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Post by crystal on Mar 5, 2019 11:07:21 GMT
I would imagine there is no alternative property outside of FS's existing portfolio that hasn't already been used as security previously. I realise that this has been commented previously but the valuation does beggar belief / tilt towards professional negligence IMO.
Given the high level meeting, it is odd there is no update for the other (soon to be sold?) properties associated with this borrower.
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rookey123
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Post by rookey123 on Mar 5, 2019 18:24:11 GMT
I felt reasonably comfortable with a second charge as even with the valuation a bit over it should pay back. Even with buyer beware I'm not sure FS should be offering 3rd and 4th security on stuff like this. It is so risky and I would really question whether some lenders would understand this degree of risk. Like all the other loans FS need to get a grip and start enforcing the security which to my knowledge they are able to even with a second charge.
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chunkie
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Post by chunkie on Mar 5, 2019 20:36:01 GMT
I recall it didn't sell for 2.5 million in the two years it was listed (2016/2017) so it is probably not worth 2.5 million even now.
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Post by mrclondon on Nov 12, 2019 22:42:51 GMT
Loans have been defaulted on the website. (All the other loans to this borrower were defaulted a few weeks ago).
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Post by overthehill on Feb 2, 2024 13:02:04 GMT
2nd charge Farnham, Hertfordshire - Renewal (1226727175)
Written off. 350k. Loan active 2104 days. LTV 46%. Return -100%. Nothing criminal to see here.
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Post by lostinspace on Feb 2, 2024 13:54:57 GMT
What the F*@k.
I had a large sum invested in the 1st charge at 13% LTV and nothing recoverable.
There must be so much more to this than we are being told.
Needs a full investigation into fraud by either funding secure or the administrators on how this could happen. The FCAs seal of approval on this company has ruined my retirement life.
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adrian77
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Post by adrian77 on Feb 3, 2024 12:13:37 GMT
I remember this one - I think this farce has been going on since 2017!
Here's what I wrote ages ago
I recall this bloke lost an industrial claim for not paying a staff member holiday pay or similar but can afford a racehorse(s) - nice bloke...
I am not in this loan but related ones
Yes something is very wrong here
Has anybody got the final figures as I would be really interested - has the first charge repaid as this is not clear to me
This house is or was on the market for £3.4m so how the hell did FS get into this mess?
I thank you
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Post by overthehill on Feb 3, 2024 13:21:45 GMT
I remember this one - I think this farce has been going on since 2017! Here's what I wrote ages ago I recall this bloke lost an industrial claim for not paying a staff member holiday pay or similar but can afford a racehorse(s) - nice bloke... I am not in this loan but related ones Yes something is very wrong here Has anybody got the final figures as I would be really interested - has the first charge repaid as this is not clear to me This house is or was on the market for £3.4m so how the hell did FS get into this mess? I thank you Notes say 1st charge lender will incur a loss so nothing for us. zero details for the FS investor plebs as per normal.
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iRobot
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Post by iRobot on Feb 3, 2024 17:28:15 GMT
Has anybody got the final figures as I would be really interested - has the first charge repaid as this is not clear to me Notes say 1st charge lender will incur a loss so nothing for us. zero details for the FS investor plebs as per normal.Strange. CG&Co could use it as an exercise to demonstrate just what expense they/FS have been put to for zero reward. Well, I say 'zero reward', CG&Co are of course stripping every last penny from other loans that do actually return something, however little. Nonetheless, I'd have thought that, from their perspective, it would be useful propaganda. (Edit: presumably the CC get to see all the gory details... they have to sign payments off, so... )
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 3, 2024 18:21:43 GMT
Notes say 1st charge lender will incur a loss so nothing for us. zero details for the FS investor plebs as per normal.Strange. CG&Co could use it as an exercise to demonstrate just what expense they/FS have been put to for zero reward. Well, I say 'zero reward', CG&Co are of course stripping every last penny from other loans that do actually return something, however little. Nonetheless, I'd have thought that, from their perspective, it would be useful propaganda. (Edit: presumably the CC get to see all the gory details... they have to sign payments off, so... ) Doubt it ... CC have zero involvement in payments ... only platform with lender loan distribution sign off is Lendy
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iRobot
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Post by iRobot on Feb 3, 2024 19:17:10 GMT
(Edit: presumably the CC get to see all the gory details... they have to sign payments off, so... ) Doubt it ... CC have zero involvement in payments ... only platform with lender loan distribution sign off is Lendy Probably bad phrasing on my part; I was thinking of this extract from the Admin's report:
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