Steerpike
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Post by Steerpike on Aug 14, 2019 13:43:12 GMT
Apparently FS are considering changing their name to BS to more accurately reflect their MO.
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r00lish67
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Post by r00lish67 on Aug 14, 2019 13:56:29 GMT
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rocky1
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Post by rocky1 on Sept 1, 2019 6:01:44 GMT
FS Monday 19th deadline for repayment proposal has passed.did the borrower even reply to your deadline ?any chance of letting us know where we are now on this one.
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Steerpike
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Post by Steerpike on Sept 4, 2019 12:24:37 GMT
Update 4-Sep-19
Despite a deadline being sent for a repayment proposal we have not received anything from the borrower. The receivers are now reviewing the costs and timescales required to complete the units and sell them on as individual properties to try and maximise the value. We will provide a further update once the receivers have come back with their findings
Chat 4-Sep-19
Development Project, Formby - Renewal (1586956834) Please can you say if the property is now vacant and all tenants have left?
Hello, we do not have this information at this time, we are waiting for the receivers to come back to us then I will ask for an update to be posted.
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rocky1
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Post by rocky1 on Sept 4, 2019 13:42:11 GMT
yet another borrower taking the p*ss.it is obvious that deadlines/formal demands/contracts etc mean sod all to these bags.we are not talking lending a few quid out down the pub on any of these loans. a bloody phone call/text/email whatever every three months asking the borrower can we please have our lenders money back this year is not good enough.these borrowers should be visited personally and have things explained to them.we are not talking about ordinary people here.the majority of these borrowers are crafty devious liars who will do anything not to pay back and p2p has been very easy pickings for a lot of them.every time i look on here a bloody borrower has gone missing or is unabled to be contacted.it is not hard to find people like these.
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sqh
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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 Sept 4, 2019 13:45:41 GMT
fundingsecureI'm very happy with the latest update, ".....complete the units and sell them on as individual properties to try and maximise the value." If FS stick to that plan of action 1st and 2nd tier tranche holders may get repaid in full. Whatever happens lenders can be reassured that FS have acted openly. Not sure why we need the views of the receivers, just extra cost.
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bg
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Post by bg on Sept 4, 2019 14:17:19 GMT
fundingsecure I'm very happy with the latest update, ".....complete the units and sell them on as individual properties to try and maximise the value." If FS stick to that plan of action 1st and 2nd tier tranche holders may get repaid in full. Whatever happens lenders can be reassured that FS have acted openly. Not sure why we need the views of the receivers, just extra cost. FS cant just take control and sell a property. They have to appoint independent receivers to do this task who have certain obligations under the law to do the best for both parties.
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Steerpike
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Post by Steerpike on Sept 4, 2019 15:34:44 GMT
I am mildly encouraged to see that it appears that there may be meaningful action about to be planned, but I can't stretch to happy as I still remember:
"28/08/2017 Development is complete and is being marketed by Entwistle Green for £200k each with £220k for the penthouse i.e. total selling value of £1.42m."
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Post by brightspark on Sept 4, 2019 15:50:47 GMT
Old FS played along with borrower being economical with the truth. Hopefully new FS team have genuinely taken a different tack and have adopted a salvage strategy as opposed to wishful thinking. Time will tell. It must be concluded that a full recovery is not on the cards.
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adrian77
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Post by adrian77 on Sept 4, 2019 15:55:26 GMT
This may be the best option but I stress "may" - I would also say this should have been done months ago. On Homes Under The Hammer etc - virtually always people buy a house slap a few K into it and make a profit- believe me this is total and absolute twaddle as the costs given are often a joke. Of course it can work but is not guaranteed. If the economics of this one were wrong at inception then they will be wrong now unless the market moves up. If the receivers take it over there are all sorts of costs e.g. council tax(?), maintenance, security, architect, managing agents and the fire inspection will need re-doing etc, insurance issues etc etc. It is going to cost a few grand just to get the structural engineers report to confirm the current structure is sound.
I hope this one can be sorted but ...
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ozboy
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Post by ozboy on Sept 4, 2019 16:31:28 GMT
Old FS played along with borrower being economical with the truth. Hopefully new FS team have genuinely taken a different tack and have adopted a salvage strategy as opposed to wishful thinking. Time will tell. It must be concluded that a full recovery is not on the cards. Basically agree with you brightspark, but you have mis-typed, I think you meant "savage"?!
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sqh
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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 Sept 4, 2019 16:58:56 GMT
fundingsecure I'm very happy with the latest update, ".....complete the units and sell them on as individual properties to try and maximise the value." If FS stick to that plan of action 1st and 2nd tier tranche holders may get repaid in full. Whatever happens lenders can be reassured that FS have acted openly. Not sure why we need the views of the receivers, just extra cost. FS cant just take control and sell a property. They have to appoint independent receivers to do this task who have certain obligations under the law to do the best for both parties. I understand that, but the property has been assessed for auction and withdrawn at least once. The whole property has been assessed for refinance and rejected because there wasn't enough headroom. In November 2018 the new FS management team, appointed an employee to focus on repairing/completing the apartments, because that was considered the best option. In 6 months the receiver has achieved nothing, and is now re-reviewing what's already been assessed.
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bg
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Post by bg on Sept 4, 2019 17:22:15 GMT
FS cant just take control and sell a property. They have to appoint independent receivers to do this task who have certain obligations under the law to do the best for both parties. I understand that, but the property has been assessed for auction and withdrawn at least once. The whole property has been assessed for refinance and rejected because there wasn't enough headroom. In November 2018 the new FS management team, appointed an employee to focus on repairing/completing the apartments, because that was considered the best option. In 6 months the receiver has achieved nothing, and is now re-reviewing what's already been assessed. My understanding of how these things work (and I'm no expert) is that its completely in the hands of the receiver unless FS terminate their appointment, appoint someone else and start the process all over again.
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Post by brightspark on Sept 4, 2019 19:19:02 GMT
Old FS played along with borrower being economical with the truth. Hopefully new FS team have genuinely taken a different tack and have adopted a salvage strategy as opposed to wishful thinking. Time will tell. It must be concluded that a full recovery is not on the cards. Basically agree with you brightspark , but you have mis-typed, I think you meant "savage"?! It was salvage. War-like language is inappropriate. It is an exercise in legal recovery which should be prompt as opposed to letting things drag on. The downside is that lenders have to accept the hard to swallow fact that only a proportion of what is owed is likely to be recovered. Some lenders prefer to let things run on in the hope that a loan will come good. In my experience it rarely if ever happens. It also seems to be the case that some of the most disreputable borrowers are the ones capable of inflicting the most damage. i.e. a large sum is borrowed with not the least intention of it ever being repaid - essentially a fraud.
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baldpate
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Post by baldpate on Sept 5, 2019 9:24:31 GMT
It's a shame fundingsecure could be bothered to post the latest update to all loans in all facilities. As things stand, only 1st Facility T1&T4 and 2nd Facility T1 have received the update. I believe that leaves five other defaulted loans against the Formby development which didn't receive the update.
EDIT - and as if by magic, a few minutes later the additional updates have been provided!
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