mjc
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Post by mjc on Oct 19, 2018 8:41:45 GMT
Seems most loans are 13% +/- 1%, regardless of the real risks. I’d be happy to invest in 2 or 3 year loans for the like of a N Wales Manor House or W*st*n R*yn! And if the return was 8% or 22% reflecting the real risk of a full recovery. Until them I’m withdrawing-only, in favour of more reliable platforms.
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rogerthat
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Post by rogerthat on Oct 19, 2018 11:02:19 GMT
Some !.. 90% of my MA is currently beyond 6 months.. c 40% already more than twice that I doubt there is a single investor who would be happy..just a hunch mind Well that's a surprise..erm Just a thought..you're not the borrower by any chance ? I can think of quite a few of my loans where I'd be happy for them to roll on for years, I'm thinking here of loans below 40% ltv and where I trust the valuation. So, if someone trusted the valuation on this loan then it could be a good multi year investment. I believe I've already hinted at what my opinion of the valuation is, but I don't think it's appropriate to say more given I don't have facts. I assume you're asking if I'm the borrower as I dare to have a different approach to assessing a loan to you? Edit: all your loans that have paid back on time are now not shown as part of your main account investments, hence I would hazard that your 90% statistic is not even close to the actual number of loans that go well over 6 months. I don't want to get involved in a "mine is bigger than yours" spat but may I suggest you look up the meaning of the word 'currently'..and for further reference I posted a 'realtime' state of both my MA & IFISA accounts in %age terms (below) which accounted for every £ at the time of posting. p2pindependentforum.com/thread/13523/october-newsletter?page=2
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arby
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Post by arby on Oct 19, 2018 11:19:57 GMT
I can think of quite a few of my loans where I'd be happy for them to roll on for years, I'm thinking here of loans below 40% ltv and where I trust the valuation. So, if someone trusted the valuation on this loan then it could be a good multi year investment. I believe I've already hinted at what my opinion of the valuation is, but I don't think it's appropriate to say more given I don't have facts. I assume you're asking if I'm the borrower as I dare to have a different approach to assessing a loan to you? Edit: all your loans that have paid back on time are now not shown as part of your main account investments, hence I would hazard that your 90% statistic is not even close to the actual number of loans that go well over 6 months. I don't want to get involved in a "mine is bigger than yours" spat but may I suggest you look up the meaning of the word 'currently'..and for further reference I posted a 'realtime' state of both my MA & IFISA accounts in %age terms (below) which accounted for every £ at the time of posting. p2pindependentforum.com/thread/13523/october-newsletter?page=2I said that some loans don't pay back at 6 months. You replied with "Some! 90% of my main account is currently beyond 6 months" To many, it would appear you are drawing the conclusion that, from your experience, 90% of loans go overdue. I was simply pointing out that this isn't the conclusion as all your loans that have paid back on time aren't being counted. This has nothing to do with your bizarre assumption that we're arguing over the size of anything. Edit: to clarify, anyone who doesn't invest in any new loan for 6 months is guaranteed to have 100% of their active portfolio as overdue. That does not mean that 100% of loans go overdue. I saw you posted your portfolio summary, which is helpful, but any conclusion that can be drawn should be done while considering the uncertainties.
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Post by brummiefred on Jan 2, 2019 14:13:47 GMT
After 505 days the end may be in sight, refinancing this week! Updated an hour ago on platform.
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rogerthat
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Post by rogerthat on Jan 2, 2019 15:47:05 GMT
After 505 days the end may be in sight, refinancing this week! Updated an hour ago on platform. Amen to that..pity ive got around 150 other loans to go...one small step for man, one miniscule step for FS
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adrian77
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Post by adrian77 on Jan 2, 2019 16:05:25 GMT
if my maths are correct this one needs to realise over £1m to cover all charges - may have called this one wrong and for my fellow investors I hope I have but I think it will be close....
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Post by charliebrown on Jan 4, 2019 12:07:21 GMT
Update states “We are expecting this loan to be refinanced this week with full repayment of capital and interest”. It’s Friday today so when do they expect the refinance exactly.
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michaelc
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Post by michaelc on Jan 4, 2019 16:02:40 GMT
"End of the week" means end of the month. "Expecting" means about 50:50 chance of it happening.
God knows what possessed me at the time but I do have a reasonable amount in this so would be very happy if it does repay today !
That all said, there are perhaps some signs of some improvement in FS's recovery strategy. I hope it continues.
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Post by mrclondon on Jan 25, 2019 20:36:54 GMT
fundingsecure - your update of 21st Sept 18 that the (revised ?) planning application is not visible on the planning portal remains valid. Can you confirm (via a loan update) that you have seen written evidence that the application has been received/validated by the council and that you are not simply relying on the borrower's word. The previous application submitted in Jan 2018 was formally 'deposed of' (marked as WITHDRAWN) by the council in Nov 2018 through lack of payment of the planning fee.
I have raised similiar concerns regarding the borrower's Southampton loan here, and D**w**t Road, Liverpool loan here. It isn't really credible that 3 separate projects across 2 planning authorities should have display issues with the planning portal.
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adrian77
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Post by adrian77 on Feb 13, 2019 12:05:59 GMT
I like positive signs especially as this one is part of over £6m in loans
I just don't see how this chap is going to repay this one unless he gets refinancing and considering his state of debt I don't think that will be easy!
Looks as if the latest permission was cancelled so where on earth these multi-million Pound valuations come from defeats me - in fact I think the £850-900 is too high and considering this chap has borrowed £828K then I am a tad concerned especially as £630K is over 12 months late
Be interesting to see how valid the claim to redeem before yesterday turns out to be... hopefully tomorrow?
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Doc
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Post by Doc on Jun 13, 2019 14:32:43 GMT
Update - We have been advised by the Borrower that the Legal Document which is an Agreement to Lease between the Registered provider and the care provider, will be signed within the next 3-4 weeks. This will allow the Borrower to refinance and repay his loans with us. We will provide a further update once this has been actioned.
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rocky1
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Post by rocky1 on Jun 13, 2019 15:39:06 GMT
have FS had sight of this legal document or is this just the usual swivel chair updates from borrowers knowing FS dont check sod all anyway.
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crazi
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Post by crazi on Jan 28, 2020 18:19:21 GMT
Update 28/1/20 The borrower appointed their own Administrators on 9 October 2019. The Administrators have issued their proposals stating that the property has a value of £375,000 and that the return to FundingSecure will be 24% of the debt figure. On 12 December 2019 the Administrators put forward a global offer which incorporated various loans held by the Borrower involving other companies which are also in Administration. As the offer provided a higher realisation to those reported in the Administrators valuation, we provided consent to proceed with the deal on 18 December 2019, though no further update has been received despite several requests. ************************ FS previously reported: 15/02/2019 Planning permission has been granted and we expect refinance to go through shortly. ************************ How can the property "now with full planning" now only be worth £375k??? "The borrower appointed their own Administrators" on 9 October 2019 - that seems "very convenient" and yet the Borrow "is not in administration"... This is a CON! And CG&Co accepted this offer?
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rogerthat
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Post by rogerthat on Jul 30, 2021 15:01:55 GMT
Update 30/07/21
The Administrators of the borrower have advised that the proposed purchaser had been informed of negative comments in their pre-application meeting with the planners regarding the adjacent site which they own. A formal response from the planners was awaited; however, as a result, the purchaser requested a “subject to planning” conditional sale contract. As a result of this, the sale fell away. The Administrators (of the borrower) did not recommend an immediate return to the market, and instead approached the underbidders for any formalised offers. The offers received from the underbidders ranged from £360,000 to £450,000. Following some additional due diligence, the offer at £450,000 was accepted and heads of terms were in the process of being drafted. In the meantime, an increased offer from one of the underbidders at £455,000 was recieved. As such, the Administrators (of the borrower) have reverted to both parties and asked for best and final offers.
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iRobot
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Post by iRobot on Jan 31, 2022 20:15:21 GMT
31/01/2022 - "Contracts have now been exchanged at £450,000 with completion set for February 2022"
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