09dolphin
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Post by 09dolphin on Jan 30, 2017 11:31:54 GMT
Hope someone can explain exactly what's happening with this loan. Last update was 23/12/16 FS say they can't comment until they have discussed with the "loan Owner".
Does anyone know who or what is the "loan owner". When, if ever will, will FS release information - or is this in the control of the "loan owner"
What is a "loan Owner" and exactly what are their rights?
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SteveT
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Post by SteveT on Jan 30, 2017 11:46:42 GMT
Possibly mean the borrower?
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09dolphin
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Post by 09dolphin on Jan 30, 2017 12:00:59 GMT
Said "loan Owner" when I asked. Perhaps they meant "borrower" but it doesn't seem that unreasonable to ask for an update when the last update was 23/12/16 without having to refer to a "loan owner". I have emailed asking for a list of "loan Owners" related to my loans.
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fp
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Post by fp on Jan 30, 2017 12:19:29 GMT
I wonder if it is the "loan introducer"
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 30, 2017 14:41:09 GMT
Whatever a "Loan Owner" is, it's a new one on me and, yes, we must have clarification on exactly what a LO is and what control they have.
EDIT 26.1.18 - I am led to believe that the "Loan Owner" is the FS Director (or other Staff Member?) who is responsible for the particular Loan within FS.
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fp
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Post by fp on Jan 30, 2017 15:58:14 GMT
Jan 30, 2017 15:26:35 GMT fundingsecure said:
The term "loan owner" is used internally by us as to who, within FS, is managing the loan. It has nothing to do with underwriters. Hope that clarifies!
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09dolphin
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Post by 09dolphin on Jan 31, 2017 8:59:11 GMT
There have been 11 updates, the last being 23/12/16 when the borrower was invited to pay interest to renew.
The borrower's solicitor has confirmed twice (on 21/10/16 + 25/11/16) that progress has been made with the sale of land to repay this debt, shame that's over 2 months ago.
Am I being unreasonable in expecting an update?
Can I suggest that the "loan owner" starts to be proactive and seeks information that they share that with investors.
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Steerpike
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Post by Steerpike on Jan 31, 2017 13:06:36 GMT
There seems to be a similar situation with SW17 2131386166, I asked for updates on both loans and was told that:
"The individual in charge of the loan is not in the office today. I will ask for an update to be posted on the loans."
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09dolphin
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Post by 09dolphin on Jan 31, 2017 13:36:44 GMT
Perhaps we should create a new thread relating to loans where the last update was more than 1 month ago.
Is it really so unreasonable to ask what is happening to money that you have loaned in good faith for 6 months. Obviously FS believe it to be so but do we as investors?
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mikes1531
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Post by mikes1531 on Jan 26, 2018 15:06:59 GMT
Repaid in full today, with all accrued interest -- well done, fundingsecure! The only niggle in the back of my brain is wondering how FS managed to do this. The update on 1/Nov/17 said... There was no subsequent update suggesting that a higher price had been agreed, and a further ~85 days of interest will have accrued since then. Did FS negotiate better terms somehow? Did they waive some of their expenses that should have outranked investors' accrued interest? Did they top up the proceeds themselves? We'll never know unless FS tell us, since they don't publish the accounting for the sale proceeds. |
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Steerpike
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Post by Steerpike on Jan 26, 2018 15:17:45 GMT
Yes, very welcome, it is good to see a very overdue loan repay capital and interest in full.
One of the oldest outstanding loans on the platform and also one of the smallest.
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aj
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Post by aj on Jan 26, 2018 15:26:27 GMT
I'm not sure about the circumstances of this loan, but a shortfall could have been made up by other assets belonging to the borrower?
The way this risk is usually avoided by unscrupulous most borrowers is by the creation of a SPV which owns the asset to be borrowed against and nothing else. The loan is then made to the SPV rather than the individual/parent company.
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Post by fundingsecure on Jan 26, 2018 16:10:34 GMT
Just to confirm - the receiver was able to obtain a higher price as a result of the extra time, resulting in all interest and costs plus a surplus.
As required by law, the borrower received the balance, a substantial amount.
Regards
FndingSecure
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mikes1531
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Post by mikes1531 on Jan 26, 2018 16:23:27 GMT
Just to confirm - the receiver was able to obtain a higher price as a result of the extra time, resulting in all interest and costs plus a surplus. As required by law, the borrower received the balance, a substantial amount. : Thanks for the clarification. And full marks to the receiver!
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Post by eascogo on Jan 26, 2018 17:43:09 GMT
Hear hear! FS delayed, soft approach to recoveries vindicated! Hope for same results with other unredeemed 600+-day loans.
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