ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
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Post by ozboy on Aug 23, 2017 21:01:44 GMT
Glad that they have pulled it, however they did say that the investor was a certified HNW individual, so certified by who? as he is obviously pretty dodgy if he already has a loan against the assets on FS (more fool them for not holding it, nice to see they are still competent). Yep, you'll recall that when Registering with Platforms there's usually a choice of boxes to tick so that the Platform can "bracket" you and/or your risk awareness, I imagine it's another idiot FCA requirement. This geezer/ette probably ticked the box that said " Yes, I'm a HNW" - so they're Certified!!!!
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copacetic
Member of DD Central
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Post by copacetic on Aug 23, 2017 21:07:21 GMT
The difference between Unbolted and FundingSecure is eye opening. I was reasonably happy with this loan as it was describe on UB but FS took the painting valuation at the top end of the range £500-800k and LTV 51% and didn't take physical custody of the asset so it and the purchaser may well disappear before the loan comes up for renewal again (and given the shenanigans the borrower is at this doesn't seem that unlikely). I'm quite glad I reduced my FS investment 6 months ago but I can see it taking a further dive in the coming months.
I'm not sure the 'high net worth individual' pedigree platforms use when writing loan summaries means much for investors as some HNWI seem to get that way by making money from other people's losses
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Ukmikk
Member of DD Central
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Post by Ukmikk on Aug 23, 2017 21:30:11 GMT
A HNWI who has to start pawning their assets can't be all that HNW anyways, in fact probably just a plain old I like the rest of us..
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ben
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Post by ben on Aug 23, 2017 22:04:41 GMT
A HNWI who has to start pawning their assets can't be all that HNW anyways, in fact probably just a plain old I like the rest of us.. Plenty of HNWI are asset rich but cash poor. However I would have hoped for a certified HNWI as a borrower it was a bit better then just a tick to say yes I am honest.
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ding
Member of DD Central
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Post by ding on Aug 23, 2017 22:17:56 GMT
Certified HNW individual = several multiple choice yes/no answers?
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Post by lucas01 on Aug 23, 2017 23:45:23 GMT
I did alert Unbolted earlier that FS had a loan out on this painting. Took me a few minutes to work out where I'd seen it before.let's just say Unbolted (Rito) was shocked to hear this, and I gave them what info I could. I'm glad Unbolted have reacted in this way to protect investors, something that can not be said about FS. I sold my FS loan part immediately, to not hold the security is shocking, if they do then there is a fake about.. Then there is the typical FS exaggerated valuation to boot. Do they use insurance valuations?!! Can't get out of FS quick enough, except I'm stuck in the Whitehaven debacle. Another story..
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
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Post by stub8535 on Aug 23, 2017 23:57:56 GMT
I did alert Unbolted earlier that FS had a loan out on this painting. Took me a few minutes to work out where I'd seen it before.let's just say Unbolted (Rito) was shocked to hear this, and I gave them what info I could. I'm glad Unbolted have reacted in this way to protect investors, something that can not be said about FS. I sold my FS loan part immediately, to not hold the security is shocking, if they do then there is a fake about.. Then there is the typical FS exaggerated valuation to boot. Do they use insurance valuations?!! Can't get out of FS quick enough, except I'm stuck in the Whitehaven debacle. Another story.. lucas01 I would like to say a massive Thank You for notifying unbolted and protecting our interests. Power of the crowd works again.
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Post by dan1 on Aug 24, 2017 0:12:16 GMT
I did alert Unbolted earlier that FS had a loan out on this painting. Took me a few minutes to work out where I'd seen it before.let's just say Unbolted (Rito) was shocked to hear this, and I gave them what info I could. I'm glad Unbolted have reacted in this way to protect investors, something that can not be said about FS. I sold my FS loan part immediately, to not hold the security is shocking, if they do then there is a fake about.. Then there is the typical FS exaggerated valuation to boot. Do they use insurance valuations?!! Can't get out of FS quick enough, except I'm stuck in the Whitehaven debacle. Another story.. Welcome to the forum... ..and thank you for alerting Unbolted to the existing FS loan.
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ben
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Post by ben on Aug 24, 2017 0:20:57 GMT
which loan is it on FS?
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Post by dan1 on Aug 24, 2017 0:23:30 GMT
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ben
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Post by ben on Aug 24, 2017 0:29:30 GMT
thanks, not one I am in but thought there would be a lot more on the secondary market as chances are if FS does not have that one it does not have the others either.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 24, 2017 0:33:22 GMT
thanks, not one I am in but thought there would be a lot more on the secondary market as chances are if FS does not have that one it does not have the others either. If FS does not have this one then then its ltv must be above 150%. No surprise there then!
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Post by dan1 on Aug 24, 2017 0:38:36 GMT
thanks, not one I am in but thought there would be a lot more on the secondary market as chances are if FS does not have that one it does not have the others either. It's £800k of the £970k asset valuation, so the others are minor in comparison. A couple of listings for £375 and £175 went at -0.4% earlier but nothing compared to the £495k loan. I don't hold it either but if I did it would be for sale at -1%!
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Aug 24, 2017 2:02:52 GMT
thanks, not one I am in but thought there would be a lot more on the secondary market as chances are if FS does not have that one it does not have the others either. It's £800k of the £970k asset valuation, so the others are minor in comparison. A couple of listings for £375 and £175 went at -0.4% earlier but nothing compared to the £495k loan. I don't hold it either but if I did it would be for sale at -1%! Has it been posted on the FS area yet?
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greatmarko
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Post by greatmarko on Aug 24, 2017 8:31:44 GMT
It's £800k of the £970k asset valuation, so the others are minor in comparison. A couple of listings for £375 and £175 went at -0.4% earlier but nothing compared to the £495k loan. I don't hold it either but if I did it would be for sale at -1%! Has it been posted on the FS area yet? I've just spoken with FS - they are aware of the situation and inform me that they will be updating the loan shortly to "reassure" investors that they do in fact have possession of the painting EDIT: There's now a thread in the FS forum on this.
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