ding
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Post by ding on Jun 8, 2017 9:34:02 GMT
New loan 11am 08/06/2017.
Interest Rate 13.00%
Loan Amount £462,750.00
Term 6 months
LTV 54.44%
Value £850,000.00
VR:
The good. The valuer worked 20 years in art, including Christie's.
The Bad. "Cxxxx Art Advisory gives no guarantee in the valuation in respect of the object's origin, provenance, attribution, condition, date, age or authenticity..."
So it could be stolen, fake and damaged!
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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, 2017 11:42:36 GMT
New loan 11am 08/06/2017. Interest Rate 13.00% Loan Amount £462,750.00 Term 6 months LTV 54.44% Value £850,000.00 VR: The good. The valuer worked 20 years in art, including Christie's. The Bad. "Cxxxx Art Advisory gives no guarantee in the valuation in respect of the object's origin, provenance, attribution, condition, date, age or authenticity..." So it could be stolen, fake and damaged! JC, what's the point of a "Valuation" if they can't even vouch that it's authentic, a given basic! These people are picking up all the property valuation "RICS Tricks."
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lobster
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Post by lobster on Jun 8, 2017 19:35:30 GMT
New loan 11am 08/06/2017. Interest Rate 13.00% Loan Amount £462,750.00 Term 6 months LTV 54.44% Value £850,000.00 VR: The good. The valuer worked 20 years in art, including Christie's. The Bad. "Cxxxx Art Advisory gives no guarantee in the valuation in respect of the object's origin, provenance, attribution, condition, date, age or authenticity..." So it could be stolen, fake and damaged! JC, what's the point of a "Valuation" if they can't even vouch that it's authentic, a given basic! These people are picking up all the property valuation "RICS Tricks." To be fair , I think this is pretty standard terminology for an art valuation. I'm no expert, but I think they have to cover themselves in the unlikely case that it's just an absolutely brilliant fake, which if good enough, is to all intents and purposes indistinguishable from the original. What does unnerve me a bit is the fact that we are told absolutely nothing about the borrower, and can therefore perform precisely zero DD about him/her. Attractive LTV though and obviously some diversification from property.
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Post by yorkshireman on Jun 8, 2017 19:56:11 GMT
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j1
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Post by j1 on Jun 8, 2017 21:44:22 GMT
Wouldn't it be standard practice to ask what they want to do with the money?!
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ozboy
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Post by ozboy on Jun 8, 2017 21:54:14 GMT
Wouldn't it be standard practice to ask what they want to do with the money?! AFAIK, and I'm happy to be corrected, with these Pawn Type Loans there's no questions asked about what they want the money for. You've got possession of the security, have loaned only a % of it's (hopefully Accurate!) Value, and no questions are asked.
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Post by excalibur on Jun 9, 2017 10:10:54 GMT
FS do say the painting was once part of the Armand Hammer art collection - so you'd hope they'd have done DD.
I've gone for the painting, even taking into account the usual valuation disclaimer, I feel more comfortable than putting my money into some plot of rubble on Merseyside.
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ozboy
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Post by ozboy on Jun 9, 2017 11:02:30 GMT
FS do say the painting was once part of the Armand Hammer art collection - so you'd hope they'd have done DD. I've gone for the painting, even taking into account the usual valuation disclaimer, I feel more comfortable than putting my money into some plot of rubble on Merseyside. Yes, trying to wisely choose which types of Asset is yet another layer of DD!
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lobster
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Post by lobster on Mar 19, 2018 13:42:24 GMT
Not in this loan myself, but would have to agree.
Why FS don't just take control of the security is beyond me - isn't that the whole point of securitized lending ? At the very least give the borrower an ultimatum - ie. something like "Renew withing 14 days or we shall definitely step in and sell the security" .
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oldgrumpy
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Post by oldgrumpy on Mar 19, 2018 13:42:30 GMT
Does anyone know what is going on here? I fail to understand why FS does not take the security and sell it, as it seems likely they will cover all costs. The trail of updates simply shows a borrower who has no cash and has been postponing week after week since December. Enough is enough. 3 full months of false claims and excuses are too much!!!!! 02/03/2018 - We are still waiting for the interest. We now believe this will be next week. 12/02/2018 - We have spoken with the borrower through the course of last week and into this. The borrower seems to be close to realising cash with which to renew the loan. 31/01/2018 - We spoke with the borrower yesterday who advised that he would be in a position to pay interest within the next few days. Borrower is going through a number of transactions, including sale of some assets, to realise interest and this has taken longer than anticipated. 15/01/2018 - We spoke this evening with the borrower who has advised that he should be in a position to settle all outstanding interest by Wednesday of this week. 19/12/2017 - We have spoken with the borrower who has advised us that they intends to renew the loan and that interest will be with us this week. We now believe ... Really Nige!! FS is outbulling Lendy these days. No?  PS Hope you are feeling better now. 
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adrian77
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Post by adrian77 on Mar 19, 2018 18:17:56 GMT
I am in this loan - very worried about these fake allegation - Chagall is hot at the moment so sell the damn thing FS and prove me wrong!
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rogerthat
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Post by rogerthat on Mar 26, 2018 18:21:00 GMT
3 hours ago Borrower has advised that we should have interest this coming week. 02/03/2018 We are still waiting for the interest. We now believe this will be next week. 12/02/2018 We have spoken with the borrower through the course of last week and into this. The borrower seems to be close to realising cash with which to renew the loan. 31/01/2018 We spoke with the borrower yesterday who advised that he would be in a position to pay interest within the next few days. Borrower is going through a number of transactions, including sale of some assets, to realise interest and this has taken longer than anticipated. 15/01/2018 We spoke this evening with the borrower who has advised that he should be in a position to settle all outstanding interest by Wednesday of this week. 19/12/2017 We have spoken with the borrower who has advised us that they intends to renew the loan and that interest will be with us this week. Further words would be superfluous  |
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rogerthat
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Post by rogerthat on Apr 14, 2018 9:37:50 GMT
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Liz
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Post by Liz on Apr 14, 2018 10:07:18 GMT
I hope you aren't suggesting these are hot 😫
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Post by eascogo on Apr 14, 2018 10:39:05 GMT
Interesting news item. Aspiring burglars may like to note the alternative way of accumulating a decent pension pot: "Statute of limitations laws [US laws presumably] on the robbery have expired, which means the suspected thief and the Maryland man will not face charges".
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