syalith
Member of DD Central
Posts: 62
Likes: 102
|
Post by syalith on Jul 31, 2019 14:33:57 GMT
They were telling people at the investor meeting that their goal is better communication and updates yet all we see is tumbleweed.
It would literally take minutes to post an update to this loan saying "The sale has been delayed, this is the reason, and this is what we expect to happen going forward".
Isobel on live chat has just promised me an update will be posted "as soon as possible". I'll be expecting an update today then!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jul 31, 2019 20:48:06 GMT
I am this one and 2 of the other linked loans. It looks to me as if this developer has borrowed about £5m of OUR money I may be wrong but I just can't see any audit trail of where this money has gone - or to put another way how do we know the borrower has not shuffled the money around - so what if some developments go bust - no tax liability (I think) and not his money and if there is money left over in other developments then be keeps the profit
Still to see signs of this improved communication - this one would be a good place to start!
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 2, 2019 7:50:29 GMT
I am this one and 2 of the other linked loans. It looks to me as if this developer has borrowed about £5m of OUR money I may be wrong but I just can't see any audit trail of where this money has gone - or to put another way how do we know the borrower has not shuffled the money around - so what if some developments go bust - no tax liability (I think) and not his money and if there is money left over in other developments then be keeps the profit Still to see signs of this improved communication - this one would be a good place to start! We don't know what this borrower has done and how much of the money borrowed for this development was spent on this development, particularly as we know that it was discovered that this needed more money spent to complete than was thought. But then again, borrowing money and spending it on what the heck you like while spinning FS a pack of lies seems to be quite popular. Maybe this will complete today, then we're going to see a new spree of negative reports on TP from people wiped out, again. And there's much more to come. How anybody can see this outfit surviving is beyond me.
|
|
syalith
Member of DD Central
Posts: 62
Likes: 102
|
Post by syalith on Aug 2, 2019 10:55:40 GMT
Bridgette from live chat tells me an update will be posted today.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Aug 2, 2019 10:57:54 GMT
Bridgette from live chat tells me an update will be posted today. Can't wait for the pointless update. The saga will continue for another 6-9 months before we get any of our cash back.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Aug 2, 2019 17:30:34 GMT
Well it has gone 1800hrs so what happened to all this talk about improving communication?
This one just goes one and one and one - something like :delay, delay delay, great deal of interest but no offers, then sold then not sold and now problems for the receivers regarding tenants etc. I don't buy all this - FS are supposed to be in charge here with a great deal of our money!
Gordon Bennett
|
|
syalith
Member of DD Central
Posts: 62
Likes: 102
|
Post by syalith on Aug 2, 2019 21:29:17 GMT
It appears Bridgette lied to me.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Aug 2, 2019 23:08:42 GMT
going to bed now it is 1150 so unless it appears in the next 10 minutes one can't argue with above. Talk about how to insult your clients! So much for the new management and improved communication. FS the press are watching you and aren't going to leave you alone... e.g. www.telegraph.co.uk/investing/news/widespread-defaults-hit-peer-to-peer-investors-chasing-12pc/which includes the below and mentions £24M in default and £33m in forbearance - Gordon Bennet I think numerous developers have been rightly turned down by the retail banks and in desperation they have turned to FS - sussed them as being out of their depth and taken them for a complete ride e.g. Whitehaven, Park Homes etc etc - as to this one - as no updates I wonder if this developer is also messing with them about - just my opinion...
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 3, 2019 7:25:20 GMT
It appears Bridgette lied to me. Me too. This was the response when I asked if I was going to get a response to my official complaint about Whitehaven. " I have followed up with your complaint response. Apologies for the delay you will receive a formal response to your complaint next week." Not a word.
|
|
|
Post by brummiefred on Aug 5, 2019 15:44:28 GMT
Recent update
We met with the receiver today and reviewed the position. A small further delay has occurred but they confirmed that the sale should complete shortly. They (and we) are waiting for the buyers lawyer to finally sign off the contact, once again expected "within the next 2 weeks.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 6, 2019 12:54:39 GMT
Unfortunately I have reached the stage where I do not believe a word FS say unless it's backed up by concrete evidence and action. No I am not naturally that cynical, I'm just experienced with FS.
It's hard to believe I am wondering if I really will get all my capital back on a loan with an LTV of 16.43 percent, but I am. Interest would be a bonus of course and the more I get as this drags on will mean less for those in lower ranking loans who are likely to be soon lining up to leave more glowing reports on TP and who will likely never invest through FS ever again.
I see eight loans in this little beauty, one looks likely to get something back.
(As far as I can see, happy to be corrected).
|
|
michaelc
Member of DD Central
Posts: 4,897
Likes: 2,768
|
Post by michaelc on Aug 6, 2019 13:31:03 GMT
I hope I don't end up eating my words but even a "normal" residential house sale has these sort of delays and issues so I'd expect this to take even longer.
In any case, a few weeks or even months isn't a big deal. The issue is how much is repaid.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 6, 2019 13:36:22 GMT
I hope I don't end up eating my words but even a "normal" residential house sale has these sort of delays and issues so I'd expect this to take even longer. In any case, a few weeks or even months isn't a big deal. The issue is how much is repaid. Does the interest on the priority 16 percent LTV loan not take priority over all other loans? I believe that is the case, so I could be making more money because of these delays at the expense of other lenders getting back less capital. That does not feel nice. Regardless, this is going to one hell of a s*** show when this one is finally hits the fan.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Aug 6, 2019 19:18:50 GMT
I believe so - have looked at my holding in this one again and is it even worse than I thought; hopefully the first tranche will be OK but I can foresee tranche 2 (I am in this one) being at best about 50% recovery and sticking my neck out probably about 25% recovery and as for tranches 3 and 4 - goodnight Vienna! Tranche one alone with interest will take out about £700K and I just don't see this one going for anywhere near £700K + £1.5m + expenses = £2.2m+ to cover tranche 2 so in my spreadsheet I have written off 75% of my investment- brilliant - I am still not moaning...if I am correct tranches 3 and 4 will be 100% losses no 6 and 7...
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Aug 6, 2019 19:27:35 GMT
I believe so - have looked at my holding in this one again and is it even worse than I thought; hopefully the first tranche will be OK but I can foresee tranche 2 (I am in this one) being at best about 50% recovery and sticking my neck out probably about 25% recovery and as for tranches 3 and 4 - goodnight Vienna! Tranche one alone with interest will take out about £700K and I just don't see this one going for anywhere near £700K + £1.5m + expenses = £2.2m+ to cover tranche 2 so in my spreadsheet I have written off 75% of my investment- brilliant - I am still not moaning...if I am correct tranches 3 and 5 will be 100% losses no 6 and 7... Another reminder that there are effectively only three loans. The original purchase loan, the development loan (that comes in seven tranches that all rank equally) and a supplementary at the back of the queue.
|
|