r1200gs
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Post by r1200gs on Sept 14, 2017 10:49:26 GMT
Please excuse me being pedantic here (as I agree with your sentiments entirely), but it might help people looking at the background here to know that the borrowing company has a single director / shareholder, and that person is female. She is also the sole director / shareholder of a construction company, and has filed for that company on occaisons under her married name (the main companies house record is presumably in her maiden name). This may be old news, sorry for repeating it if its widely known, but at least some of contractors working (or not as the case may be) on the site may well be from the connected company. Indeed. However, FS always refer to the borrower in their updates as male. This has always struck me as surprising. I really could not care less if the borrower was male, female or other. I assumed male for several reasons, one being that FS refers to them as male. Perhaps it's because they are actually dealing with a man, despite the ownership of the company. I would just like to know where my money is and why tranche five was advertised as a well advanced project, the basis of my investment. I await the next update that will possibly show a bit more scaffolding and some more bricks moved around. I would be particularly interested to know if FS has actual evidence of these timber frames actually having been paid for and constructed. And if they are constructed and paid for, where the heck are they? They have to be taking up space somewhere and presumably not for free. Evidence that they have been paid for might just give me some hope that this borrower is not stringing things out until the inevitable happens, an admission that this is not going to get built but here, you can have you security back, a hole in the wall.
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ali
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Post by ali on Sept 16, 2017 8:32:28 GMT
Pictures from this morning (2017-09-16):
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oldgrumpy
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Post by oldgrumpy on Sept 16, 2017 9:14:02 GMT
Almost nothing done then. What a surprise. What the borrower hasn't revealed is just who the contractors are. I know.
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puddleduck
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Post by puddleduck on Sept 16, 2017 9:22:50 GMT
Pictures from this morning (2017-09-16): Absolutely incredible how much money has been advanced to this borrower, when it appears to all intents and purposes that absolutely nothing substantive has been done.
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SteveT
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Post by SteveT on Sept 16, 2017 10:12:26 GMT
Update just posted by FS: " We are advised that a structural engineer has been out to the site and a full program of works will be issued during the week. We are also advised that rendering of the party walls has taken place this week as well as compacting of the groundworks to prepare for the foundations. We have stressed the need for a regular supply of pictures of work progressing." Being charitable, I guess it's possible that the render is drying off under the black plastic sheeting at the left-hand end of the scaffolding.... Edit: Scratch that idea. The black plastic sheeting is unchanged from the photos of 3rd August herefundingsecure, I reckon the borrower is still lying to you!!
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r1200gs
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Post by r1200gs on Sept 16, 2017 10:14:11 GMT
As I predicted and I'm sure most expected. A token effort has been made and then gone again.
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oldgrumpy
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Post by oldgrumpy on Sept 16, 2017 10:37:42 GMT
"We are also advised that rendering of the party walls has taken place this week as well as compacting of the groundworks to prepare for the foundations"
fundingsecure No it hasn't and no it hasn't. Why do still publish this drivel?
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Post by mrclondon on Sept 16, 2017 10:47:08 GMT
Thanks ali for the photos, particularly the bottom left one which clearly shows the demolition and removal of old foundations / slab is still to be completed. What a depressing start to the weekend for you, as much as us seeing the photos. fundingsecure obviously you have had major issues with this borrrower, but the way this is continuing to be presented to lenders is extremely damaging to yourselves and the wider p2p sector. Today's update concerning recent progress on site has, at face value, no bearing on reality.
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r1200gs
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Post by r1200gs on Sept 16, 2017 10:48:55 GMT
"We are also advised that rendering of the party walls has taken place this week as well as compacting of the groundworks to prepare for the foundations"
fundingsecure No it hasn't and no it hasn't. Why do still publish this drivel?
It does appear that they have actually rendered the party wall, behind the black plastic. Whoopy flipping doo.
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fp
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Post by fp on Sept 16, 2017 10:49:04 GMT
No rendering under those sheets, I can see plenty of white wash though....
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r1200gs
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Post by r1200gs on Sept 16, 2017 11:12:29 GMT
No rendering under those sheets, I can see plenty of white wash though.... I don't really care either way, it's nothing of any great significance. It's quite clear that FS put on pressure, borrower gets a few bricks moved around and goes away again. Rinse and repeat.....
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jcb208
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Post by jcb208 on Sept 16, 2017 15:58:25 GMT
Even the scaffolding erected is certainly not high enough to render the apex
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Post by martin44 on Sept 17, 2017 3:12:13 GMT
No rendering under those sheets, I can see plenty of white wash though.... Maybe they/he/she/them/it white washed the new rendering... they could have.. you never know.
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Post by shyinvestor on Sept 18, 2017 18:28:59 GMT
Stirring words, and sentiments which I applaud. Apart from removing our money, when we can, what can investors do about this total lack of monitoring by FS (and others)?
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r1200gs
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Post by r1200gs on Sept 22, 2017 7:41:27 GMT
Stirring words, and sentiments which I applaud. Apart from removing our money, when we can, what can investors do about this total lack of monitoring by FS (and others)? For the moment, what I have done is remove the money I can, which has painfully highlighted how much I cannot remove and where there appears to be zero movement by FS, possibly because they know that what needs to be done is to admit further capital loss. I think given the intense interest in the outcome of this loan, no other FS commitments ( an excuse already used for failing to update us) should be preventing them updating lenders on the progress of this loan and yet, it's seems a long time since the last one. Another couple of scaffold poles before work is called off due to Cumbrian weather? Or nothing? Or is roof height imminent? We would all love to be pleasantly surprised.
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