syalith
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Post by syalith on Jul 3, 2019 13:15:08 GMT
The borrower is untrustworthy so his claim that he has spent £1 million on fire systems means nothing.
According to the update by Fundingsecure, the receivers report saw "costs to complete come in significantly higher than they were anticipating" and "the costs to complete the project will have significant bearing on current value".
If the costs they were anticipating were based on the prior valuation reports then we can dismiss those as nonsense.
It seems to me the only solid valuation we have to go on is the prior sale price in 2017 of £375k. The borrower has carried out some work, replacing the doors and windows and some internal decorating as can be seen in photos earlier in this thread. However, I can't see how this would have increased the value by much and as such my opinion is that this won't fetch more than £500k, receivers costs will come in at £50-100k+ leaving investors in the first loan with around 50% capital loss, and a total loss for anyone in the other loans.
Hopefully I'm being overly pessimistic.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 3, 2019 17:40:16 GMT
Oh sqh, such sloppiness, you didn't afford him/her their proper title - RICS Professional Valuer.
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r1200gs
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Post by r1200gs on Jul 16, 2019 11:57:59 GMT
Well, the two weeks have gone by and no sign of the bad news yet and I'm sure they expected completion by now.
Come on funding secure, show us yet another fine ending to yet another of your loans.
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r1200gs
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Post by r1200gs on Jul 19, 2019 10:24:49 GMT
Completion expected today. Brace yourselves......
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Post by spareapennyor2 on Jul 19, 2019 10:32:20 GMT
important bit
"expects to be able to complete"
looks like a 5 month wait for a update then?
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r1200gs
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Post by r1200gs on Jul 19, 2019 10:53:56 GMT
important bit "expects to be able to complete" looks like a 5 month wait for a update then? They seemed a little more optimistic than that, but, we'll see.
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adrian77
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Post by adrian77 on Jul 19, 2019 11:15:52 GMT
I note FS only talk about an unconditional offer - will we get an update today - I hope so but I wonder
I would put money on this new buyer not being stupid and of doing his homework - he has gone in at one price to test the water and now having found he has FS where he wants them he is going to really force the price down - as I have said before (and in my early days I earnt the T-shirt) running out of money during a development is a total disaster as predatory developers will smell blood and go in for the kill (and it's great fun!)
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r1200gs
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Post by r1200gs on Jul 25, 2019 10:50:23 GMT
Apparently sold last Friday. I wonder why FS have no given investors the good news yet? Maybe they are holding an office competition for the best way to present the good news to investors, the winner getting a coconut on Friday? Come on fundingsecure, show us what you're made of and why we should continue investing, at reduced rates that is.
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adrian77
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Post by adrian77 on Jul 25, 2019 11:14:10 GMT
wow -we investors may then be finally getting some readies! Sadly it won't be 100% - this is from an earlier post
I was in at the lower end - I hope I am wrong but did stick my head above the parapet just glad I am in the first charge although still budgeted for a 50% loss
Wonder if this one will be a late night weekend update as if that will change anything - maybe the staff are still working out how to spin this one - well what's the problem as surely our fears are misplaced!
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tony9239
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Post by tony9239 on Jul 25, 2019 11:45:56 GMT
I'm getting really fed up with all these P2P platforms - cowards the lot of them. Bad news updates always land about 6pm on a Friday, then they b*gger off home leaving us to stew over the weekend about yet another write-off. Nearly all these haircuts & write-offs are a result of them shoveling our money out to unscrupulous developers with little or no regard to the accuracy of initial valuations, compounded by swallowing any old sh*t from the borrower about how it's all going until the moment of truth - loan repayment due. Then, BANG. Oh, it's a pile of poo. Need to get in Administrators and/or Receivers and find the security is worth way less than all the loans. Sorry guys. In my book, if you mess up in business you should man up and admit it and deal with the consequences, not wait til 6pm on a Friday to deliver the bad news and run away.
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r1200gs
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Post by r1200gs on Jul 25, 2019 12:04:08 GMT
It's been brought to my attention that this property may not have been sold, and if that is the case then so I am going to put that down to a misunderstanding between myself and FS on live chat last Friday. So as you were boys and girls, ignore everything I said...
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adrian77
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Post by adrian77 on Jul 25, 2019 13:51:29 GMT
sold/not sold - fair enough but where is the ***** update !
I would guess this one is being bought by a smart cookie who is screwing the price down by constantly finding reasons to do this...believe me there developers who will do this if the seller is an amateur and allows them to do this.
I was hoping to see some of my readies but there you go
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syalith
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Post by syalith on Jul 30, 2019 17:03:09 GMT
It has been four weeks since Fundingsecure said this would be completed within two weeks.
Personally, I think it would be a good idea to UPDATE investors as to what is causing the delay.
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r1200gs
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Post by r1200gs on Jul 31, 2019 9:31:25 GMT
Just reviewed my email from live chat on Friday the 19th. I was told "completion is expected today" not that it had actually completed. So here we are a week and a half later and *crickets*.
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09dolphin
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Post by 09dolphin on Jul 31, 2019 9:35:26 GMT
Just reviewed my email from live chat on Friday the 19th. I was told "completion is expected today" not that it had actually completed. So here we are a week and a half later and *crickets*. Can you honestly say you expected the information FS give in the "loan update" would be accurate. Most FS "updates" or information in the "live chat" seem to me to be what they hope for rather than being what is expected to happen
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