coop
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Post by coop on Jul 1, 2019 8:46:52 GMT
May and June stats now here: www.fundingsecure.com/invest-with-us/loan-statisticsInteresting takeaways: Currently less than £10m lent which isn't overdue, 5 x more overdue loans than current loans. Current loans: £9,757,330 Overdue: £55,173,911 Defaulted Pending Recovery: £14,714,108 Lost Capital: £1,660,790
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Monetus
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Post by Monetus on Jul 1, 2019 9:04:49 GMT
May and June stats now here: www.fundingsecure.com/invest-with-us/loan-statisticsInteresting takeaways: Currently less than £10m lent which isn't overdue, 5 x more overdue loans than current loans. Current loans: £9,757,330 Overdue: £55,173,911 Defaulted Pending Recovery: £14,714,108 Lost Capital: £1,660,790 Shocking.
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adrian77
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Post by adrian77 on Jul 1, 2019 9:12:20 GMT
fantastic DD/research - well done
if my interpretation is correct and we have an overall 50% recovery on defaulted loans then that is £7m lost - of course this has to be proven but I can see over 3m being lost in the art and speedboats alone!
I am sure most would agree with me that the FS Lost Capital figure is very under representative as a lot of loans are not fully defaulted although they should be e.g. 3rd charge Wimbledon which was due 20/07/2017 and the next news is not due until October 2019 and there is zero chance (IMO) we will see a penny of this!
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jonno
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nil satis nisi optimum
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Post by jonno on Jul 1, 2019 9:13:43 GMT
May and June stats now here: www.fundingsecure.com/invest-with-us/loan-statisticsInteresting takeaways: Currently less than £10m lent which isn't overdue, 5 x more overdue loans than current loans. Current loans: £9,757,330 Overdue: £55,173,911 Defaulted Pending Recovery: £14,714,108 Lost Capital: £1,660,790 Shocking. I take your meaning as in "what a complete sh*t show" rather than "what a surprise!"
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coop
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Post by coop on Jul 1, 2019 9:29:02 GMT
fantastic DD/research - well done if my interpretation is correct and we have an overall 50% recovery on defaulted loans then that is £7m lost - of course this has to be proven but I can see over 3m being lost in the art and speedboats alone! I am sure most would agree with me that the FS Lost Capital figure is very under representative as a lot of loans are not fully defaulted although they should be e.g. 3rd charge Wimbledon which was due 20/07/2017 and the next news is not due until October 2019 and there is zero chance (IMO) we will see a penny of this! Yeah I think 50% recovery on the defaults is probably about right, if not being quite generous. Based on what we know about the overdue figure (which includes many loans such as the wimbledon loan you mention, and loads others which would be considered defaults in the traditional sense) I don't think it's unreasonable to assume at least a 10% loss on that figure. So that's £7m +£5.5m = £12.5m additional lost capital in what I would consider a fairly sympathetic hypothetical scenario.
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adrian77
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Post by adrian77 on Jul 1, 2019 10:39:03 GMT
Totally agree if we are 50% out that is still £6m down the tubes and if we look at the biggies such as speedboats, art loans, Lytham St Annes, Rishton etc etc then I can foresee £6m easily being breached - Gordon Bennett!
Of course FS may turn things around but time will tell.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jul 1, 2019 20:39:19 GMT
Totally agree if we are 50% out that is still £6m down the tubes and if we look at the biggies such as speedboats, art loans, Lytham St Annes, Rishton etc etc then I can foresee £6m easily being breached - Gordon Bennett! Of course FS may turn things around but time will tell. Interesting hypothesis but all loans are different and just attaching the label defaulted does not automatically mean a loss as some last months payments showed.
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adrian77
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Post by adrian77 on Jul 1, 2019 21:25:31 GMT
absolutely - but how are Charter House, Rishton, P**t Mill, The D*ll, Art loans, Barnoldswick etc etc going to pan out - 100% recovery - maybe not!
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Post by df on Jul 2, 2019 0:21:46 GMT
absolutely - but how are Charter House, Rishton, P**t Mill, The D*ll, Art loans, Barnoldswick etc etc going to pan out - 100% recovery - maybe not! I fear the Art loans crystallisation might be a subject to eternity.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jul 2, 2019 0:44:34 GMT
absolutely - but how are Charter House, Rishton, P**t Mill, The D*ll, Art loans, Barnoldswick etc etc going to pan out - 100% recovery - maybe not! Barnoldswick FS have said they will meet any shortfall
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sarahcount
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Post by sarahcount on Jul 2, 2019 7:42:55 GMT
absolutely - but how are Charter House, Rishton, P**t Mill, The D*ll, Art loans, Barnoldswick etc etc going to pan out - 100% recovery - maybe not! Barnoldswick FS have said they will meet any shortfall FS have said they will meet any shortfall on the Barnoldswick and Burnley terraced houses. Not the main Barnoldswick farmhouse though , you're on your own with that one.
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coop
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Post by coop on Jul 2, 2019 9:36:15 GMT
absolutely - but how are Charter House, Rishton, P**t Mill, The D*ll, Art loans, Barnoldswick etc etc going to pan out - 100% recovery - maybe not! Most of these aren't even defaulted but are in the "loans overdue" figure - including the art loans and the half a dozen or so linked property loans - starting to think a 10% predicted loss on that figure is far too kind!
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adrian77
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Post by adrian77 on Jul 2, 2019 10:02:51 GMT
Exactly - the cottage is pretty insignificant - unlike the farmhouse with first charge of £587K and second charge of £188K both about 18 months late and secured against an unsafe building with tenants!
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rogerthat
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Post by rogerthat on Jul 2, 2019 10:21:12 GMT
Don't forget the land attached..or not...or Ca*den House, or for that matter E D Rd Liverpool or South**pton or..Gain**orough H*use..or..Ibsto** Rd..or R Crook..or
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bfish
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Post by bfish on Jul 4, 2019 11:00:45 GMT
An update from FundingSecure on the below loans are available on the platform, please login for details.
1557263162 2432565074 8434260588 2483218090
Update only showing for the first of these !!!
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