09dolphin
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Post by 09dolphin on Jul 2, 2017 22:27:29 GMT
Mike are you seriously suggesting that this building site is worth anywhere near the total lent? Yes I understand there may be materials in some builders yard and that there is an AFrame which has very limited value except for this specific site.
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09dolphin
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Post by 09dolphin on Jul 2, 2017 22:50:49 GMT
The outcome of the borrowers court case is of little interest to me but I do have an interest in when the capital and interest on this loan will be repaid. Time for an honest response from FS which doesn't include spurious information about court cases which is of no relevance to lenders.
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Post by charliebrown on Jul 2, 2017 23:11:11 GMT
I agree, this is a disgrace.
This appears to be fraud and FS has facilitated this via bad (no) internal controls.
i believe we should start a formal complaint. FS does not deserve to keep their FCA accreditation. If an accredited platform works this way then the accreditation is meaningless.
I fear the total lack of control from FS will make them a target for more such loans. I accept that most borrowers do borrow in good faith but the controls need to be in place to protect investors.
I'd like to see a stronger stance from FS. Demand that the construction be restarted (or even started) and monitor things very closely. If that does not happen then bring in the receivers and get investors at least some of their money back (I would not expect anywhere near a full recovery). I'm also surprised that the local council doesnt have something to say about it, it can't just be left as a festering hole in the ground for months/ years can it? Wouldn't local residents complain?
FS you've let all your investors down, even the ones that haven't got money in this particular loan.
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mikes1531
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Post by mikes1531 on Jul 3, 2017 1:38:04 GMT
Mike are you seriously suggesting that this building site is worth anywhere near the total lent? 09dolphin : No, not at all. But if you look at what you actually wrote (as I quoted before and repeat again here)... Because the loan obviously significantly exceeds the sum lent... ... I expect you'll see that what you wrote probably isn't what you meant to write.
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09dolphin
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Post by 09dolphin on Jul 3, 2017 6:05:46 GMT
Take your point Mike. I apologise.
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Post by charliebrown on Jul 3, 2017 9:51:32 GMT
What shall we do about this Situation?
I actually only stand to lose 300 quid on this loan (if it's a total loss) so I am not too upset about that outcome to be honest, it could have been worse. However, I don't want to be one of those people that say I am not badly affected so just forget about it. Some people will be affected worse than I will be, and I also have close to 6 figures invested here on FS and next time I might not be so lucky.
I could withdraw from the platform like others have said they will, but that doesn't help improve the situation.
Suggestions? Where do we go from here?
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mikes1531
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Post by mikes1531 on Jul 3, 2017 10:58:00 GMT
Take your point Mike. I apologise. No problem. I'm generally not at my most clear-headed when I'm writing at 0400.
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sb
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Post by sb on Jul 3, 2017 21:37:40 GMT
The latest update from the parallel universe
"Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17)."
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rs
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Post by rs on Jul 3, 2017 22:22:21 GMT
The latest update from the parallel universe "Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17)." finally some development on the site happening. Let's hope the timbers are not matchsticks that can be blown over by some wind.
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woodie
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Post by woodie on Jul 3, 2017 23:14:17 GMT
I'm not in this loan.
I have been an investor since November 2013. My maximum investment on the platform was in January 2015 at £28,000. My current exposure is £1,600. The latest photo of the site was taken on the 25/06/17. I am a Civil Engineer BSc. MICE. If frames are being erected they have discovered sky-hooks.
FS are a disgrace.
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oldgrumpy
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Post by oldgrumpy on Jul 3, 2017 23:34:06 GMT
The latest update from the parallel universe "Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17)." On what foundations? fundingsecure After all this lender due diligence, has FS themselves confirmed that the recent photographs we have provided are out of date/incorrect and that the borrower has told the truth?
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Post by harryvederci on Jul 3, 2017 23:34:10 GMT
Timber frames should be going up next week (w/c 10/7/17)not without the ground floor slab, sole plates & scaffolding they wont touche grumps
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r1200gs
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Post by r1200gs on Jul 4, 2017 10:05:12 GMT
"Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17"
Everything I can sell is sold, withdrawal made today.
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Post by zeverare on Jul 4, 2017 10:26:42 GMT
maybe you should read the update like this:
"Timber frames should be going up next week (w/c 10/7/17)": company who made the frame want to get rid of it and be paid for, so they are delivering next week . "Borrower met with contractor today onsite": panic, site is not ready, can we place it somewhere?
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r1200gs
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Post by r1200gs on Jul 4, 2017 10:31:57 GMT
maybe you should read the update like this: "Timber frames should be going up next week (w/c 10/7/17)": company who made the frame want to get rid of it and be paid for, so they are delivering next week . "Borrower met with contractor today onsite": panic, site is not ready, can we place it somewhere? Well I'm not a builder, but unless there has been substantial work we are unaware of, I don't see how it's possible to get those frames up next week. Honestly, I'm waiting for the update that says they are just doing the final decoration, and still we get pictures of a hole in the wall. Nothing would surprise me any more.
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