Steerpike
Member of DD Central
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Post by Steerpike on Aug 22, 2017 11:20:30 GMT
SWMBO and I will hurt just a little if this one goes down but if the powerboat should hit the metaphoric rocks it will hurt a lot more. Have a fair amount invested in The Provident which has hit trouble water today and has lost just over two thirds of its value. I wont be selling but don't know how long for! Snap! I have Boat, Wind, and Provident, ouch, but not I suspect as big an ouch as you have in Boat, still fingers crossed, after all even Rishton has partly repaid with promise of jam tomorrow.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 22, 2017 11:31:21 GMT
SWMBO and I will hurt just a little if this one goes down but if the powerboat should hit the metaphoric rocks it will hurt a lot more. Have a fair amount invested in The Provident which has hit trouble water today and has lost just over two thirds of its value. I wont be selling but don't know how long for! Snap! I have Boat, Wind, and Provident, ouch, but not I suspect as big an ouch as you have in Boat, still fingers crossed, after all even Rishton has partly repaid with promise of jam tomorrow. This is most certainly a case of "don't panic". This is just what the market traders love - a big hit, chairman decapitated and chaos on the market with lots of punters selling off their shares at what ever they can get for them. Strangely enough it could be the time to buy Provident or at least an option, although I am not sure it has hit the bottom yet. In terms of the size of the loan book it makes most the P2P providers look like toddler's. Consequently there is a huge amount of value in the Prov. loan book which must be attractive to someone.
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Post by bonfemme on Aug 22, 2017 12:05:34 GMT
Me too - I'm already in a net loss situation How diversified are you? I'm mainly at 1% but of course Sod's law and a fat finger moment means I'm 3% in two or three baduns. I'm still confident of 8%+ Well, I'm not at all well-diversified as I've been liquidating and am now left mostly with a load of . I've only been with FS since April 16 and so far have defaults in Domain names; wind turbine, K*****borough (x 3); 6 yachts and Newcastle. Hoping for some recoveries of course.
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SteveT
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Post by SteveT on Aug 23, 2017 8:44:55 GMT
Ballpark 70% capital loss on this one (£305k recovered, <19% of original £1.6m valuation!)
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macro
Member of DD Central
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Post by macro on Aug 23, 2017 8:45:39 GMT
News just in.. an ill wind turbine that blows nobody any good
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Post by bracknellboy on Aug 23, 2017 9:05:01 GMT
Ballpark 70% capital loss on this one (£305k recovered, <19% of original £1.6m valuation!) That alone would take me close to overall loss on FS, without taking into account final outcomes on a few others such as Powerboat.
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locutus
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Post by locutus on Aug 23, 2017 9:13:43 GMT
How can the valuation have been so far off?
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Post by mrclondon on Aug 23, 2017 9:22:48 GMT
How can the valuation have been so far off? (Hopefully FS will not mind a small quote from the email, my bold, as it highlights the wording of the original loan listing on the FS website was misleading) "The original valuation estimated the finished value of the wind turbine at £1.6m. More recently (April 2017) the valuer, Berrys, confirmed that in the past 18 months the value of wind turbines had dramatically reduced, especially in Northern Ireland, where the appetite for investment in the alternative energy sector has fallen. They estimated that the turbine, in today's market, would be valued at around £1m, when completed, connected and generating income. The engineering inspection carried out on behalf of the administrators raised concerns about the usability of the existing equipment, advising that it was likely to cost between £150k-£200k to replace parts that had either been damaged during the intervening period or were simply incompatible with more efficient, modern systems."The key point was the valuation was against the completed project. We've just sold an incomplete , damaged, and dated project. I really have no-one to blame other than myself for buying a small chunk of this on the SM at a 3% discount. Its worth pointing out that whilst the VR makes it clear (para 3.15.2) that the valuation is against project when complete, in the loan listing FS state "The attached valuation and appendix are based on the current status of the turbine. The loan is to complete the activation of this turbine and to support additional wind turbine sites under development. "
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Aug 23, 2017 9:40:25 GMT
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locutus
Member of DD Central
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Post by locutus on Aug 23, 2017 9:45:54 GMT
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Post by bonfemme on Aug 23, 2017 9:51:42 GMT
Paltry, I know, but there's another £20k due with a VAT refund
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Forward
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Post by Forward on Aug 23, 2017 10:16:50 GMT
If the figures turn out to be correct my loss will be c£140 (£200 invested) These are the 5 top investors, so god knows what they’ll be thinking ********* - £85,000.00 ************* - £50,000.00 ***** - £42,600.00 ********* - £36,000.00 ************* - £35,000.00
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Monetus
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Post by Monetus on Aug 23, 2017 10:19:39 GMT
If the figures turn out to be correct my loss will be c£140 (£200 invested) These are the 5 top investors, so god knows what they’ll be thinking ********* - £85,000.00 ************* - £50,000.00 ***** - £42,600.00 ********* - £36,000.00 ************* - £35,000.00 I wonder if FS will be dipping into their own pockets for this one to at least reduce the capital loss to some degree. They've done it for other loans (admittedly much smaller). I really hope this news will be included in this month's newsletter regardless - it's going to have a substantial effect on Funding Secure's capital loss statistics that's for sure... I am personally down a five figure sum...
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locutus
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Post by locutus on Aug 23, 2017 10:29:05 GMT
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Post by bracknellboy on Aug 23, 2017 10:33:35 GMT
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