oldgrumpy
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Post by oldgrumpy on Jul 18, 2017 12:20:57 GMT
Anybody able to get a look at the site, now presumably a hive of activity? Yep! It's all happening. I've cropped the picture so stardust doesn't ban me for identifying the site. Attachments:
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r1200gs
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Post by r1200gs on Jul 21, 2017 10:19:37 GMT
Well it's a whole week now of what I presume have been busy bees at our little hive of activity in Whitehaven. Anyone going near to have a look? Not too close now, don't want to get in the way!
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09dolphin
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Post by 09dolphin on Jul 23, 2017 9:43:30 GMT
I'm still waiting to hear the reasons FS had for believing the utter tosh they wrote on the updates for this loan and why investors should believe anything FS write on their updates for quite a few of the late loans. There was ample evidence from the photos on this site that the "progress" FS claim to have been made was a figment of the borrowers imagination ie that the timber frames would be erected before the site was cleared and foundations laid.
What action is FS taking to ensure this problem doesn't reoccur in other late loans? I really would like to know.
I know that FS can't default this loan because they have allowed too much to be lent against security that doesn't appear to exist. However I do think FS have an obligation to keep investors informed when their processes for further advances have failed so lamentably and exactly what action they are taking to prevent this problem reoccurring in other loans.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 23, 2017 10:00:02 GMT
It has puzzled me for some time as to precisely why FS have been so weak over managing this loan. Surely FS must have been in possession of some documentation from the borrower as to the supposed progress on the site to be able to release the advances. If this is so FS should have able to threaten to go down the criminal route as this would seem to be a prima facie case of "obtaining money by false pretences" or simply fraud. There must be a reason other than simple incompetence on behalf of FS don't you think?
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michaelc
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Post by michaelc on Jul 23, 2017 13:55:41 GMT
My guess is that documentation consisted of an email from the borrower to FS along the lines of "....yes demolition and site clearance is complete.....yes diggers on site preparing the new ground works.....yes foundations complete......" and at each stage the next tranche has been released. FS have no investment in this loan so why not release other people's money? Surely less work than checking anything?
With a pawn loan, one check is made at the start of the loan and that's it. Maybe that's where this model came from?
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rs
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Post by rs on Jul 23, 2017 16:21:58 GMT
My guess is that documentation consisted of an email from the borrower to FS along the lines of "....yes demolition and site clearance is complete.....yes diggers on site preparing the new ground works.....yes foundations complete......" and at each stage the next tranche has been released. FS have no investment in this loan so why not release other people's money? Surely less work than checking anything? With a pawn loan, one check is made at the start of the loan and that's it. Maybe that's where this model came from? i wonder how long it will take before FS mention the court case that the borrower was going to receive a payout to be able to pay this loan! Does anyone know why no work has been done on this site for the last 6 months?
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mikes1531
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Post by mikes1531 on Jul 23, 2017 22:53:35 GMT
i wonder how long it will take before FS mention the court case that the borrower was going to receive a payout to be able to pay this loan! Does anyone know why no work has been done on this site for the last 6 months? ISTM that FS will mention the court case only if the borrower actually receives a payout. And the idea that might happen any time soon probably would be good cause for the residents of ilmoro's hat to spring into action! As for who might know why so little progress had been made on the site in the last six months, I'm afraid the only likely candidate is the borrower. ISTM that the updates posted by FS make it clear that they had no clue what actually was happening at the site -- I'm presuming they weren't deliberately lying to us -- so it doesn't seem likely that they would know the reasons for the lack of progress.
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r1200gs
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Post by r1200gs on Jul 24, 2017 8:48:05 GMT
i wonder how long it will take before FS mention the court case that the borrower was going to receive a payout to be able to pay this loan! Does anyone know why no work has been done on this site for the last 6 months? ISTM that FS will mention the court case only if the borrower actually receives a payout. And the idea that might happen any time soon probably would be good cause for the residents of ilmoro 's hat to spring into action! As for who might know why so little progress had been made on the site in the last six months, I'm afraid the only likely candidate is the borrower. ISTM that the updates posted by FS make it clear that they had no clue what actually was happening at the site -- I'm presuming they weren't deliberately lying to us -- so it doesn't seem likely that they would know the reasons for the lack of progress. They certainly knew what had not happened at the site when they posted the latest update, yet they still posted the buyers lies even though they then knew they were being lied to. That last update showed a shocking lack of judgment. As to why they still seem confident in the borrower, I don't know. I do know that their confidence in that borrower has severely damaged some lenders confidence in the platform.
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09dolphin
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Post by 09dolphin on Jul 24, 2017 10:08:20 GMT
ISTM that FS will mention the court case only if the borrower actually receives a payout. And the idea that might happen any time soon probably would be good cause for the residents of ilmoro 's hat to spring into action! As for who might know why so little progress had been made on the site in the last six months, I'm afraid the only likely candidate is the borrower. ISTM that the updates posted by FS make it clear that they had no clue what actually was happening at the site -- I'm presuming they weren't deliberately lying to us -- so it doesn't seem likely that they would know the reasons for the lack of progress. They certainly knew what had not happened at the site when they posted the latest update, yet they still posted the buyers lies even though they then knew they were being lied to. That last update showed a shocking lack of judgment. As to why they still seem confident in the borrower, I don't know. I do know that their confidence in that borrower has severely damaged some lenders confidence in the platform. I think their "confidence" relates directly to the fact that the equity for the loan is worth significantly less than the amount lent, and they are afraid that lenders will potentially take action against FS to recover any loss. Therefore they "have confidence" in the borrower in an attempt to protect themselves against loss. I personally find my trust in a person or company is destroyed when I discover they have lied several times. FS have demonstrated that they are happy to give many chances to people who demonstrably lie and are very happy to risk other peoples money.
Obviously there have been several misleading statements about progress made re the development which I can only assume originate with the developer. FS ignored the pictures published on this site - and chose to ignore or discount lenders legitimate concerns.
What I do know is that I would never recommend anyone to lend anything on the site against anything other than a loan based on the initial valuations, and even that I have my concerns about. Lenders should be very very cautious when lending money for subsequent tranches. In terms of trust FS have failed lamentably on this loan. And we all learn and amend our behaviour as we learn from our mistakes!!
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min
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Post by min on Jul 26, 2017 8:01:47 GMT
Update from 22/7/17 "Contractors have been on site all week clearing rubble and preparing for foundations. A photo is shown on a document loaded on the loan details screen. We will endeavour to update this document as and when we receive photos." Only photos I can find are dated Nov 16 showing progress of demolition. On main loan details this www.fundingsecure.com/images/noimage.pngLooks like photos aren't forthcoming!
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SteveT
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Post by SteveT on Jul 26, 2017 8:22:37 GMT
Update from 22/7/17 "Contractors have been on site all week clearing rubble and preparing for foundations. A photo is shown on a document loaded on the loan details screen. We will endeavour to update this document as and when we receive photos." Only photos I can find are dated Nov 16 showing progress of demolition. On main loan details this www.fundingsecure.com/images/noimage.pngLooks like photos aren't forthcoming! Click the "Latest Photos" link on the General Information tab and you'll get a photo of a small digger and a skip.
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r1200gs
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Post by r1200gs on Jul 26, 2017 9:45:21 GMT
Update from 22/7/17 "Contractors have been on site all week clearing rubble and preparing for foundations. A photo is shown on a document loaded on the loan details screen. We will endeavour to update this document as and when we receive photos." Only photos I can find are dated Nov 16 showing progress of demolition. On main loan details this www.fundingsecure.com/images/noimage.pngLooks like photos aren't forthcoming! Click the "Latest Photos" link on the General Information tab and you'll get a photo of a small digger and a skip. Yes, I saw that. Hardly reassuring.
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michaelc
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Post by michaelc on Jul 26, 2017 11:00:43 GMT
Oh silly me! Why I was worried about this - its so obvious now. They're going to put the timber frame on the old foundations....
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min
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Post by min on Jul 26, 2017 12:33:35 GMT
No driver in the digger!
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min
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Post by min on Jul 26, 2017 12:56:49 GMT
The cynic in me suggests that both the wee digger and skip have been deliberately placed there to create an illusion of activity in a bid to dupe us and a far 'harder to blindside' fundingsecure . My thoughts exactly.
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