baldpate
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Post by baldpate on Aug 15, 2019 17:43:54 GMT
A partial recovery from the sale of the Astbury property was distributed today. Heavy costs (not unexpected, given the planning history) reduced the distribution to about 58% of the loan value. FS lay this out clearly in the loan update.
My account has duly been credited with a capital return which is indeed about 58% of the amount I had invested. But, mysteriously, I was also further credited with the interest due on that capital return (2.5 years @ 13% : give or take 30% of the capital amount returned). Very happy to receive it, of course - but where the heck did that come from?
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jo
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Post by jo on Aug 15, 2019 18:32:02 GMT
Lol, my first credit interest on this account since July 2018.
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IFISAcava
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Post by IFISAcava on Aug 15, 2019 20:15:10 GMT
A partial recovery from the sale of the Astbury property was distributed today. Heavy costs (not unexpected, given the planning history) reduced the distribution to about 58% of the loan value. FS lay this out clearly in the loan update.
My account has duly been credited with a capital return which is indeed about 58% of the amount I had invested. But, mysteriously, I was also further credited with the interest due on that capital return (2.5 years @ 13% : give or take 30% of the capital amount returned). Very happy to receive it, of course - but where the heck did that come from?The sale of the property!
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baldpate
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Post by baldpate on Aug 15, 2019 20:33:33 GMT
... - but where the heck did that come from?The sale of the property! If that were the case, the recovery figures FS give in the loan update must be completely understated - but why would they understate the recovery?
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IFISAcava
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Post by IFISAcava on Aug 15, 2019 20:42:08 GMT
The sale of the property! If that were the case, the recovery figures FS give in the loan update must be completely understated - but why would they understate the recovery? Hmm. Best withdraw the money before they cotton on then.
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baldpate
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Post by baldpate on Aug 15, 2019 20:55:40 GMT
Hmm. Best withdraw the money before they cotton on then.
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Post by df on Aug 15, 2019 21:07:46 GMT
If that were the case, the recovery figures FS give in the loan update must be completely understated - but why would they understate the recovery? Hmm. Best withdraw the money before they cotton on then. Have to give FS a credit - withdrawals are always in timely manner, much quicker than on most platforms, and it has been consistent.
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adrian77
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Post by adrian77 on Aug 15, 2019 21:32:21 GMT
interesting one - worst than I predicted but there you go
I note the valuation was £720K but gross realisation was £365 - strikes me a developer got a damn good deal there. So despite a ltv of 28% this was seems to have lost 22% at best or 42% at worst. Not very good is it - mind you better than many other disasters - just can't wait to see how much I am going to lose in (*arter House Formby etc.
However to return to this one am I the only person incredulous by the below How much! Not saying anything untoward but just can't see how this is justified..n
I thank you.
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adrian77
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Post by adrian77 on Aug 15, 2019 21:41:09 GMT
Just read the DD forum - I am wondering if a similar situation to the mixed use property in Coventry ...
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IFISAcava
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Post by IFISAcava on Aug 15, 2019 22:30:19 GMT
interesting one - worst than I predicted but there you go I note the valuation was £720K but gross realisation was £365 - strikes me a developer got a damn good deal there. So despite a ltv of 28% this was seems to have lost 22% at best or 42% at worst. Not very good is it - mind you better than many other disasters - just can't wait to see how much I am going to lose in (*arter House Formby etc. However to return to this one am I the only person incredulous by the below How much! Not saying anything untoward but just can't see how this is justified..n I thank you. Maybe interest in included in that figure?
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jcm9000
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Post by jcm9000 on Aug 15, 2019 22:48:26 GMT
Ye had tae jinx it! “Interest” taken back as a mistake. It happens, so, eh, aye.
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Post by mrclondon on Aug 15, 2019 22:57:25 GMT
Ye had tae jinx it! “Interest” taken back as a mistake. It happens, so, eh, aye. And someone's purchase of one of my loan parts on the SM has also been reversed. (Suspected that might happen after reading this thread)
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Post by spareapennyor2 on Aug 15, 2019 23:59:35 GMT
Someone working late Had withdrawn so now showing negative balance. On Today's updates st Helens may have a redemption on Friday won't cover all the interest / may clear next week then see how FS likes waiting
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adrian77
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Post by adrian77 on Aug 16, 2019 1:17:02 GMT
To FS I would say "don't bother" as it will probably be a waste of time and money and if you do bother please send us proof you are actually doing this rather than giving us warm words. Not sure if FS even have the time let alone money to pursue such avenues. All the valuer has to do is cry "Brexit" and game over...
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r1200gs
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Post by r1200gs on Aug 16, 2019 7:11:22 GMT
What, another FS investment with everybody losing money? I'm shocked, shocked I tell you.
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