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Post by mrclondon on Jan 26, 2019 12:31:54 GMT
Seven loans across 18 tranches totalling £6.075m plus well over £1m in accrued interest and fees, all to entities controlled by one person. Loan | Ids | Maturity | £ (Ranking) | Thread | Angle**y L*dg*, G*sp*rt, Hampshire | 6451255949 2067616420 3652466266 5275753640 1217218503 | 23/12/2018 05/05/2018 31/03/2018 08/09/2018 01/12/2018 | £950k (1st) £240k (2nd) £120k (3rd) £106k (4th) £209k (5th) | Link | Property in Southampton | 7224997259 | 24/03/2018 | £1.4m (1st) | Link | Property in Greenwich | 1188052941 2016237479 | 09/12/2017 31/03/2018 | £805k (1st) £75k (2nd) | Link | 2nd charge Farnham, Hertfordshire | 1226727175 8556946759 8318471802 | 30/10/2018 13/03/2018 16/04/2019 | £350k (2nd) £110k (3rd) £150k (4th) | Link | W*** D**** Road, Liverpool | 1739155574 2840744784 6741181097 6381402426 | 14/02/2018 12/04/2019 19/04/2019 24/04/2019 | £630k (1st) £106k (2nd) £50k (2nd) £42k (2nd) | Link | Development Plot, Liverpool ^
| 2355178947 1611528052
| 22/11/2017 13/01/2018
| £322k (2nd) £100k (3rd)
| Link | D**w**t Road, Liverpool (ex Development Site, Liverpool) | 2796468189 | 12/04/2018 | £310k (1st) | Link |
^ Partially refinanced, residual balance now 2nd charge Plus one REPAID (Goffs Oak)
E&OE Other threads in this series:
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james21
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Post by james21 on Jan 26, 2019 15:49:42 GMT
V Good work MrC. FS dont declare linked loans which is all wrong and one day will be a requirement by the FCA I believe. Lots of lower ranking loans and overdue loans in this lot, said it before avoid lower ranking in FS like the plague
Within the last 3, 2 are (said to be) imminently sold/refinanced, with the surplus paying down the one that has a become a 2nd. I hope so
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mjc
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Post by mjc on Jan 26, 2019 16:00:41 GMT
Being diversified and in most of those, I’m jolly relieved the FS default rate is only £1,334,741 (0.60%) out of nearly £300m. So we can all rest assured there’s an excellent probability of a full recovery. hic. Flying pigs?
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cwah
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Post by cwah on Jan 26, 2019 16:03:33 GMT
Thank you.
Good thing i'm in none of these loans
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trium
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Post by trium on Jan 26, 2019 16:31:17 GMT
V Good work MrC. FS dont declare linked loans They've started to
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kielbasa
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Post by kielbasa on Jan 26, 2019 16:35:43 GMT
Thank you, mrc.
Excellent stuff.
£6m plus £1m in interest and fees to one borrower.
Value of a PG if push comes to shove?
Answers on a digital postcard ...
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rogerthat
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Post by rogerthat on Jan 26, 2019 17:40:42 GMT
Is there any limit to the diligence of mrclondon ? fundingsecure..please take note ! If one sentence is indicative of the potential timebomb ticking away or the seemingly reckless disregard for lenders money then this surely takes the biscuit 'Seven loans across 18 tranches totalling £6.075m plus well over £1m in accrued interest and fees, all to entities controlled by one person'Glanced at this OP earlier but didn't want to spoil my Saturday especially as Saints have now schooled Tigers Unfortunately im in the 1st five..does anyone know from memory whether there was any declaration of loan correlation stated on any of these loans ?..I will look when I can bring myself to... I thought that many of the skeletons had been exhumed within FS but there seems to be no end in sight to this mind numbingly depressing saga "Beggars banquet"..beggars belief more like
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Post by mrclondon on Jan 26, 2019 17:55:48 GMT
Possibly stating the obvious - given the concerns I documented yesterday regarding the borrower's updates on three of the loans as to the existence of planning applications, there must be a degree of sceptism applied to the updates regarding progress towards refinance on a number of these. (There is no activity on the LR alert service for any of them so nothing is very imminent.)
On the positive side the G*sp*rt planning applications were approved late last year, and he is having to deal with what appears to me to be unreasonable planning officialdom in Greenwich.
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Post by mrclondon on Jan 26, 2019 18:05:46 GMT
I've just been alerted to the fact I've missed a tranche (£100k 3rd ranking on Development Plot, Liverpool) which I'm about to add to the table.
So total is £6.075m over 18 tranches.
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sarahcount
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Post by sarahcount on Jan 26, 2019 20:32:03 GMT
... Answers on a digital postcard ... Don't you start.
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coop
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Post by coop on Feb 10, 2019 18:28:34 GMT
The fact FS dont default these loans is such blatant manipulation of the stats.
I cant see any reason not to default these other than the fact that just these loans and the art loans together would be starting to get close to doubling the default rate.
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Post by mrclondon on Feb 15, 2019 12:45:09 GMT
Updates have been posted on some of these loans, and IMHO they lack precision and in some cases (e.g. W*** D**** Road ) also lack credibility.
Planning application reference numbers are still not being quoted. This really isn't good enough.
(I'm not often so openly critical of FS)
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moist
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Post by moist on Feb 15, 2019 13:49:01 GMT
Updates have been posted on some of these loans, and IMHO they lack precision and in some cases (e.g. W*** D**** Road ) also lack credibility.
Planning application reference numbers are still not being quoted. This really isn't good enough.
(I'm not often so openly critical of FS)
Particularly love the Gr**nwich one...which was refused on 1st Feb!!
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Post by crystal on Feb 15, 2019 14:02:16 GMT
These updates are pretty shocking IMO:
Southampton - "Planning was refused for 19 units. Planning has been resubmitted for 12 units under the planners guidance which is expected within 4 months and then refinance will take place."
Planning was not refused, it was withdrawn. Whether or not the 12 units will be satisfactory will be a matter for the planners and residents/objectors to thrash out during the planning process. Also - 4 months is likely to be the minimum rather than the maximum.
Liverpool - D**went "Planning is in for 7 Units and the developer expects to receive this within 3 months at which point refinance will take place."
Planning was submitted in November 2018 but the officer preapp advice (on the portal) notes that the proposal could not be supported given the over-massing of the site. Without significant redesign it is hard to see how this statement could be correct.
Greenwich "Two schemes are being considered under delegated powers, decision which to be decided early next week and then submitted for planning. A further update will be posted when we have confirmation."
There is still no application validated and visible - therefore no schemes are being considered under delegated powers. This means that the developer is considering one of two schemes. Once the application is submitted it may or may not be decided by delegated powers - this will depend on the number of objections received - which if high enough means going to the planning committee.
I doubt this is wilfully negligent - but the severe lack of precision/basic planning knowledge in these statements is a cause for considerable alarm IMO.
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michaelc
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Post by michaelc on Feb 15, 2019 18:40:38 GMT
Updates have been posted on some of these loans, and IMHO they lack precision and in some cases (e.g. W*** D**** Road ) also lack credibility.
Planning application reference numbers are still not being quoted. This really isn't good enough.
(I'm not often so openly critical of FS)
Today's update says planning permission has been granted and refinance should go through shortly. When I read that I thought "great !!". I wanted to back up (or not as the case may be) MrC's work in highlighting the planning status of this project. I went to the planning portal and like many it is difficult to use. Eventually I set up two searches which showed all planning applications submitted or whose decision was made during all of 2018 and 2019 up to the present date. There was one application over the road from our plot for new fencing for a garage. There was another showing the withdraw/refused application (I put those two together because very often an app that would be refused is withdrawn so that another free application can be submitted - I don't know that for sure in this case of course). The other applications were for other addresses. Therefore I do support Mrc's lack of credibility assertion. I have stupidly invested in this. How the heck can FS claim a planning app has been approved in the last few days or weeks ? I have enough invested to justify reading the officer's report to understand the reasons for refusal. If and when I do I'll summarise here (or in the DD if I need to). Edit: Ok it looks like no officer report - I guess because it was withdrawn before that stage. Silly me. Edit2: Was withdrawn due to non-payment of a five figure application fee (perhaps MrC already mentioned that somewhere. Well if he did its seconded here). Scary stuff.
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