adrian77
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Post by adrian77 on May 11, 2019 10:17:41 GMT
I really hope it does not come to this - I just hope FS take the best decision
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Post by brightspark on May 11, 2019 11:47:18 GMT
I have every sympathy for those who have relatively large sums of money tied up in this loan. That was their investment decision based on the premise that if the borrower defaulted that the loan would go to Administration. Realistically after this lapse of time there is unlikely to be a repayment. Lenders have been strung along for years and all to no avail. It is very easy for the platform to continue to let things slide as it requires no decision on their part. However there comes a time when the bullet must be bitten if for no other reasons than to discourage other borrowers from trying a similar strategy. In fact i would argue that it is essential that such dilatory borrowers are pursued relentlessly but with due regard to cost/benefit. With this loan that time is well past. FS has neglected its duty to lenders and it now needs to make amends as far as it is able. It is certainly not in the interest of FS to have this running sore festering on.
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SteveT
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Post by SteveT on May 11, 2019 13:09:06 GMT
However there comes a time when the bullet must be bitten if for no other reasons than to discourage other borrowers from trying a similar strategy Huh? The borrower has been prevented by FS from using the boats throughout the loan term, so how exactly is forcing a fire-sale any sooner than absolutely necessary going to help “discourage other borrowers”?
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arby
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Post by arby on May 11, 2019 13:33:34 GMT
However there comes a time when the bullet must be bitten if for no other reasons than to discourage other borrowers from trying a similar strategy Huh? The borrower has been prevented by FS from using the boats throughout the loan term, so how exactly is forcing a fire-sale any sooner than absolutely necessary going to help “discourage other borrowers”? Ignoring whether it would actually work or not, the proposer recognises that it may not be in the best interests of the lenders in this loan, but it's worth it to send a message to the other borrowers so it may be better for lenders in other loans. We're at a pretty basic level of understanding, but FS has to make the best choice available for the lenders for each individual loan, they can't just sacrifice one cohort to send a message. As I always repeat, we may not agree with the course of action FS take, but they have to be able to demonstrate that they took the most appropriate course of action, and dumping the asset to auction when there is a potential (even if remote) sale route isn't typically one of them.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 11, 2019 18:03:07 GMT
A serious reality check is needed here. These tubs are now worth Football Association, and if you think the Borrower or anyone else is still going to, and has any intention of, parting with good money of over a £Million, including interest, then you are beyond delusional. I will say it again, there is MUCH more to this Loan than we are being, and never will be, told. Invest via FS at your peril, but it will be fine if you have a brain the size of a planet and yer mega smart. PS / EDIT: Oh, and if you trust FS.
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Post by brightspark on May 11, 2019 20:16:46 GMT
Huh? The borrower has been prevented by FS from using the boats throughout the loan term, so how exactly is forcing a fire-sale any sooner than absolutely necessary going to help “discourage other borrowers”? Ignoring whether it would actually work or not, the proposer recognises that it may not be in the best interests of the lenders in this loan, but it's worth it to send a message to the other borrowers so it may be better for lenders in other loans. We're at a pretty basic level of understanding, but FS has to make the best choice available for the lenders for each individual loan, they can't just sacrifice one cohort to send a message. As I always repeat, we may not agree with the course of action FS take, but they have to be able to demonstrate that they took the most appropriate course of action, and dumping the asset to auction when there is a potential (even if remote) sale route isn't typically one of them. Administration which often involves an auction of a security is the usual route when all other reasonable efforts to secure a repayment have failed. This boat is a wasting asset. The borrower has repeated not delivered on his repayment proposals.
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Godanubis
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Post by Godanubis on May 11, 2019 22:47:34 GMT
Getting to the summer. FS can take the asset and offer trips round the bay at Blackpool at £20 a time . FS investor’s get a trip for free. In keeping the spirit of the loan. Ie you will be taken for a ride
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adrian77
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Post by adrian77 on May 12, 2019 7:46:09 GMT
That is assuming the borrower can afford the maintenance to get these boats or boat running in the first place - that said £20 a pop is £20 more than I can see coming for the UAE or wherever. I know it is easy to criticise but IMHO with this particular loan FS have totally lost control of the situation - as I see it the best situation is that this money arrives - you never know and the worst is that FS wait another year or whatever and this money does not arrive and they auction these boats for a massive loss - good job this site is called Funding SECURE!
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arby
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Post by arby on May 12, 2019 9:31:54 GMT
That is assuming the borrower can afford the maintenance to get these boats or boat running in the first place - that said £20 a pop is £20 more than I can see coming for the UAE or wherever. I know it is easy to criticise but IMHO with this particular loan FS have totally lost control of the situation - as I see it the best situation is that this money arrives - you never know and the worst is that FS wait another year or whatever and this money does not arrive and they auction these boats for a massive loss - good job this site is called Funding SECURE! You say the worst is putting the boat to auction in a year and making a big loss. Others may say the worst is putting it to auction now while there is a possible sale being worked on. Of course I understand that the sale seems like a long shot, but a long shot is better than a certain disaster for some investors. I just don't understand why the answer to every problem is "flog the asset at auction". Business isn't that simple.
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adrian77
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Post by adrian77 on May 12, 2019 10:26:59 GMT
thank you for the business lecture not that I question your business acumen to have placed a lot of money in such a cowboy venture - I have never said "flog the assets is the answer to every question - what I have said is that where the deal has gone South sometimes it is better to face reality and cut the losses before they get worse (my tactic for gold/currency trading). However I am not discussing this further and simply going to follow how this one goes or rather sinks without trace.
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Post by brightspark on May 12, 2019 11:16:44 GMT
Yours is a point of view shared by some others most probably with larger amounts at risk. I can well understand why and how the conclusion is reached. Everyone has their red line. For those so like-minded it is still in front of you. Mine has been passed. I no longer have faith in the veracity and credibility of the borrower. I believe a forced sale is required to recover at least something from this stalemate. FS would do well to bring matters to a head as the refusal to face up to the situation is damaging to their business. Perhaps if FS was to reveal what other factors are holding their hand I and others of a similar ilk could be swayed to think again. On the basis of what we have been told to date I can see no strength in the argument not to take recovery action now. It is time to cut losses and move on.
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arby
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Post by arby on May 12, 2019 11:20:43 GMT
Yours is a point of view shared by some others most probably with larger amounts at risk. I can well understand why and how the conclusion is reached. Everyone has their red line. For those so like-minded it is still in front of you. Mine has been passed. I no longer have faith in the veracity and credibility of the borrower. I believe a forced sale is required to recover at least something from this stalemate. FS would do well to bring matters to a head as the refusal to face up to the situation is damaging to their business. Perhaps if FS was to reveal what other factors are holding their hand I and others of a similar ilk could be swayed to think again. On the basis of what we have been told to date I can see no strength in the argument not to take recovery action now. It is time to cut losses and move on. A well thought out proposition. You also accept that others may have different views. Maybe not all is lost with the Internet...
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Post by banffy on May 12, 2019 11:37:33 GMT
I think recovery has almost passed that stage so if we were to get back 10% or a bit more or even a loss to me I would rather lose the lot. If I had £50 in it I would be saying recovery time but I have a wee bit more that that so I might as well take my chance and wait for them to get funding otherwise it's gonna be worse. Each individual will have different thoughts with their different amounts and it is painful for all so let's see what happens in the next month or so.
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jo
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Post by jo on May 12, 2019 17:48:06 GMT
'He who panics first, panics best'. Perhaps fundingsecure could give ABL a tinkle to ask what I mean by that.
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iRobot
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Post by iRobot on May 12, 2019 19:29:13 GMT
'He who panics first, panics best'. Perhaps fundingsecure could give ABL a tinkle to ask what I mean by that. I would also have to ask ABL to understand what you mean by that, but that doesn't seem fair on ABL for me to take up their time that way! Could I ask you to explain please?
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