09dolphin
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Post by 09dolphin on Jun 20, 2016 14:01:29 GMT
I've checked on FS website and there's nothing about current thoughts about investment that I can access (perhaps I'm looking in the wrong place). Will check on this site. It seems to me that this is still a good investment in terms of the past history and the quality of product taking into account the low LTV.
More to the point I'm concerned about the fact they say the loan ends on 6th and it's now 20th. Is this normal and why don't FS have an escape clause if the loan is extended .
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09dolphin
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Post by 09dolphin on Jun 20, 2016 12:50:37 GMT
I note that the "date ended" for the microsculptures was 6th June. It is still active and filling so very slowly.
Can anyone give a guess as to when it will be either withdrawn or filled?
I know that it has been a learning opportunity for me. Just I actually believed FS when they said it would end on 6th.
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09dolphin
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Post by 09dolphin on Jun 20, 2016 12:38:42 GMT
Most - not all- of the property loans I've invested in pay interest late. FS seem to give the property loans several extra months to pay the interest - which I understand. Other loans, if they don't pay interest etc within a month to renew are closed down. FS do not make clear the fact that property loans are normallygiven several months leeway to pay interest and this may affect investors decisions.
I may be very wrong but FS appear to treat property loans very differently to other loans. This is not reflected in the interest rates, especially as they seem to accept that 70%+ LTV is acceptable to them
As property loans appear to be less likely to pay interest at the end of the 6 month period why is 12% considered adequate?
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09dolphin
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Post by 09dolphin on Jun 4, 2016 16:37:36 GMT
Shame this loan wasn't made to a company as the we would have a PG or debenture (based on information from another thread).
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09dolphin
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Post by 09dolphin on Jun 3, 2016 20:12:25 GMT
In a couple of loans the update has said that interest has been or will be "part paid". I understand that this is a gesture of good faith and I respect that the borrower is trying their best to pay.
I understand the concept but I'm not sure what it means for investors. I know that the partial payment isn't made to investors and appears to be held by FS.
Can anyone give a more fulsome explanation of the implications to lenders.
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09dolphin
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 2, 2016 7:27:30 GMT
Post by 09dolphin on Jun 2, 2016 7:27:30 GMT
Thanks Mrclondon.
Must have had a senior moment when I invested. I had money from 2 of the previous loans burning my pocket and it didn't register that they'd not given a date for interest to be paid from.
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09dolphin
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FundingSecure (FS) in Administration
Defaulted loans
Jun 1, 2016 17:16:49 GMT
Post by 09dolphin on Jun 1, 2016 17:16:49 GMT
Worrying that the South Wales loan repayment (already significantly late) has been held up since last Friday by a bank! But no worries as FS are confident the loan will be repaid this week.
Seem to recall they expressed the same confidence with the Scottish Boatyard loan which has defaulted.
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09dolphin
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FundingSecure (FS) in Administration
New Loans (FS)
Jun 1, 2016 17:09:18 GMT
Post by 09dolphin on Jun 1, 2016 17:09:18 GMT
Surprised the micro sculptures loan only has about 21k pledged as it has significantly paid down original loans
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09dolphin
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Post by 09dolphin on May 26, 2016 13:21:52 GMT
OMG. Yet another property loan that will probably still be on my books 3 - 4 months after it should have paid interest.
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09dolphin
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Post by 09dolphin on May 26, 2016 13:16:38 GMT
Almost all my loans are now set for repayment at term as I've lost confidence in FS.
With the 6 loans I have that are late + the boatyard loan FS have expressed confidence in all repaying, usually by "next week" which never arrives. With a little more openness and honesty I may have still trusted FS but they choose to take the position that all borrowers are being totally honest and open when they state that they have funds ready to transfer to repay interest.
In my opinion they were great when dealing with pawn broking but have left an awful lot to be desired when they started concentrating on property loans.
There are other P2P lenders I can lend money with who are better dealing with the property market IMHO
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09dolphin
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Post by 09dolphin on May 24, 2016 12:35:03 GMT
If there is an "eyewatering" loss will be interesting to hear why FS accepted the valuation. Especially as the 90 day sale price was for the amount FS persuaded their lenders to lend without a hint about the exit strategy of the borrower. I assume they knew what the exit strategy was.
Is it any wonder why FS have lost my trust.
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09dolphin
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Post by 09dolphin on May 24, 2016 12:24:37 GMT
The borrower asked for a meeting with FS on 23rd May. Would be good if FS updated lenders
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09dolphin
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Post by 09dolphin on May 24, 2016 12:12:55 GMT
I personally have decided not to lend anymore on property loans. Especially as the property loans I have lent on seem to ask for extensions. which FS always seem to grant.
My understanding was I had lent money for 6 months rather than for whatever period FS decided they'd extend the loan for.
At the moment I have quite a few loans which should have been either renewed or repaid. FS assure me that they expect payment "next week". Just "next week" never seems to come.
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09dolphin
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Post by 09dolphin on May 24, 2016 12:02:53 GMT
Re property loans.
My problem is that borrowers seem to rarely pay back after the 6 months when the loan is due in my experience. Could be I've just selected the wrong loans. FS seem very happy to grant extensions to anyone who asks and I think they should inform lenders that a 6 month loan can be extended by 1, 2 3 months.
If I lend money for 6 months is it so unreasonable to expect repayment of the loan in 6 months.
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09dolphin
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Post by 09dolphin on May 19, 2016 16:48:14 GMT
Considering selling all my loans too.
Too little information re loan repayments that are overdue. Too little information re large loans (above 500K) on offer.
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