taffy
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Post by taffy on Jan 31, 2024 12:09:18 GMT
I intend approaching a prominent politician for advice on how to make FCA accountable for their lack of regulation of F/S and others. I will also approach media outlets that may investigate further.
Below are some glaring examples of "failings" (being polite). Can anyone think of any worse examples?
SECURITY / VALUATION / METHOD / LOAN / RECOVERED
1 Malayan Garnet /£90,000 (Trade) / Hatton Garden Valuer / £60,000 (66.67% LTV) / £10,591
2 BMW M3 Race Car / £34,000 / Sales Comparison / £17,000 (50% LTV) / £0 - Car (s) untraceable (Not held by F/S)
3 Dutch Barge / £30,000 / Not declared / £20,000 (LTV 66.67%) / £10,000 (sale) less expenses = £807 (4% recovery)
4 House (2 flats) in Reading / £278,000 / Realtime Valuation / £195,000 (70.14% LTV) / £0 Loan not recoverable (from Richard Luxmore associate).
5 Property in Hampshire / £2,500,000 / RICS Surveyor / £950,000 (38% LTV) / £700,000 (Sale) Less expenses = £463,000 recovered.
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iRobot
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Post by iRobot on Jan 31, 2024 12:31:28 GMT
I intend approaching a prominent politician for advice on how to make FCA accountable for their lack of regulation of F/S and others. I will also approach media outlets that may investigate further. Below are some glaring examples of "failings" (being polite). Can anyone think of any worse examples?
SECURITY / VALUATION / METHOD / LOAN / RECOVERED1 Malayan Garnet /£90,000 (Trade) / Hatton Garden Valuer / £60,000 (66.67% LTV) / £10,591
2 BMW M3 Race Car / £34,000 / Sales Comparison / £17,000 (50% LTV) / £0 - Car (s) untraceable (Not held by F/S)
3 Dutch Barge / £30,000 / Not declared / £20,000 (LTV 66.67%) / £10,000 (sale) less expenses = £807 (4% recovery)
4 House (2 flats) in Reading / £278,000 / Realtime Valuation / £195,000 (70.14% LTV) / £0 Loan not recoverable (from Richard Luxmore associate).
5 Property in Hampshire / £2,500,000 / RICS Surveyor / £950,000 (38% LTV) / £700,000 (Sale) Less expenses = £463,000 recovered.
If it's strictly Valuation (and subsequent non-returns) the 'Italian Library' springs to mind - that was an order of magnitude out on its valuation. (Sure, collectibles can be trick to value but, this was so far wide of the mark it beggars belief.) The Art Loans may also qualify, not sure. I think it was more a case of incompetence and outright lies by the platform that led to the issues there - to a degree that I wouldn't be at all surprised if a Court found the directors of FS guilty should they ever be criminally charged. There were any number of development loans that failed, but valuations are typically based on a completed project and there are so many moving parts when compared to a more straightforward bridging loan. Personally, in trying to see the FCA held accountable, I think you're on a hiding to nothing, but I wouldn't want to put you off. Anything the raises the profile of the risks associated with P2P is OK by me...
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adrian77
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Post by adrian77 on Jan 31, 2024 16:35:34 GMT
What about the tower block in Wallasey?
For my tranche it was £2.5m or £3.5 m finished but I seem to recall it was up to £7m+ for later tranches?
Whatever £1.3m/2.5m returned is pretty poor to put it mildy!
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rocky1
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Post by rocky1 on Jan 31, 2024 17:46:32 GMT
whitehaven springs to mind timer frames that FS had seen sight of but where invisible to everybody else.i dont think there was any return on that one.complete fraud/scam.
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jcb208
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Post by jcb208 on Jan 31, 2024 18:11:26 GMT
Every time I here about the Reading loan it winds me up Luxmore got 2 flats paid by us and probably getting £2.5k rent a month now
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Post by lostinspace on Feb 3, 2024 13:42:23 GMT
Hi.
I know I am clutching at straws but I have emailed the Martin Lewis show, money saving expert.
Ideally he would give it a mention on his show to highlight the victims affected by this fraud.
Sure he is very busy but a mention could get a politican on board.
I am sure when they first came out they were highlighted as feasible investments on his show and so he could have an interest if they were conned too.
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mah
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Post by mah on Feb 3, 2024 21:47:13 GMT
I intend approaching a prominent politician for advice on how to make FCA accountable for their lack of regulation of F/S and others. I will also approach media outlets that may investigate further. Below are some glaring examples of "failings" (being polite). Can anyone think of any worse examples?
SECURITY / VALUATION / METHOD / LOAN / RECOVERED1 Malayan Garnet /£90,000 (Trade) / Hatton Garden Valuer / £60,000 (66.67% LTV) / £10,591
2 BMW M3 Race Car / £34,000 / Sales Comparison / £17,000 (50% LTV) / £0 - Car (s) untraceable (Not held by F/S)
3 Dutch Barge / £30,000 / Not declared / £20,000 (LTV 66.67%) / £10,000 (sale) less expenses = £807 (4% recovery)
4 House (2 flats) in Reading / £278,000 / Realtime Valuation / £195,000 (70.14% LTV) / £0 Loan not recoverable (from Richard Luxmore associate).
5 Property in Hampshire / £2,500,000 / RICS Surveyor / £950,000 (38% LTV) / £700,000 (Sale) Less expenses = £463,000 recovered.
I have a list which I need to dig out - shall update shortly.
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iRobot
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Post by iRobot on Feb 3, 2024 21:57:32 GMT
Hi. I know I am clutching at straws but I have emailed the Martin Lewis show, money saving expert. Ideally he would give it a mention on his show to highlight the victims affected by this fraud. Sure he is very busy but a mention could get a politican on board. I am sure when they first came out they were highlighted as feasible investments on his show and so he could have an interest if they were conned too. Being an investment - and a risky one to boot - I never really considered that P2P would feature on MSE. However, a bit of digging and there's a info page dedicated to it dating back (according to the Wayback Machine) as far as 30-Nov, 2012. From late 2019, Martin personally added the following which alludes to his own use of P2P: If I had to, I'd wager Martin invested in P2P via 'the big three' and with those now out of the picture I wonder if his writings above from 2019 could do with a refresh. Would certainly be interesting to get his view on P2P over the past dozen years: the imprisonment of COL directors*, the collapse of Lendy and FS (and the subsequent lack of returns to investors) as well as the Administrations of MoneyThing and Ablrate, the gouging of AC lenders through as well as the general migration away from retail-sourced funding for the P2P model. * - of course, COL wasn't technically P2P as they never achieved authorisation; although they were, through the FCA's lax regulatory control of the register, able to pass themselves off as having Interim Permissions Actually, it would be interesting to hear Martin's general opinion of the FCA and, presuming he has a view, on whether the nations financial regulators should remain 'untouchable' in terms of not having to 'make whole' on losses suffered as a direct result of their incompetence.
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Post by Ace on Feb 3, 2024 22:10:24 GMT
Hi. I know I am clutching at straws but I have emailed the Martin Lewis show, money saving expert. Ideally he would give it a mention on his show to highlight the victims affected by this fraud. Sure he is very busy but a mention could get a politican on board. I am sure when they first came out they were highlighted as feasible investments on his show and so he could have an interest if they were conned too. Being an investment - and a risky one to boot - I never really considered that P2P would feature on MSE. However, a bit of digging and there's a info page dedicated to it dating back (according to the Wayback Machine) as far as 30-Nov, 2012. From late 2019, Martin personally added the following which alludes to his own use of P2P: If I had to, I'd wager Martin invested in P2P via 'the big three' and with those now out of the picture I wonder if his writings above from 2019 could do with a refresh. Would certainly be interesting to get his view on P2P over the past dozen years: the imprisonment of COL directors*, the collapse of Lendy and FS (and the subsequent lack of returns to investors) as well as the Administrations of MoneyThing and Ablrate, the gouging of AC lenders through as well as the general migration away from retail-sourced funding for the P2P model. * - of course, COL wasn't technically P2P as they never achieved authorisation; although they were, through the FCA's lax regulatory control of the register, able to pass themselves off as having Interim Permissions Actually, it would be interesting to hear Martin's general opinion of the FCA and, presuming he has a view, on whether the nations financial regulators should remain 'untouchable' in terms of not having to 'make whole' on losses suffered as a direct result of their incompetence. He did invest in Zopa, Ratesetter and FC. He used to report on his experience on the MSE website.
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mah
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Post by mah on Feb 4, 2024 19:36:54 GMT
A) S*****y G***e Reading - 6147432141 - 278K Loan - how can a Loan be arranged without Sufficient Documentation - isn’t this a Fraud ?
B) Astbury Property - 1165075552 - 201K Loan - Borrower Untraceable - again insufficient background check
C) Devt in the Wirral - 2452378963 - Only £400K recovered (£282K Returned to Lenders) against a Valuation of 1.8M
D) Land at Weston Rhyn - 1737840360 - Only 550K offered against a Valuation of 2.035M
E) Malaya Garnet - 7663442012 - Sold for £10,591 against a Valuation of £90K
F) C****n S****t, Liverpool, 7th Tranche - 1827402892 - Auctioned for £712K against a Valuation of £2.1M
G) V***y B****e M**l, Crewkerne - 6632342498 - £600K Received (£456K Returned to Lenders) against a Valuation of £2.135M
H) C*****r H***e - 2938283517 - Sold for £1.3M against a Valuation of £3.5 M
I) C*****r H***e, Tranche 7 - 3265526729 - Sold for £1.3M against a Valuation of £4.17 M
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mah
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Post by mah on Feb 4, 2024 19:37:55 GMT
Here is a list of the common director loans
2355178947 - Development Plot, Liverpool (common director linked)
1611528052 - Development Plot, Liverpool - Additional borrowing (common director linked)
8556946759 - 2nd charge Farnham, Hertfordshire - Additional borrowing (common director linked)
1739155574 - Property Loan - W**t D***y R**d, Liverpool (common director linked)
6741181097 - Property Loan - W**t D***y R**d, Liverpool - Additional Loan - Tranche 2 (common director linked)
7224997259 - Property in Southampton - Consolidation (common director linked)
2796468189 - D*****t R**d, Liverpool (common director linked)
6451255949 - A******y L***e, Gosport, Hampshire - Renewal (common director linked)
3652466266 - A******y L***e, Gosport, Hampshire - additional loan (common director linked)
5275753640 - A******y L***e, Gosport, Hampshire - additional loan (common director linked)
1217218503 - A******y L***e, Gosport, Hampshire - additional loan (common director linked)
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mah
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Post by mah on Feb 4, 2024 19:43:39 GMT
Further details. Some might be duplicates of above, but still listing them (better to have duplicates rather than miss some) :
The ‘F**s’ going to auction for £160k on an original valuation of £700k.
‘F******s F^^^d, Maryport’ with a RICS valuations of £650,000.00 being sent to auction for £40,000.00 - Common Director loans where the borrower arranges a Valuation, gets 70% LTV and within 12 months arranges his own revaluation based on a "forced sale" basis (no reason for forced sale) & then Administrators approved his whole portfolio for an 80% loss to Lenders.
‘S*****y G***e, Reading’ (6147432141)
The loan updates include:
22/07/2019
This loan was made to a person connected to an ex-director of FundingSecure (R*****d L******e)
21/10/2020
Following a review of the security we have been advised that the documenation is insufficient to effect a recovery. The loan will therefore shortly be closed with no funds returned.
‘G*****y and F*******e, Llanfair, Chepstow’
Total value before completion of works: £1.39m. However, under the "Assets" tab on the FS website it says "Value £1,420,000". So, this was overstated by £30k as the work was not completed at that point (and in fact never were completed before the LPA receivers sold it). The "Assets" tab also stated "Condition:Excellent". This is apparently far from the truth as the more recent updates stated that the quality of the work was a recurrent issue during the sales process. It was also stated under the "Assets" tab that "The property comprises Llanfair F*******e, The G*****y and The G*****y F***d." However, a recent update states that the LPA receivers were unable to sell the G*****y F***d as FS did not have security over it. The properties have recently been sold after a very long marketing period for £425k (F*******e) and £285k (G*****y), 55% and 48% respectively of the original valuations.
Malaya Garnet – Loaned £60,000 at 66.67% LTV, so Valued at £90,000 and finally Sold at 17% of the Loan Amount – 11.3% of the Valuation.
Other examples include :
Formby Devt ; Land at Weston Rhyn ; P*******d M**l, Wigan ; Devt Plot, Carlisle ; St M***’s R**d, Hastings ; Collection of Properties on N Ireland ; A*****a L***e, Gosport ; C*****r H***e, New Brighton ; Property in Whitehaven ; R****g S****l ; etc.
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mah
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Post by mah on Feb 4, 2024 19:49:32 GMT
Further ones - again at the cost of duplication (as I'm running short of time to consolidate these - sorry) : S*****y G***e, Reading (6147432141) - No Documentation for 1st Charge on Valuation of £278K
Malaya Garnet (7663442012) - Sold for £10,591 Vs Valuation of £90K
Property in Southampton (7224997259) - Offered 440K Vs Valuation £2M
Devt in the Wirral (2452378963) - £400K Recovered Vs £1.8 M Valuation
C****n S****t (1827402892) - Offered for £506K (+£450K from Borrower ?) out of £1.389M drawn down ? Valuation £2.1M
W********e C*****e (1725186168) - Valuation reduced to £800K Vs Original of £1.55M
C*****r H***e (3265526729) - Sold for £1.3M Vs Valuation of £4.17M
C****r H***e - New Brighton (2938283517) - Sold for 1.3M Vs Valuation of £3.5 M
V***y B****e M**l (6632342498) - £680K Offered on £2.135M Valuation
West Bromwich Property (1925651679) - Valuation reduced to £600K Vs Valuation of £1.625M
Land at Weston Rhyn (1737840360) - Sold for £600KVs £2.035M Valuation
Land at Weston Rhyn (821266538) - Sold for £600K/£1.35M Vs Valuation of £1.77M
Collection of properties in Northern Ireland (1184500790) - 2 Properties @ £70K each; Valuation of £ 665K / 1.55M ?
A******y L***e had a Valuation of £2.5M, but only fetched £700K
Property Loan Whitehaven (3015522616) - £47,500 Recovered Vs £135L Valuation
Property Loan, W****n B***k R**d (1088623814) - Sold for £279K Vs Valuation of £750K
Formby Devt (7805271776) - £832K Recovered Vs £1.35M Valuation
Bromyard (854388210) - Sold for £376.7K Vs Valuation of £680K
I*****k R**d (7346187926) - Sold for £25K Vs Valuation of £60K
1st Charge Barnoldswick (8010286828) - Offer of £800K ? Vs Valuation of £1.06M
Ivy H****e R**d (4371079444) - £250K-£400K on £575K total Valuation - FS didn't disclose that the site is within 20 Mtrs of a Mining Site & so unstable
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Post by overthehill on Feb 4, 2024 21:46:18 GMT
The width and depth of miscreant behaviour related to an FCA approved company is astounding.
2799013492 The F**s, near Bristol 450000 12.00% - 15/06/2018 15/12/2018 200 26.1 defaulted 64 63% capital returned
2802737737 G********h H***e, Abergele, Wales - Renewal 1550000 13.00% - 14/02/2018 16/08/2018 25 4.61 defaulted 56 35% capital returned8971939203 The Jam – Memorabilia Collection - Renewal 102000 10.00% - 04/08/2018 23/01/2019 50 4.75 defaulted 34 43% capital returned2995118349 Microsculptures 250000 12.00% - 10/08/2017 10/02/2018 25 5.8 defaulted 28 0.00 confirmed 0% capital returned2452378963 Development in The Wirral - A*****d R**d - Consolidation and renewal 899500 13.00% - 29/09/2017 31/03/2018 200 46.73 defaulted 50 31% capital returned1168548924 Property Loan - Carlisle - Increase in borrowing 220000 12.00% - 17/05/2018 16/11/2018 200 28.01 settled 100 50% capital returned1088623814 Property Loan - W****n B***k R**d - Anfield - Renewal 450000 13.00% - 09/12/2017 09/06/2018 100 20.84 settled 44 44% capital returned7464882664 G********s E*****e - Renewal & Increase 671000 13.00% - 27/01/2018 27/07/2018 50 9.55 settled 52 10% capital returned1332129078 Property Loan - C****n S****t, Liverpool - 2nd Tranche - 2nd Renewal 120000 13.00% - 08/03/2018 07/09/2018 100 17.67 settled 65 30% capital returned2485563193 C*****l S****t, Galashiels 107000 12.00% - 23/04/2018 26/10/2018 50 7.4 settled 54 32% capital returned2419041369 Lennymuir, Scotland - Renewal 360000 13.00% - 31/08/2018 12/01/2019 50 5.7 settled 60 36% capital returned
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Post by overthehill on Feb 4, 2024 22:08:47 GMT
Further ones - again at the cost of duplication (as I'm running short of time to consolidate these - sorry) : S*****y G***e, Reading (6147432141) - No Documentation for 1st Charge on Valuation of £278K
Malaya Garnet (7663442012) - Sold for £10,591 Vs Valuation of £90K
Property in Southampton (7224997259) - Offered 440K Vs Valuation £2M
Devt in the Wirral (2452378963) - £400K Recovered Vs £1.8 M Valuation
C****n S****t (1827402892) - Offered for £506K (+£450K from Borrower ?) out of £1.389M drawn down ? Valuation £2.1M
W********e C*****e (1725186168) - Valuation reduced to £800K Vs Original of £1.55M
C*****r H***e (3265526729) - Sold for £1.3M Vs Valuation of £4.17M
C****r H***e - New Brighton (2938283517) - Sold for 1.3M Vs Valuation of £3.5 M
V***y B****e M**l (6632342498) - £680K Offered on £2.135M Valuation
West Bromwich Property (1925651679) - Valuation reduced to £600K Vs Valuation of £1.625M
Land at Weston Rhyn (1737840360) - Sold for £600KVs £2.035M Valuation
Land at Weston Rhyn (821266538) - Sold for £600K/£1.35M Vs Valuation of £1.77M
Collection of properties in Northern Ireland (1184500790) - 2 Properties @ £70K each; Valuation of £ 665K / 1.55M ?
A******y L***e had a Valuation of £2.5M, but only fetched £700K
Property Loan Whitehaven (3015522616) - £47,500 Recovered Vs £135L Valuation
Property Loan, W****n B***k R**d (1088623814) - Sold for £279K Vs Valuation of £750K
Formby Devt (7805271776) - £832K Recovered Vs £1.35M Valuation
Bromyard (854388210) - Sold for £376.7K Vs Valuation of £680K
I*****k R**d (7346187926) - Sold for £25K Vs Valuation of £60K
1st Charge Barnoldswick (8010286828) - Offer of £800K ? Vs Valuation of £1.06M
Ivy H****e R**d (4371079444) - £250K-£400K on £575K total Valuation - FS didn't disclose that the site is within 20 Mtrs of a Mining Site & so unstable
Wainbridge.
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