blender
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Post by blender on Mar 6, 2017 22:58:00 GMT
With the default of this loan the control of it will have passed from the property team to the collections and recovery team. Control is thankfully now in the hands of professional Administrators. Two (named and redacted in the other place) Insolvency Practitioners. The FC team fortunately just get the onerous task to choose the colour of the progress - ie in this case Amber! Are we really surprised the names of the IP's were redacted? The FC recoveries team presumably had the task of deciding to appoint professional administrators, and choosing them. Do we criticise them for not trying to do the job themselves?
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adrianc
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Post by adrianc on Mar 15, 2017 17:54:06 GMT
(Their formatting mess corrected)
Well, that's all terribly nice, isn't it? Nearly a month after the administrators were appointed, they've asked for the books to be delivered "we understand" that they will be "imminently"... And the bank, solicitors and recent ex-directors have all been asked what they might know.
Excuse me, but there's a snail getting impatient.
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voss
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Post by voss on Mar 15, 2017 18:13:02 GMT
Never rely on anyone else to do something for you and never use middlemen - if only one could always stick to that.
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Godanubis
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Post by Godanubis on Mar 22, 2017 9:45:22 GMT
Decided to remove over £30000 from FS just left £7000 in "Defaulted bad debt" mainly in this "Asset Secured" loan no confidence in FS I hope When recovered all interest to date (compounted) plus a penalty will be paid to investors and not just "here is your investment thanks for your ?? 2 years of patience.
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oldgrumpy
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Post by oldgrumpy on Mar 22, 2017 10:07:07 GMT
Decided to remove over £30000 from FS just left £7000 in "Defaulted bad debt" mainly in this "Asset Secured" loan no confidence in FS I hope When recovered all interest to date (compounted) plus a penalty will be paid to investors and not just "here is your investment thanks for your ?? 2 years of patience. Maybe you could move it into FS. There are quite a few (apparently) attractive loans there every week if you pick selectively. I'm also almost out of FC now, this loan being the largest of about £2K of odds',sods defaulted but possibly recoverable.
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Godanubis
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Post by Godanubis on Mar 23, 2017 9:43:00 GMT
yes in my portfollio got few at 12% asset secured on varous other sites that are a bit more efficient at recovery and have *NO" capital losses. All my investments in FS were either first charge or director guarntee. Which I think amounts to him saying "It's OK mate I'm good for the money"
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sussexlender
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Post by sussexlender on Mar 23, 2017 20:23:54 GMT
Hi, perhaps I misunderstand your Post but do you mean you moved funds from FC to FS? (see oldgrumpy's post above).
This series of (now) defaulted London Loans are a total shambles created by FC who have permitted the borrower to stall for time whilst doing nothing to protect FC investors.
Regards, SXLR
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Godanubis
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Post by Godanubis on Mar 23, 2017 23:27:52 GMT
Hi moved all I could sell to FS,MT,SS,and few others giving 10-12% and have mostly no losses. At least thanks to Mr Osbourne losses are tax deductable across platforms for up to 4 years
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jayjay
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Post by jayjay on Mar 27, 2017 19:16:29 GMT
I note a bunch of the studio apartments are up for short term lets on F*****s, the large London estate agent at £2900pcm each. I think these are the smallest rooms, which makes sense.
I think this underlines the intrinsic value of a dozen(is it 14?) self contained apartments in pricey Islington - I am still struggling to see how even a fire sale will not cover this debt.
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jayjay
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Post by jayjay on Mar 28, 2017 11:35:52 GMT
There appear to be now thirteen studios up there and they are ALL very small. No sign of the separate 'apartment'
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sussexlender
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Post by sussexlender on Mar 28, 2017 19:34:07 GMT
Investors have not been told a single thing by FC as to what is going on.
It is a total fiasco caused by FC's failure to manage these loans or to secure investors cash after nearly 12 months.
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seeingred
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Post by seeingred on Mar 29, 2017 10:12:52 GMT
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sussexlender
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Post by sussexlender on Apr 6, 2017 9:50:03 GMT
It is almost 12 months since FC have allowed these five "short term, equity release, secured loans" to avoid paying any interest and have done nothing to prevent the Borrowers from skilfully avoiding the repayment of the Capital.
FC have told us that Administrators have been appointed and are no doubt generating very substantial fees on a daily basis, writing letters and demanding access to material from the Borrower who has been uncooperative on previous occasions.
Investors are kept in the dark as to the replies from solicitors / accountants / e mail providers or Directors and we have no idea what progress has been achieved.
It is only from private investors own research (as per the FC platform Forum thread of 39 pages) that it has become clear that the name of the building has been changed and that 13 small "apartments" are currently on the market for rent as short term lets at £2,950 pm. A google search of apartments for rent on the relevant road will provide a very quick link to F****** letting agents.
If they ever managed to let these rooms investors should be told where the money is going.
The private investors in these loans have been kept in the dark and given no actual information from FC "the 2017 Superbrand".
It is time FC came clean and admitted they have been negligent in their handling of these loans and have allowed the Borrowers to pull the wool over their eyes, head and the rest of their corporate body.
FC should take over these outstanding debts, repay investors the capital and the missing 12 months interest. Then they can do what they like with this building.
Investors simply want to get on with providing funds to other projects with trustworthy Borrowers who don't suddenly change their names or companies (both of which FC were entirely aware but did not tell investors), and who don't simply feed excuses to the property team at FC who simply accept them as being true.
This has gone on long enough.
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adrianc
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Post by adrianc on Apr 6, 2017 12:43:45 GMT
Investors are kept in the dark as to the replies from solicitors / accountants / e mail providers or Directors and we have no idea what progress has been achieved. The private investors in these loans have been kept in the dark and given no actual information from FC TBF, the last update was mid March, and told us to expect an update at the end of April. We're now about half-way through that period. The administrators were appointed in late Feb, after an extended period of what was clearly run-around from the borrower. Perhaps you didn't quite understand what you were signing up for, before investing? We may not like where we are, but we can't complain about the concept. Only about the execution. Should the loan have been shut down earlier? Perhaps. Should FC have been more on top of it? Perhaps. But give the administrators a chance...
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jayjay
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Post by jayjay on Apr 6, 2017 15:29:36 GMT
This has gone on long enough.
Realistically its got a lot longer to go - at least another nine months I should think. Unless, that is, the Indian hotel family back home just coughs up - I dont see FC putting their hands up on this. I am very pleased it is at last in the hands of an administrator who has specific legal responsibilities to all creditors and stakeholders. I do not expect a running commentary just them to go through the long process in recovering as much as they can in a complex case. Their time frame will be a year to resolve this I should think. The facts are FC have valid security on a substantial asset that should pay the capital back and looks to be close if not better than the advertised LTV. The borrower has tried to play some games with the directorships but we not only have a personal guarantee on an apparently wealthy individual but it certainly looks prima facie if the directors have diverted money out from this hotel company into one of their other UK assets. This is another line of enquiry that I am sure the administrators are pursuing. FC have made mistakes and have been painfully slow in appointing these administrators but I just would not expect things to move that fast.
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