Monetus
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Post by Monetus on Jun 7, 2019 16:51:22 GMT
If they were just planning to walk away and put the company into insolvency surely they would have done it by now? Are you sure that the borrower is a company? I would assume so but I'm not sure it matters that much. If the loan is under a marine chattel mortgage or "pawn-style" agreement then the boat mostly likely belongs to FS anyway until the borrower buys it back by repaying the loan. Not sure if there is any additional security but unlikely IMO.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 8, 2019 16:14:40 GMT
All the usual suspects, calling again for the boats to be sold immediately, even though they have all acknowledge it will only result in losses of 80-90% for lenders.
What do they care, they have very little or nothing at all invested in the loans.
I won't be posting any more on this loan thread as I am not a lender on this loan and alternative opinions aren't tolerated.
Perhaps the actual lenders should be given the chance to vote (as with Assetz capital) on the best course of action going forward. Do the actual lenders agree with the 'Sell the damn boat/s now' comments?
I'm an actual Lender. Sell the damn boat/s. Start advertising and marketing it/them now.It will focus the Borower wonderfully, and IF they have any intention whatsoever of settling, they'll find the money. It's called a Litmus Test. EDIT / PS: And should have been done over two years ago, when i kicked off this thread. OzBoy knows best!
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ashtondav
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Post by ashtondav on Jun 8, 2019 17:24:28 GMT
Come on FS. Take control of the fecking boat and give your lenders an exciting trip round the Solent. In fact, trips round the Solent May get some of our money back. Or sponsor Cowes week like good ole Lendy
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Post by banffy on Jun 8, 2019 17:50:20 GMT
FS, FS, FS! Now is the time to start pressing and pushing the borrower for full repayment, we don't want another few months of promised nothings. Also you need to provide a more detailed report on exactly what is going on to each Investor of this Loan and what exactly you are doing about it, and I don't want to hear "we are in daily contact with the borrower and the deal will happen next week, and we have seen proof and bla bla bla. FS make an effort and get this sorted now or this borrower will do the same again for another 2-3 years.
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Post by beepbeepimajeep on Jun 8, 2019 17:52:22 GMT
If there is only one boat and not two as advertised it would explain why they never default/sell.
Funding Secure should hire the Woodford PR guy to do updates for them, he might be needing a new job soon!
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arby
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Post by arby on Jun 8, 2019 17:55:26 GMT
FS, FS, FS! Now is the time to start pressing and pushing the borrower for full repayment, we don't want another few months of promised nothings. Also you need to provide a more detailed report on exactly what is going on to each Investor of this Loan and what exactly you are doing about it, and I don't want to hear "we are in daily contact with the borrower and the deal will happen next week, and we have seen proof and bla bla bla. FS make an effort and get this sorted now or this borrower will do the same again for another 2-3 years. We all want that, but in reality things are never straightforward. If FS give us full and detailed upates, they always get spread wider and then anybody who may be interested gets the upper hand in any negotiation. You also say they need to press the borrower for full repayment, but it just doesn't work like that; FS either wait for the borrower to sell the boat or FS take possession and sell it themselves. They may be stupid at times, but even they will have considered that avenue for a few minutes and quickly worked out the market for the boat is pretty much non existant so they're stuck between two terrible options. As I keep saying, simply stating "sell the damn boat" is a lot easier said than done. I do agree with your sentiment though, the length of time it's taking is ridiculous.
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Post by beepbeepimajeep on Jun 8, 2019 18:18:13 GMT
As I keep saying, simply stating "sell the damn boat" is a lot easier said than done. So do you think there is only one boat then arby? You know there are two powerboat loans, for two different powerboats receiving the same updates? 4945807152 5818112533 The photos show two completely different cockpits
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ashtondav
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Post by ashtondav on Jun 8, 2019 18:23:26 GMT
Sell the damn boat is the only option.
SELL THE DAMN BOAT!
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arby
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Post by arby on Jun 8, 2019 19:53:55 GMT
As I keep saying, simply stating "sell the damn boat" is a lot easier said than done. So do you think there is only one boat then arby? You know there are two powerboat loans, for two different powerboats receiving the same updates? 4945807152 5818112533 The photos show two completely different cockpits I've never offered any opinion either way on that.
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Post by beepbeepimajeep on Jun 8, 2019 20:00:49 GMT
So do you think there is only one boat then arby? You know there are two powerboat loans, for two different powerboats receiving the same updates? 4945807152 5818112533 The photos show two completely different cockpits I've never offered any opinion either way on that. Well I am asking for your opinion. If there is only one boat it's quite the misrepresentation. You did state quite clearly "boat" not "boats". IMO that would be fraudulent if true.
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adrian77
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Post by adrian77 on Jun 8, 2019 20:30:49 GMT
True and this puzzling me - not sure how to explain this. Maybe one is of the boat that crashed or the cockpit has been modified
Can only find one boat on the borrower's instagram account etc...
Looks like this is the first loan post that is going to hit 100 pages
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Post by beepbeepimajeep on Jun 8, 2019 20:45:19 GMT
We also need to remember that there are actually TWO separate boats and loans undertaken by the borrower here: 4945807152 Value: £1,050,000.002015 V-40 Power Boat5818112533 Value: £950,000.002015 V40R Power BoatThis raises some questions..... where is the 2nd boat these days? And on further inspection First boat loan from same lot : 5818112533 traces back to renewal of 2431487813. Still active and receiving identical updates to Loan in the thread title : 4945807152 which does mention in the info "The borrower already has an existing loan secured against a different boat (ID:2431487813)" Quite clearly stating there are two different boats. So whats the script fundingsecure
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arby
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Post by arby on Jun 8, 2019 21:31:47 GMT
I've never offered any opinion either way on that. Well I am asking for your opinion. If there is only one boat it's quite the misrepresentation. You did state quite clearly "boat" not "boats". IMO that would be fraudulent if true. I was simply quoting someone who happened to use the phrase "sell the damn boat" and have no idea why you'd seek my opinion on whether there are one or two boats. What is clear is there are two loans against what is prima facie two boats. As you say, if there isn't, I can't imagine a good outcome for anyone (besides the lawyers)
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adrian77
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Post by adrian77 on Jun 9, 2019 14:58:27 GMT
All it needs is FS to post on this forum with proof that there are 2 boats - I am not in this one but for the people that are this is hardly an unreasonable request! Tempted to do a poll tomorrow - how many boats are there - pretty simple binary choice!
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iRobot
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Post by iRobot on Jun 9, 2019 15:12:39 GMT
All it needs is FS to post on this forum with proof that there are 2 boats - I am not in this one but for the people that are this is hardly an unreasonable request! Tempted to do a poll tomorrow - how many boats are there - pretty simple binary choice! You sure? I believe it's ternary: There is one boat There is more than one boat (two or more) There is less than one boat (zero)
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