adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 18, 2020 13:03:08 GMT
good lad and good luck - please let us know how you get on.
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Nov 18, 2020 18:00:04 GMT
Only just noticed this. Loan closed with zero payout due to insufficient documentation to appoint receivers. This security was linked to one of the directors. Was there a first charge against the property?
|
|
michaelc
Member of DD Central
Posts: 4,895
Likes: 2,768
|
Post by michaelc on Nov 18, 2020 20:57:13 GMT
Only just noticed this. Loan closed with zero payout due to insufficient documentation to appoint receivers. This security was linked to one of the directors. Was there a first charge against the property? The description said this: "A 6 month loan secured by a first legal charge on a terraced property in Reading. The property has been subdivided into 2 self-contained one-bedroom flats yielding a combined annual gross rent of £18,000"I haven't double checked yet.
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Nov 19, 2020 3:00:57 GMT
Was there a first charge against the property? The description said this: "A 6 month loan secured by a first legal charge on a terraced property in Reading. The property has been subdivided into 2 self-contained one-bedroom flats yielding a combined annual gross rent of £18,000"I haven't double checked yet. How can a first charge become void? There is litterally proof of loan So there is a 1st charge against this property but it doesn't mean anything? Would be good to know in what circumstance a registered charge is unenforceable
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
|
Post by kermie on Nov 20, 2020 19:41:23 GMT
Difficult to understand how there can be no further recourse, if not via the borrower, then via the agents (i.e. FS, directors or the parties employed by them such as relevant solicitors involved in drafting the loan agreement).
|
|
mah
Member of DD Central
Posts: 328
Likes: 366
|
Post by mah on Nov 28, 2020 12:40:35 GMT
Solicitors who drafted the Loan Agreement/Contract are definitely liable - what's the Solicitors' Regulatory Authority for ?
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Nov 28, 2020 13:51:36 GMT
Regrettably, I rather suspect Solicitor liability will depend on how they were instructed which, in turn, will have been influenced by who instructed them. (And maybe even if any Solicitors were instructed at all; it could be the only paperwork in play is a Letter of Intent or similar between the connected party and FS.)
If everything was above-board and proper instructions issued, but the failing is that they weren't acted upon correctly then, absolutely - bring on the claims team to take the Solicitors to task.
On the other hand, given the 'connected' nature of the loan, if one or more those in charge of FS at the time are found to have been... well... let's politely call it 'relaxed' (for the time being) over the paperwork, then I'd expect those failings to have been recorded by Administrators and reported according to their regulatory obligations at the appropriate time. Along with all the other failings; the list must be getting quite long.
Given that CG haven't publicly stated they're pursuing any Solicitors over this and, instead, have closed the loan out in the manner they did, I know where my 50p would be headed if anyone were to run a book on the possibilities at play here.
|
|
mah
Member of DD Central
Posts: 328
Likes: 366
|
Post by mah on Dec 5, 2020 17:22:56 GMT
Mucho P2P and other members of CC (who are reading this), can this be raised at the next meeting or correspondence to the Admins and details of irregularities obtained please ?
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Dec 5, 2020 17:45:56 GMT
Mucho P2P and other members of CC (who are reading this), can this be raised at the next meeting or correspondence to the Admins and details of irregularities obtained please ?
We have just been notified of a CC meeting, in Jan 2021, no firm date set. The issue that we have is that there are now so many "issues", I am not sure how much time we will have. The CC meeting will be a remote meeting (obviously, under the circumstances) and this further hampers us when we need to see any docs. Wherever possible, I will make notes and relay to the lenders what I am allowed to after the meeting. Obtaining permission to exclude matters from the NDA is not that straight forward a task! If there are serious irregularities with this loan/paperwork, we might no be able to divulge
|
|
Mousey
Member of DD Central
Posts: 1,571
Likes: 6,571
|
Post by Mousey on Dec 5, 2020 23:44:27 GMT
Perhaps Luxmore put this loan on the platform "on the basis that ‘larger loans attract larger investors who do their own due diligence with regards to property and client’."
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Dec 6, 2020 13:31:21 GMT
Thanks for all your efforts - we really appreciate this
|
|
michaelc
Member of DD Central
Posts: 4,895
Likes: 2,768
|
Post by michaelc on Dec 7, 2020 0:18:36 GMT
Perhaps Luxmore put this loan on the platform "on the basis that ‘larger loans attract larger investors who do their own due diligence with regards to property and client’." So a retail investor within their ISA is expected to: 1/ Use google street view and other methods to determine the exact property address given it was redacted 2/ Pay some change to obtain the deeds to the property 3/ By magic make a connection with the owner of the property to luxmore Or perhaps the retail investor who has an ISA is expected to check themselves that the ISA doesn't involve a scam? This isn't some bloke down the pub but an FCA regulated ISA (an IFISA) Mucho P2P I do feel this loan deserves particular attention as it was to an owner at the time of the company. A bit like me depositing some money into Barclays and then learning it had gone to a Director who had run off with the money. My intention is to inform the police and to start a small claim against said previous director. Please anyone do get in touch (via PM initially) if you are in this loan and are thinking along similar lines.
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Dec 7, 2020 12:35:40 GMT
Perhaps Luxmore put this loan on the platform "on the basis that ‘larger loans attract larger investors who do their own due diligence with regards to property and client’." So a retail investor within their ISA is expected to: 1/ Use google street view and other methods to determine the exact property address given it was redacted 2/ Pay some change to obtain the deeds to the property 3/ By magic make a connection with the owner of the property to luxmore Or perhaps the retail investor who has an ISA is expected to check themselves that the ISA doesn't involve a scam? This isn't some bloke down the pub but an FCA regulated ISA (an IFISA) Mucho P2P I do feel this loan deserves particular attention as it was to an owner at the time of the company. A bit like me depositing some money into Barclays and then learning it had gone to a Director who had run off with the money. My intention is to inform the police and to start a small claim against said previous director. Please anyone do get in touch (via PM initially) if you are in this loan and are thinking along similar lines. Without going into detail, the longer this administration process drags on, the more is coming to light from various sources . I will also note, not only an FCA regulated ISA, but also a HMRC approved ISA.
|
|
|
Post by spareapennyor2 on Dec 15, 2020 12:03:27 GMT
Only just noticed this. Loan closed with zero payout due to insufficient documentation to appoint receivers. This security was linked to one of the directors. Fundingsecure director Richard Luxmore created "false and fraudulent documentation so as to conceal" payments of £8.15m, court papers claim explains insufficient documentation to appoint receivers. still would like administrators to clarify
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Dec 15, 2020 12:20:02 GMT
I take this to read - there was zero documentation - am I being cynical?
|
|