merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
|
Post by merlin on Jul 25, 2017 8:23:42 GMT
At the risk of getting boring I will restate what was said on the record yesterday to me by FS. "The Powerboat is as far as FS management is concerned it is not entered in the Cowes/Torquay/Cowes race at the end of August." It may have been provisionally entered earlier this year but this has not been confirmed. If however the outstanding debt is paid in full then the owners could then enter the boat but not until full payment is received by FS. FS knows that if this statement turns out not be true I shall get extremely angry and fall on them from a great height.
I was also informed that the boat has had a major upgrade which includes the fitting of more powerful engines. I did not query where the money came from to do this but carrying out such work would be a normal part of the owners business. This is good news as it increases/restores the original value of the boat.
Regarding the post above. There is a duty of care to both the lender and the borrower in these cases and as such even handedness is the key. Also when dealing with bridging finance often loans run long overdue. Many years ago I was required to move home by my employer, who agreed to give me a bridging loan. Unfortunately it was at a time when the property market slumped and the loan ran on for nearly two years instead of six months. This is not an unusual problem with bridging finance and overruns often happen particularly where reconstruction work is involved.
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Jul 25, 2017 8:29:07 GMT
With the write off speculation I wonder if the insurers are keeping a more sceptical eye on any claims for pir asset? The incident on 13 May 2015 resulting in the insurance claim for a previous power boat involved contact with a navigation buoy near the entrance to the River Hamble during a test run and one imagines that race courses are inherently safer and subject to proper controls and so our asset is perhaps at less risk.
|
|
|
Post by fundingsecure on Jul 25, 2017 12:24:35 GMT
I feel we have to correct one specific point.
There are plans for future sponsored demonstrations and promotional events but the power boat is NOT entered into any race. FundingSecure
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jul 25, 2017 12:29:25 GMT
I feel we have to correct one specific point. There are plans for future sponsored demonstrations and promotional events but the power boat is NOT entered into any race. FundingSecure As you are here, can you tell us why the borrower spent all that money on a new engine rather than paying the interest to renew the two loans first? Have both boats had a new engine?
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jul 25, 2017 12:38:39 GMT
I feel we have to correct one specific point. There are plans for future sponsored demonstrations and promotional events but the power boat is NOT entered into any race. FundingSecure As you are here, can you tell us why the borrower spent all that money on a new engine rather than paying the interest to renew the two loans first? Have both boats had a new engine? There's two of 'em grumps. I don't know what's in the boat, but I do know these engines can cost $200,000 each.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jul 25, 2017 12:42:30 GMT
You mean there may be four new engines?
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Jul 25, 2017 12:44:17 GMT
As you are here, can you tell us why the borrower spent all that money on a new engine rather than paying the interest to renew the two loans first? Have both boats had a new engine? There's two of 'em grumps. I don't know what's in the boat, but I do know these engines can cost $200,000 each. As, for whatever reason, these engines have been upgraded can we at least have confirmation that this shiny new horsepower now forms part of an enhanced security for fundingsecure lenders, and that our borrower won't be permitted to elect to hack them off and put them elsewhere once they've finished demonstrating it?
|
|
guff
Posts: 730
Likes: 707
|
Post by guff on Jul 25, 2017 13:51:03 GMT
I feel we have to correct one specific point. There are plans for future sponsored demonstrations and promotional events but the power boat is NOT entered into any race. FundingSecure As you are here, can you tell us why the borrower spent all that money on a new engine rather than paying the interest to renew the two loans first? Have both boats had a new engine? This loan already has 1100hp engines. I suspect that 5818112533 has had its two puny 725hp engines upgraded to 1100hp.
|
|
|
Post by bracknellboy on Jul 25, 2017 13:58:08 GMT
Given that the boat has now had an upgrade which may have helped to offset 15 months of depreciation and 9 months more than lenders should have expected, now would seem like an ideal time to demand to see the colour of their real money under threat of asset seizure and disposal. Unless of course fs made some agreement with the borrower that if they went ahead with the upgrade they would give them additional breathing space and promise not to call in the asset. I think if I was the borrower, before making that investment, I would have asked for such reassurance. But of course that is nothing more than pure speculation.
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Jul 25, 2017 14:52:04 GMT
As you are here, can you tell us why the borrower spent all that money on a new engine rather than paying the interest to renew the two loans first? Have both boats had a new engine? This loan already has 1100hp engines. I suspect that 5818112533 has had its two puny 725hp engines upgraded to 1100hp. I'd be happy to write off my (minimum) loan if I got to have a go in the boat
|
|
|
Post by Deleted on Jul 25, 2017 14:58:21 GMT
With the write off speculation I wonder if the insurers are keeping a more sceptical eye on any claims for pir asset? The incident on 13 May 2015 resulting in the insurance claim for a previous power boat involved contact with a navigation buoy near the entrance to the River Hamble during a test run and one imagines that race courses are inherently safer and subject to proper controls and so our asset is perhaps at less risk. You are kidding right? The accident at the mouth of the Hamble was basically crass stupidity in a controlled area, terrible seamanship (allegedly). But, in an area of shifting sands and mud and within a protected water. (that is from the worst of storms etc) Where this race goes, there arn't that many rules, but a fair few bits of plank, fishing net, submerged rocks (and very little soft sand) etc with what looks like a clear vista from the inexperienced eye. Ain't any weather protection out here. Anyone racing (as these put-put drivers would call it) is not for the feint-hearted.
|
|
annie
Posts: 45
Likes: 16
|
Post by annie on Jul 25, 2017 15:28:03 GMT
Why does james21 think he has a monopoly on what's right? I don't agree with everyone's comments but appreciate their views, and in the meantime can learn from others experience. Lenders on FS are pawn brokers and we understand that. The problems imo start when our 'agent' FS refuses to take sensible steps to secure us our funds or the assets assigned to the advance. Where else can a 'borrower' take our money, keep it beyond term and still not even service the interest? So james21, a little more respect to fellow lenders please
|
|
|
Post by zeverare on Jul 25, 2017 16:24:57 GMT
Unless of course fs made some agreement with the borrower that if they went ahead with the upgrade they would give them additional breathing space and promise not to call in the asset. I think if I was the borrower, before making that investment, I would have asked for such reassurance. But of course that is nothing more than pure speculation. If they can pay for the upgrade why didn't they pay interest and finance the upgrade through fs like development projects do?
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Jul 25, 2017 16:27:58 GMT
Or even tell us that security value had been maintained/uplifted. Where did these funds come from?
|
|
|
Post by martin44 on Jul 25, 2017 22:42:44 GMT
Regarding the post above. There is a duty of care to both the lender and the borrower in these cases and as such even handedness is the key. Also when dealing with bridging finance often loans run long overdue. Many years ago I was required to move home by my employer, who agreed to give me a bridging loan. Unfortunately it was at a time when the property market slumped and the loan ran on for nearly two years instead of six months. This is not an unusual problem with bridging finance and overruns often happen particularly where reconstruction work is involved. merlin .. I agree with your point above regarding even handedness, but to whom should the platform be ultimately supportive, the borrower or the lender? I again understand your position with regards to your bridging loan and the problems you encountered when the property market slumped, but it is not the responsibility of the lender to accept your or any other borrowers burdens, the platforms make substantial profits for lending our funds, and they should be held responsible for dealing with late payers and time wasters.
|
|