to the lender , if in storage awaiting delivery they have a note placed on them that they are assigned to the lender , this is general practice in design and build and build only contracts . Receivers and bailiffs are not legally allowed the goods if this mechanisms is used. That is what should have happened and of course as they were not there they wouldn’t have been paid. If they have been given paperwork then that’s fraud and criminal charges should be pursued .
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adrian77
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Post by adrian77 on Aug 8, 2018 19:38:32 GMT
and all FS needed to do was to contact the manufacurer and with the permission of the lender ask for a notarised copy of the bill of sale and proof of funds received assuming industry pratices were not followed in the first place
OK I should have typed as above - the point is FS should not have advanced this money without security rather then being in the total shambles that they are now in. Clearly fraud is always a possibility in the building game and this is why I am staggered this is not the first time FS seem to have been rolled over. I was in this one but thankfully ditched my holding when I sobered up...
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Post by df on Aug 8, 2018 21:06:48 GMT
Oh my word you are naive boudicca Let me remind you of one of the updates on a particular development in Whitehaven Is pointing out that a default isn't imminent one day after the renewal date, naive ? Do you think this loan is about to default ? I'm not worried about this loan. The borrower kept renewing for a long time and paid down some of third charge facility at some point. But if I'm wrong and it defaults, it won't be quick and easy to sell the asset.
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rookey123
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Post by rookey123 on Aug 9, 2018 8:19:33 GMT
As apparent 'experts' in pawn I would hope that it would just be put up for sale at Sotheby's and as an internationally renowned collection will sell. We have a very low LTV on this so I would argue that a lot of things need to go wrong for us not to be made whole.
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Post by beepbeepimajeep on Aug 9, 2018 13:33:37 GMT
These loans have done my small investments in them pretty well on FS over the years so fair play.
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