Doc
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Post by Doc on Jun 13, 2019 14:10:28 GMT
Update - There are now three actions happening simultaneously: 1) A large business deal is nearing completion, which would enable the borrower to repay in full. Although progressing there have been delays that are currently being worked through. 2) The borrower is awaiting funds from the sale of some artwork, which would cover interest payment to renew the loan. 3) A specialist lender has given LOI to refinance the current debt at a lower rate. We have sight of the documentation - they will be verifying the details within the next two weeks. Whichever happens first will be actioned - a further update will be made at end June
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Post by spareapennyor2 on Jun 28, 2019 12:50:07 GMT
fundingsecureWhichever happens first will be actioned - a further update will be made at end June we all know how good you are at keeping to thing`s like this yeah right
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Post by spareapennyor2 on Jul 31, 2019 15:45:36 GMT
fundingsecureCan we have the update by end of June now it's end of July
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Post by spareapennyor2 on Aug 9, 2019 18:36:49 GMT
Update on site If this happens I will be impressed 50K by end of next week good start So long stop end of November
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iRobot
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Post by iRobot on Aug 9, 2019 19:35:40 GMT
Update on site If this happens I will be impressed 50K by end of next week good start So long stop end of November FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one.
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sarahcount
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Post by sarahcount on Aug 9, 2019 20:06:17 GMT
Update on site If this happens I will be impressed 50K by end of next week good start So long stop end of November FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one. I do hope so. This is my largest loan across all my platforms so fingers very firmly crossed here. (And yes I am running out of fingers. Will I get sued by a borrower? Will missing cars etc be located? Will platforms still be around to honour interest guarantees made for failing to perfect security? Will part completed developments sell for more than a pittance? Will all the dedicated and hard-working Administrators have some money for me once they have covered all their costs?)
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arby
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Post by arby on Aug 9, 2019 20:15:46 GMT
FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one. I do hope so. This is my largest loan across all my platforms so fingers very firmly crossed here. (And yes I am running out of fingers. Will I get sued by a borrower? Will missing cars etc be located? Will platforms still be around to honour interest guarantees made for failing to perfect security? Will part completed developments sell for more than a pittance? Will all the dedicated and hard-working Administrators have some money for me once they have covered all their costs?) You don't ask for much do you? I bet soon some chancers will come along and also demand some interest on their investment too!
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sarahcount
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Post by sarahcount on Aug 9, 2019 20:36:32 GMT
I do hope so. This is my largest loan across all my platforms so fingers very firmly crossed here. (And yes I am running out of fingers. Will I get sued by a borrower? Will missing cars etc be located? Will platforms still be around to honour interest guarantees made for failing to perfect security? Will part completed developments sell for more than a pittance? Will all the dedicated and hard-working Administrators have some money for me once they have covered all their costs?) You don't ask for much do you? I bet soon some chancers will come along and also demand some interest on their investment too! Steady on! Actually if you could offer me all my P2P money back with zero interest right now I might just bite your arm off. But maybe I've just been unlucky/foolish investing in Collateral in particular - and putting too much attention on loan DD rather than platform DD. Anyhow I'm in this loan's first charge, the tower block's first charge and just got my silver coins money back so not all doom and gloom.
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baldpate
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Post by baldpate on Aug 27, 2019 12:32:15 GMT
Update on site If this happens I will be impressed 50K by end of next week good start So long stop end of November FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one. They may have laid out their road map, but they certainly aren't adhering to it. The £50K has not been received, and the loans have not been formally defaulted. FS are doing themselves no good by clearly stating they will do a thing, then not doing it - and worse still, keeping silent about it.
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rs
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Post by rs on Aug 27, 2019 13:44:52 GMT
FS have certainly laid their road map out on this one. Mind you, with the collection in their control and an LTV of c 40%, I think they probably afford to feel 'comfortably aggressive' on this one. They may have laid out their road map, but they certainly aren't adhering to it. The £50K has not been received, and the loans have not been formally defaulted. FS are doing themselves no good by clearly stating they will do a thing, then not doing it - and worse still, keeping silent about it. Are these books in FS possession? or in borrower's possession?
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Post by spareapennyor2 on Sept 13, 2019 13:57:20 GMT
update on site as i said i would be impressed clearly i`m not long overdue action start to sell these books ASAP
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paulb
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Post by paulb on Sept 13, 2019 13:59:02 GMT
Just had an email that this has been defaulted ("Unredeemed") - though "we retain the security", so reassurance there at least.
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Post by df on Sept 13, 2019 14:03:44 GMT
update on site as i said i would be impressed clearly i`m not long overdue action start to sell these books ASAP Yes, eventually arrived to this long overdue decision. Now we can wait and see how long it will take to sell the books and how accurate advertised 17.5% LTV was. Edit: also good news on "Jewellery & tennis bracelet".
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rogerthat
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Post by rogerthat on Sept 13, 2019 14:21:26 GMT
Just had an email that this has been defaulted ("Unredeemed") - though "we retain the security", so reassurance there at least. Value £3,000,000.00
Condition Good Description This extensive collection of rare and antique books includes more than 5000 items dating from the 15th Century, including books, illuminations, lithographs and manuscripts, plus texts and hand written correspondence on The Inquisition. The Library has been recently appraised at £5,000,000 - see attached Updated Valuation. We will, however, continue to base LTV on the initial valuation as a more conservative estimate, £425K + roughly 18months interest..well under normal circumstances it should be a mere bagatelle..shouldn't it ? Sadly the experience of the last couple of years suggests otherwise. With the presumed leeway, this would be a golden opportunity for FS Mk11 to show what they're made of. To hell with sentiment, flog it off on Ebay if necessary. It's about time investors interests were prioritised, instead of pandering to delinquent borrowers. Time to show your true colours fundingsecure
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arby
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Post by arby on Sept 13, 2019 14:34:56 GMT
It appears this is what they're already doing?? They had previously agreed a plan up to November with various checkpoints along the way. I think we all know old FS would have classed that as no update required until Christmas at the earliest. This loan has been defaulted without undue delay (despite what many people would like to see, defaulting at 6 months & 1 day is not a fair business practice).
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