dorset
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Post by dorset on Jul 17, 2019 11:44:11 GMT
OMG just found out that I own £20 of this turkey. Cannot even remember buying it and why I did. Must have had it from the beginning. Sold out all of my FC property loans in 2016 or so I had thought. My main losses on property are with Assetz (Ipswich, Epping etc).
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ashtondav
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Post by ashtondav on Jul 17, 2019 12:03:47 GMT
But Assetz has the provision fund...
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adrian77
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Post by adrian77 on Jul 17, 2019 12:09:23 GMT
I am sure it will although Brexit will be blamed! Ref this Devon ego trip - I wonder if FC glibly sold this one and shovelled our money into it without doing full DD and keeping an eye on the property...
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Nomad
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Post by Nomad on Jul 17, 2019 12:30:38 GMT
I have pretty much decided now the risk reward with most peer to peer doesn’t stack up. The whole sector is a misspelling scandal waiting to happen which I think could wipe a fair few operators out. Funding circle was clearly focused on growing loan book ahead of ipo. I run a very small business which for various reasons has a negative balance sheet. The company keeps getting sent letters from fc offering loans, that worries me! There's a fair amount of misspelling on this forum, too.
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Post by Badly Drawn Stickman on Jul 17, 2019 12:42:04 GMT
I have pretty much decided now the risk reward with most peer to peer doesn’t stack up. The whole sector is a misspelling scandal waiting to happen which I think could wipe a fair few operators out. Funding circle was clearly focused on growing loan book ahead of ipo. I run a very small business which for various reasons has a negative balance sheet. The company keeps getting sent letters from fc offering loans, that worries me! There's a fair amount of misspelling on this forum, too. Should be Ok now you have taken the P out of their post.
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dorset
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Post by dorset on Jul 17, 2019 16:09:03 GMT
But Assetz has the provision fund... Not for old loans such as Epping and Ipswich. Punters have taken the full hit on these - about 50% after recovery in each case
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adrian77
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Post by adrian77 on Oct 2, 2019 22:16:40 GMT
I flagged this one up as a disaster over 2 years ago - granted I am in this business but it was clearly an egomaniac vanity project destined to fail and how FC fell for this one defeats me - but there again they fell for the total cobblers pushed by the hotel owners in North London. Any couple who demolish a lovely old hotel to replace with a hideous version of Homebase for their personal greed don't get my vote. However does anybody know how this one finally ended up and how big the final loss was? I ask as it looks like it is the subject of next week's G**** D******. I have personal experience of one of the houses featured on this programme - there was a major cock-up during the build due to the owner over-estimating his abilities which needed redoing twice and cost a fortune to rectify - strangely enough nothing about this was mentioned on the show - also the owners were/are really arrogant and patronising although I think this was partly due to being virtually bust!
I thank you.
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blender
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Post by blender on Oct 2, 2019 23:29:34 GMT
It's still late. Unfortunately new fairer FC caught me for £100. They reported 18 Sept that we should get 30% recovery soon.
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adrian77
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Post by adrian77 on Oct 3, 2019 6:40:19 GMT
thanks a lot - I guess that mean recovery will be about 20-25%!
See my post below but this one is a complete horlicks - i would value this one in what was its current state last year as precisely zero! Not sure what it is like today but can't see it being any better. The only person who may want this one is a very wealthy footballer's wife or similar who has the 7 figure sum needed to finish it off but not sure if there are still planning issues and demolition may be the only option!
What I am saying is - I just can't see how FC can claim 30% recovery as there is no way on this planet anybody who is sane is going to pay the best part of £0.75m for an unfinished concrete monstrosity!
Can somebody remind me just how much FC are in for this one - thanks a lot.
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adrian77
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Post by adrian77 on Oct 3, 2019 7:24:11 GMT
update to my last post - I am checking with the administrators if I can post the link but this one has been covered by the Daily Mail - in nov 2018 it was nowhere near finished and it looks like a dilapidated WW2 gun battery and it is really hideous, not painted, not waterproof, not secure and a complete eyesore. Be interested to know if it is better or worse now! There is no scaffolding up so how are they going to paint it ? Not sure if the sea spray will clean the concrete but if not then I can foresee algae growing on the concrete so that will need cleaning off! The window don't seem to match - in fact I wonder if there will be a demolition notice which will please many of the locals!
If anybody local could comment on what it looks like now I would be interested
Please PM me if you want a link to the Daily Mail article about owner who apologises to locals of an ambitious cl*fft*p home set to appear on G**** D****** apologises to neighbours over its unfinished state eight years after plans for it were approved
I thank you.
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pip
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Post by pip on Oct 3, 2019 8:25:27 GMT
It definitely looks like it will be on next weeks g**** d******. Will be interesting to see the cock ups that went into losing my money.
Surprised more people are not more angry about this one. Total disaster.
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adrian77
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Post by adrian77 on Oct 3, 2019 11:10:14 GMT
Give them time!
This one looks odds on favourite to be a 100% wipeout to me - the locals are already complaining (I don't blame them!) so what happens if the council slap an enforcement notice on it - this chap clearly has not got the money (tough!) to improve this eyesore so what then - demolition notice? Of all the building cock-ups I have ever seen this one must be about the worst - I really would recommend investors take a look at the Daily Mail article to see just how bad this one is.
Not sure what is the biggest p2p 100% loss to date - if this one is a 100% loss it will beat the FS art loans which will be a mere £2.3m loss!
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r1200gs
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Post by r1200gs on Oct 3, 2019 11:55:17 GMT
I just found the pictures of it. Bloody hell, you could not pay me to take it.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Oct 3, 2019 14:52:01 GMT
I flagged this one up as a disaster over 2 years ago - granted I am in this business but it was clearly an egomaniac vanity project destined to fail and how FC fell for this one defeats me - but there again they fell for the total cobblers pushed by the hotel owners in North London. Any couple who demolish a lovely old hotel to replace with a hideous version of Homebase for their personal greed don't get my vote. However does anybody know how this one finally ended up and how big the final loss was? I ask as it looks like it is the subject of next week's G**** D******. I have personal experience of one of the houses featured on this programme - there was a major cock-up during the build due to the owner over-estimating his abilities which needed redoing twice and cost a fortune to rectify - strangely enough nothing about this was mentioned on the show - also the owners were/are really arrogant and patronising although I think this was partly due to being virtually bust! I thank you. yes and we all know that K*vin McCl*ud is an arrogant idiot who wouldn't know a truly good design if it smacked him in the face, they reckon investors in one of his projects may get 3% recovery !
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adrian77
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Post by adrian77 on Oct 3, 2019 16:14:00 GMT
I know which one you mean - he has also has mega problems with unhappy customers in another of his developments due to extremely poor building. However I will be interested to see the programme next week although how many viewers will know just what a massive cock-up this was is and how FC have let-down their investors? I have put a link to the Daily Mail article about this one in DD general under North Devon Vanity Project the bunker
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