Monetus
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Post by Monetus on Sept 21, 2016 11:37:43 GMT
Anyone else thinking this could be heading towards default territory shortly?
Countless promises of the borrower sending funds to cover the interest for the renewal since the 15th August but no sign of the actual money - a lot of stalling tactics.
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Post by tigerbalm on Sept 21, 2016 16:24:28 GMT
+1 agree !
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Monetus
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Post by Monetus on Oct 10, 2016 8:13:31 GMT
3 weeks later and still no funds.... just more updates of "funds awaited".
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Post by doorway on Oct 11, 2016 8:46:00 GMT
Update, loan to be renewed, at higher interest rate.
Funds were supposed to be supplied from elsewhere, against additional security.
I hope the lifeboat isn't overcrowded.
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Post by rookey on Oct 11, 2016 17:23:10 GMT
have to say compared to some of the development loans on the site this really has security! £10k an acre for arable land in the South of England is really not unreasonable.
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Monetus
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Post by Monetus on Oct 17, 2016 16:03:52 GMT
Update, loan to be renewed, at higher interest rate. Funds were supposed to be supplied from elsewhere, against additional security. I hope the lifeboat isn't overcrowded. Funds promised last week.... still no funds or sign of the renewal. Will this saga ever conclude?
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shshsh
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Post by shshsh on Oct 28, 2016 16:16:08 GMT
I am surprised there is not more concern about this loan - funds promised on 23/08 and not available on 28/10 - repeated assurances and failure to pay - I would expect FS to be taking control of the assets by now.
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Post by doorway on Oct 31, 2016 21:26:48 GMT
Undate posted on the FS site under Hampshire land, quote ...
29/10/2016
Once again borrower remains continuously in contact. Throughout discusssions they have kept us up-to-date with the problems they have had in finalising the arrangment for funding. They, and we, remain confident that the funds will be forthcoming.
As previously advised the borrower has also authorised an increase tin the interest rate for the renewal to further encourage investors.
I can't understand this ?
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jamesc
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Post by jamesc on Nov 24, 2016 18:18:55 GMT
I see this loan is finally up for renewal but the security looks good.
I have a large position in this because I always thought the original loan valuation looked overly conservative, now there is a new valuation with a significantly enhanced value although LTV is based on the old valuation.
The delay in renewing IMHO is more down to being cash poor and asset rich rather than anything more sinister. I guess the most important thing is the final exit plan.
Does anyone have any views on this as I am wondering if I should renew ?
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09dolphin
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Post by 09dolphin on Nov 24, 2016 21:44:25 GMT
reminds me of the Scottish Boatyard.
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jamesc
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Post by jamesc on Nov 24, 2016 22:28:43 GMT
reminds me of the Scottish Boatyard. In what way my understanding of the Scottish Boatyard ( I am not involved but from reading this forum) is that it was somewhat overpriced in the valuation and moreover when it come to selling because of its somewhat quirky nature it has been difficult to sell for a decent price ( sorry if my understanding is wrong. Whereas the Hampshire land is just that farmland in the south east which has a much more defined value and thereby much more able to be realised. So I repeat in what way does it remind you of the Scottish Boatyard ?
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09dolphin
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Post by 09dolphin on Nov 25, 2016 8:30:02 GMT
James - I was referring to the numerous promises to pay interest starting in January 2016 rather than the value of the security. The loan I was using as an example is, sadly, only one that are several months behind the date they were due to be redeemed. FS seem to be more than happy to believe the borrower will pay interest as long as they keep in contact. I understand that a default has a cost and possibly implications for the reliability or reputation of the site but sometimes it's the kindest and most economically viable route for the borrower and lender.
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fp
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Post by fp on Nov 25, 2016 10:03:18 GMT
IMO, I think this is a bargepole loan, wether he/she is asset rich or not, they seem to lack the ability/will to settle debts when then they become due, i'd sooner have my cash in the bank, than sat 3 or 4 months overdue in a loan where I haven't actually been paid a penny in interest yet, and don't know if I will ever see any or not, along with my actual investment.
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Post by doorway on Nov 25, 2016 10:33:06 GMT
What rights has the tennant farmer ?
Can the agreement be ended ?
What income does this bring ?
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Post by Deleted on Nov 25, 2016 11:48:43 GMT
Just made a little loan, think it has elements of barge pole about it but... the land is worth it.
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