sb
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Post by sb on Oct 3, 2017 6:25:28 GMT
Based on my rough calculation it will take 10-20 years to finish this development at the current speed. I don't think there is any profit left for the borrower in this project. I wonder what leverage FS has to press him/her to finish it. Not going to happen unfortunately.. this is a nailed on unredeemed loan, in the real world it would be a defaulted loan, but in the fundingsecure twilight world, unredeemed. I agree there is very little chance for it to be recovered. I am surprised that the borrower is still pretending. Could that be just FS effort to make an impression that a progress is being made?
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michaelc
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Post by michaelc on Oct 3, 2017 10:34:17 GMT
Does anyone know if this borrower is involved in any other loans on this platform or others?
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Post by beepbeepimajeep on Oct 3, 2017 17:23:30 GMT
When there is an update to say there will be a forthcoming update you know things have gone to ****
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Post by beepbeepimajeep on Oct 3, 2017 17:29:27 GMT
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sb
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Post by sb on Oct 4, 2017 6:39:56 GMT
48h have passed and no update, even one that there is no update. They are not very professional.
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blender
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Post by blender on Oct 4, 2017 8:04:49 GMT
They must be using Cumbrian hours. (BTW, FS should assume that the forumites can easily make a visual check of any statement about what is happening on site).
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rs
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Post by rs on Oct 4, 2017 8:16:33 GMT
Is there any point in waiting for an update as we all know what's going to happen to this loan. 2 yr of interest is about 26% (excluding FS fees) and as it's already 70% LTV I can only see this ending up in the pile.
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Post by harryvederci on Oct 4, 2017 8:37:21 GMT
They must be using Cumbrian hours. (BTW, FS should assume that the forumites can easily make a visual check of any statement about what is happening on site). lending development finance without monitoring the build is totally reckless in my opinion. What I dont understand is that, for whatever reason FS could not be bothered to check the site, there are 10 firms of estate agents based in Whitehaven within 300 yards of that site, and how difficult would it have been to engage 1 to pop round the corner and take a few site photos to email to FS on a regular basis. For the sake of a few quid (chargeable to the borrower), it would have saved investors thousands.
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r1200gs
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Post by r1200gs on Oct 4, 2017 9:01:38 GMT
Update issued, and entirely predictable.
FS suspect the borrower has used the funds to pay for a court case(brilliant minds at work!)and have asked where the heck the money is. They've also asked the timber frame manufacturer if the frame has been paid for. Now, 4/10/2017, they are asking if the frame has been paid for?!
Oh well, the borrower has promised to get building and there is always that personal guarantee, right?
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bugs4me
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Post by bugs4me on Oct 4, 2017 9:10:01 GMT
For the sake of a few quid (chargeable to the borrower), it would have saved investors thousands. Based upon the understandable fact that FS are interested in their lender's - I think not. The attitude of the platform - not just FS - is provided you diversify across ** number of loans then some will go belly up and (hopefully) many will be okay. So you should show a positive return.
The only way this situation will ever be sorted is when/if the supply of lender funds slows down. Not anytime soon IMO so no incentive for platforms to change.
I'm rapidly coming to the conclusion that chasing 12% returns from platforms that are clearly out of their depth is simply not worth the effort especially taking into account the time taken to carry out the essential DD. Plus of course once your trust of a platform regarding competence is 'dented' then it's time to move on.
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bugs4me
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Post by bugs4me on Oct 4, 2017 9:23:49 GMT
FS suspect the borrower has used the funds to pay for a court case(brilliant minds at work!)and have asked where the heck the money is. They've also asked the timber frame manufacturer if the frame has been paid for. Now, 4/10/2017, they are asking if the frame has been paid for?! Oh well, the borrower has promised to get building and there is always that personal guarantee, right? Turbine loan mk2 then. Appears to be a total lack of monitoring and a disregard for lender's funds (again).
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invester
P2P Blogger
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Post by invester on Oct 4, 2017 10:24:40 GMT
Well fair play to FS for not pretending anymore.
But the update is troublesome to me. Wasn't one of the tranches advanced on evidence on proof of purchase of the timber frame, and now we are going back to ask for it, almost as if we never had it? Almost seems to me if the borrower went and spent £500,000 at (insert timber frame company here) which was sufficient to generate an invoice which could be used as evidence, and then cancelled the order the next day.
I don't think the manufacturer has the obligation to confirm orders at this juncture, which would seem to be a breach of data protection.
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SteveT
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Post by SteveT on Oct 4, 2017 10:35:38 GMT
Finally, someone at FS has woken up and smelled the coffee. That's a discussion that should have taken place at least 6 months ago!
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IFISAcava
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Post by IFISAcava on Oct 4, 2017 10:50:08 GMT
Well fair play to FS for not pretending anymore. But the update is troublesome to me. Wasn't one of the tranches advanced on evidence on proof of purchase of the timber frame, and now we are going back to ask for it, almost as if we never had it? Almost seems to me if the borrower went and spent £500,000 at (insert timber frame company here) which was sufficient to generate an invoice which could be used as evidence, and then cancelled the order the next day. I don't think the manufacturer has the obligation to confirm orders at this juncture, which would seem to be a breach of data protection.not if the borrower consents it isn't. And if they don't consent, the loan is defaulted.
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blender
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Post by blender on Oct 4, 2017 14:21:26 GMT
I do not have a financial interest and will not participate, but I am close enough to Whitehaven to be able to take any photos if the forumite group find a need for it. It seems that FS have not ensured that the money has been used on the project and has not taken any steps to ensure that advances have been made against increased security. There are words to describe that. My search for a p2p site to replace FC continues.
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