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Post by GSV3MIaC on Dec 23, 2017 15:15:06 GMT
I'd be hard pressed to pick between Whitehaven (FS) and Isle of Wight (Ly), although the former would probably win the 'porky of the year' category .. and maybe nudge ahead on the basis of number of occurrences of the same stupid error.
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adrian77
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Post by adrian77 on Dec 23, 2017 17:42:12 GMT
Have traced the hotel - very private between the 2 beds I don't think!
However I note this company raised another 2 charges against the Eastbourne hotel in Nov 2107 - I don't believe it! So this company use London to borrow £400K (from memory) against Eastbourne and FC totally and utterly throw away all their security on Eastbourne so that this company can milk even more money out of the system- all at FC lenders' expense!
Xmas has come early for these borrowers.
Yet again there has been another change of directorship with a new director - guess what same surname and no assets who has now taken over Eastbourne!
What's next - 3 guesses!
The administrator for the London loan has applied for an extension so at best more delay and more expense...
I am no legal expert but I am not convinced that considering the winding up order all this is totally within the spirit of bankruptcy law...and that is being generous! If FC had taken a charge on Eastbourne then (as I see it) there is no way on this planet they could have got these other charges. And FC could have recovered the Eastbourne asset.
What happens next - a "new" entity offers to buy the London hotel where this family just happen to be living at 50p in the Pound? i.e. this family keep their home and asset thanks to over a £1m (with interest) free gift from FC - I really don't believe it but sadly I do!
Like most forum members I am no legal nor accounting expert but a lot of us said this looked problematical - I sold out when the directorship changed. I really think FC have been totally and utterly negligent here in a moral if not legal sense. I did actually speak to their housing "expert" - he sounded a reasonable guy and stated he had an MBA and wondered if I thought it was relevant. I politely said I was in this "dog eat dog" business and I was expecting a person a real-life track record rather than a piece of paper...QED! This company are clearly "professionals" in this business and have totally and utterly exploited the lamentable lack of experience within FC- I told this chap that this would happen!
Be interesting to see just how much is recovered - and whether any of the free rent can be recouped. My money is on 25-50% but that is a guess.
It may be of little comfort but there is another platform where a property loan has gone horrendously wrong and a loan of just under £1m is heading towards a 100% capital loss (pm me if you want the details)
As I said before I think FC have similar loans but they are just going to sweep them under the carpet by lending and then defaulting them.
To sanitise an Australian expression - I would not touch FC with the smutty stick!
To lenders in this loan - you have my sympathy and I hope you can bring a class action against FC Happy Xmas!
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sussexlender
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Post by sussexlender on Dec 23, 2017 18:13:21 GMT
The Eastbourne Apartment / Hotel is clearly a scandal permitted to exist due to the incompetence of FC.
How the planning department allowed the "family room" to be created with half room partitions - thus according no privacy to either persons in the double beds - is astonishing. It is hoped that someone will be able to obtain the approved plans / designs to check if they have complied with the consents. Anyone interested to see where all the cash went can send me a message in private messages and I will provide the link.
They have simply failed to protect the interests of FC investors in these loans from a family of highly skilled borrowers.
I am please to see that I am not the only one still interested in this series of highly suspect loans.
We need to bring our displeasure back to life otherwise FC will be allowed to pretend it never happened.
Thank you to those who have recently added to this thread and the continued support.
SXLR
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rogerthat
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Post by rogerthat on Dec 24, 2017 12:36:26 GMT
This thread doesn't need me to add anything to the posts above..its all been said. Unlike A.....77 I got caught with one of the middle loans, which happened to be my least, of quite a lot of , exposure. As the guillotine came down I managed to get rid of H8 (if memory serves) in the nick of time...the day before ! which was a rather large sum. So out of 8 (or was it 9 ) I got caught on one..which is still 4 figures but could have been so much worse. As brigh**park alluded to above, I didn't sign up to the new conditions so I'm draining the dregs of what recoveries FC are getting off approx 140 loans..around 110 of which are secreting pennies every month. I see the "you'll never walk alone" hotel is now saying it might complete end of Jan, which is another 4 figures so keeping my fingers crossed there. I hope this thread is maintained until a resolution is reached and many thanks to SXLR for keeping the drum beating. Like a previous comment, my shortest straw is that FC are shamed into recompensing lenders to negate dreadful PR..its a very short one but it maybe the only one. All I have to do now is try and live long enough to recover what I can.
Happy Christmas to all the usual suspects
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sussexlender
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Post by sussexlender on Dec 31, 2017 19:04:20 GMT
Dear Directors of FC
Please can investors have their Capital back from these secured 8 month "short term" London Hotel Loans?
They have been in default since April 2016.
As you closed the FC Forum due to investors asking awkward questions and then killed off your own "highly experience property team" I can't think of anyone else that might be able to stump up the cash - the Administrators having made no progress in very nearly a year.
Wishful thinking for 2018.
SXLR
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zlb
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Post by zlb on Jan 1, 2018 9:57:33 GMT
Dear Directors of FC Please can investors have their Capital back from these secured 8 month "short term" London Hotel Loans? They have been in default since April 2016. As you closed the FC Forum due to investors asking awkward questions and then killed off your own "highly experience property team" I can't think of anyone else that might be able to stump up the cash - the Administrators having made no progress in very nearly a year. Wishful thinking for 2018. SXLR So P2P is welcomed by the financial sector and government - because? Is it only because it takes the weight of this kind of debt away from banks? Would a bank chase this hotel debt? Is that the model that FC are (incorrectly) expecting to work to? It could be that platforms and the government in celebrating p2p are therefore forgetting that the fragmentation of the loan is different to in a bank and that the money is not organisational? I'm not in it, but having seen huge billboard adverts for FC in London, and having a minuscule dabble in the FCIF I'm interested in future of FC. Banks have had to isolate trading risk from the bank's other finance. If FC float, then would they, like a bank used to be able to do, use that money to pay of investor debt? Generally, would they be able to move money around like that? What will this vehicle be? Has anyone referred this loan to the FCA?
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ptr120
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Post by ptr120 on Jan 1, 2018 13:14:29 GMT
Has anyone referred this loan to the FCA? Yes.
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Post by listener on Jan 6, 2018 17:06:47 GMT
Has anyone referred this loan to the FCA? Yes. Have you heard back from the FCA, and if so, what did they say?
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Post by funkymonkey on Jan 7, 2018 7:01:08 GMT
I reckon we'll be having the same conversation in January 2019.…..
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Post by brightspark on Jan 7, 2018 9:05:26 GMT
Yes it would be helpful if listener could share their FCA experience as there must be many thinking of going down the same route probably after Administration is wrapped up. Unfortunately cases like this take years to come to resolution unless there is a willingness on all sides to put the matter to bed which hear does not appear to be the case.
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ptr120
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Post by ptr120 on Jan 8, 2018 7:26:39 GMT
I should clarify that my experience is with the Ombudsman and not the FCA.
Initially I complained on the basis of the failure of FC to default this loan in a timely manner and their failure to oblige the borrower to continue to service the loan on an ongoing basis despite the fact that the loan is apparently to an income generating asset. They did not find in my favour.
My latest approach relates to the existence of the lease which FC failed to disclose which is currently pending.
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sussexlender
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Post by sussexlender on Jan 9, 2018 12:33:57 GMT
HI to ptr120
Many thanks for the information and for taking some action. Please let us know how it progresses.
Still nothing from the cowardly FC management concerning how they might repay those of us who trusted their "highly experienced property team" [now deceased] to do full DD and not to get so easily deceived / ripped off by a very skilful set of borrowers. The S*v*n S***** premises appears to still be offering leases at absurdly high rents.
The Eastbourne C****** Aparthotel that was purchased using our "short term equity release funds" is still trading but the tiny rooms now reduced from £85 to £30 per night. It has never been clear why FC failed to get some charge over this premises to protect investors.
Here we all are in 2018, waiting for the next 6 months Administrators report and no doubt FC are hoping we will all forget their incompetence.
Now that the new system of blind investing is in place, investors have absolutely no idea what type of loans they are buying.
Regards, SXLR
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blender
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Post by blender on Jan 9, 2018 13:42:57 GMT
HI to ptr120 Many thanks for the information and for taking some action. Please let us know how it progresses. Still nothing from the cowardly FC management concerning how they might repay those of us who trusted their "highly experienced property team" [now deceased] to do full DD and not to get so easily deceived / ripped off by a very skilful set of borrowers. The S*v*n S***** premises appears to still be offering leases at absurdly high rents. The Eastbourne C****** Aparthotel that was purchased using our "short term equity release funds" is still trading but the tiny rooms now reduced from £85 to £30 per night. It has never been clear why FC failed to get some charge over this premises to protect investors. Here we all are in 2018, waiting for the next 6 months Administrators report and no doubt FC are hoping we will all forget their incompetence. Now that the new system of blind investing is in place, investors have absolutely no idea what type of loans they are buying. Regards, SXLR It's probably more polite to refer to 'the late Highly Experienced Property Team', especially considering the thread title.
Having just started a new balanced account, I can see what businesses have been chosen for me, and today has engendered feelings of nostalgia. Among my new parts is 4277, a vestigial part of a loan from December 2013, back in the day when their C was the lowest grading (or maybe C- had started). Twelve payments left out of 60, which looks a safe £16. Just perusing it I noticed that 'my orders', previously 'my bids', gave the number 88. And yes, four years ago I had 88 bids processing during the frenzy of the close and managed to secure about £2k of it at 11.5%. My 'new' part is 10.5%, and obviously bought originally by a less engaged lender, perhaps at MBR. After 4 years, 10.5% looks ok for the remainder. Those were the days. What fun we had. We bid hard, we spent our premia-pence on riotous living.
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sussexlender
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Post by sussexlender on Jan 9, 2018 14:53:20 GMT
Hi blender.
Good to see you again here and thanks for adding to the thread. I do feel we need to keep this at the forefront of this FC section of the p2pindep Forum as it might just make FC do something.
The FC management showed total discourtesy to us when they ignored our valid questions concerning these suspect borrowers, failed to take action for over 12 months and then ran away from their own Forum.
I would have tried a new balanced account but it is clear that investors have no choice in what they are given, it only becomes clear after it has been done by the all knowing FC machine - bit like buying as bag that you are told contains sweets but not which ones or how many might be mouldy (a new version of the old pig in a poke)
The old way of selecting and then bidding on each loan was the best for me, hence my decision to move out of FC and into the other more transparent P2P platforms.
The very best of luck with all your investments in 2018.
SXLR
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ptr120
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Post by ptr120 on Jan 9, 2018 15:32:12 GMT
HI to ptr120 Many thanks for the information and for taking some action. Please let us know how it progresses. I will do, but if you hold this loan and want to hit FC where it hurts then I suggest that you raise your own complaint on the same topic. I seem to recall that FC are charged by the ombudsman for each complaint investigated by them regardless of the outcome. Additional complaints on this loan might also encourage the Ombudsman to take a wider look at the management of this loan - I gather that they look very narrowly at the specifics of the particular complaint unless they sniff a wider issue.
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