Monetus
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Post by Monetus on Jul 7, 2017 16:43:29 GMT
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Post by moneymagnet on Jul 9, 2017 13:32:49 GMT
Another weekend, another update, another excuse. It's sounding like The Boy Who Cried Wolf to me.
However, even with potential losses, I am still doing better with FS than I am at the bank. Guess I will keep my moaning to a minimum and hope that another more reliable platform gets an IFISA going soon.
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09dolphin
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Post by 09dolphin on Jul 9, 2017 14:12:54 GMT
I really don't understand why FS accept that international funds can't be transferred within 1 month. An explanation would be good but I think FS will accept any lame excuse that any half way competent business person would reject. The update on 20/5/17 states that "contracts were signed with equity partnerships" Was this accurate or did the contract state that any investment was conditional on money being transferred at some time in the future ie 12 months or longer in the hope that the 1st charge would not be activated.
FS are great where there are no problems with repayment but leave so very much to be desired when payments are delayed.
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Monetus
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Post by Monetus on Jul 9, 2017 18:33:57 GMT
What kind of "equity partner" commits to purchasing a % share in a company and then doesn't have the funds ready and available to commit? Surely the deal will collapse if they are relying on funds arriving from a "third party" who can't handle a bank's AML/DD regulations and takes over a month to process an international wire transfer. The whole deal sounds like it's built on sand to me. "In the meantime, the borrower has been able to sign new advertising sponsors who will provide funding later in the year." Translation: "This is your only realistic chance of getting paid. Cross your fingers!"
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peteuk
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Post by peteuk on Jul 16, 2017 10:11:50 GMT
They are just stalling till the torquay race is over, hoping to get sponsers if they get a good placing then there will be more chances of lucrative corperate events , i won the competition last year for a day out on the boat , same thing as happened to the loan stalling ,stalling,stalling, till the winter was upon us then nothing, the only way we are going to get paid is FS seize the boat before the race, that will focus there minds
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09dolphin
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Post by 09dolphin on Jul 16, 2017 13:07:10 GMT
What are FS playing at? Yet another loan that has been grossly mismanaged IMHO.
This loan should have been renewed or repaid about 9 months ago. The asset is depreciating at a rate of knots (no pun intended) and there is nothing investors can do as FS choose to allow the loan to continue. Perhaps this time next year after the season is over they will decide to default the loan. FS seem to believe that their hope equals money in the bank - can I say that FS may hope for a repayment but I am averse to paying for the hopes of FS.
My experience is that virtually all boat and associated loans eventually end up in default or significantly late (ie 6 months + adrift of the repayment renewal date).
I would suggest to FS that they no longer offer boat loans unless the interest rate is in the order of 15 - 20%. I do know that out of the 5 boat loans I've lent on there have been problems with all 5 and I don't think I am an exception.
As has been said we can only hope that during one of the remaining races this season the boat is a total write off - obviously without any serious injury. This seems to be the best chance investors have of getting their investment back.
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Monetus
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Post by Monetus on Jul 22, 2017 11:39:59 GMT
Looking forward to this weeks excuse on why the promised funds meant to arrive "early this week" strangely haven't materialised.
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oldgrumpy
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Post by oldgrumpy on Jul 22, 2017 11:46:14 GMT
Looking forward to this weeks excuse on why the promised funds meant to arrive "early this week" strangely haven't materialised. They haven't blamed Brexit yet.
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baldpate
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Post by baldpate on Jul 22, 2017 12:09:49 GMT
Looking forward to this weeks excuse on why the promised funds meant to arrive "early this week" strangely haven't materialised. They haven't blamed Brexit yet. For Gawd's sake don't go giving them ideas OG.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 23, 2017 18:51:00 GMT
The boat is entered in the Cowes/Torquay/Cowes offshore powerboat race at the end of August which to my mind is a bit of a p*ss take given that they still have not settled the outstanding loan!!!!
24/07/2017 Boat now withdrawn from race.
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Post by scores on Jul 23, 2017 19:50:33 GMT
FS should have taken possession of this boat,way back in Oct 2016,when the loan should have been repaid. The borrowers should then have been told to repay the loan,in say.6 months or the boat would have been sold. I bet the borrowers would have soon found the money to repay the loan. But,knowing FS would not have the balls to seize the boat,they have just made up excuse after excuse to delay the repayment.
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Monetus
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Post by Monetus on Jul 23, 2017 21:09:05 GMT
I totally agree with you. It's crazy that the borrower is still able to do as they please with the boat and use it for promotional activities when they are 8 months overdue. This boat should be taken away from the borrower as it now belongs to US - the lenders. Right now the borrower has the boat AND the money with seemingly little incentive to repay the loan quickly because fundingsecure will just take any old excuse. If FS took the boat into their possession (if only temporarily) I'm sure it would help focus the borrower's mind and lead to an increased chance of a swift resolution to this debacle.
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r00lish67
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Post by r00lish67 on Jul 24, 2017 9:07:27 GMT
Having only a token stake in this loan, I hadn't really bothered to look to much into it until now. Now that I have, I'm a bit angry about it to be honest. I don't see any material difference here than if our asset was a Ferrari and the update stated " Whilst our heavily overdue loan remains unpaid, the borrower is motoring around St. Tropez and showing off his flashy motor at various car shows whilst supping Champagne. Meanwhile, investor interest accrues, unlike the value of the asset which is depreciating by the day". fundingsecure this is totally unacceptable. Why has this asset not been repossessed and auctioned?
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guff
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Post by guff on Jul 24, 2017 9:51:54 GMT
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Steerpike
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Post by Steerpike on Jul 24, 2017 10:04:12 GMT
fundingsecure I would declare that I only hold a small part of this but the saga is now straining credulity even of the most trusting. What on earth are you thinking of allowing our depreciating security to risk being smashed up in a race (the fact that it is sponsored like most races does not translate a risky race into a promotional event). Quite simply they and/or the funder to be are taking the mick. YOU NEED TO CREATE A CATHArSIS AND BRING THIS TO AN END - NOW. I suggest impound the boat before Cowes - that should focus their minds, or, even better, in public at Cowes. Choices must have consequences. No one would want anyone to be injured, but "smashed up in a race" is probably the only route to a full return of capital on this one given that " Whether in storage or active the boat is fully insured with a loss payable clause in favour of FundingSecure, sufficient to cover the full cost of the loan plus interest." edit: A previous power boat loan 9489842745 was repaid out of insurance proceeds in 2015
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