damar
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Post by damar on Aug 24, 2017 7:50:27 GMT
I still have funds in 6,7 & 8 but after September the 18th, i guess these will be resisted and we will paid up.
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damar
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Post by damar on Aug 23, 2017 9:24:12 GMT
I have been thinking about these property loans: clearly many of these developers are playing Russian Roulette after being handled a free pistol by FC. One property loan has already been defaulted and I think at least 5 others are on the brink. What worries me is that FC have made an almighty "Horlicks" of these property loans and they really don't want to default any more as the publicity will be extremely damaging. What I suspect they will do is NOTHING until Sept 18 and then they will re-finance these loans under the general wrappers. What this would mean is that these very poor loans will be lost in the fog, they will default and FC will simply dispose of the assets in a fire sale as the cheapest option to them. The end result is that these toxic loans will be paid for by the overall investors (very fair!) by a reduced return. True the original late property loan holders may get their loan back with interest but I hate to think how long that would take. I don't think that is fair either. The chap in T*******Y must be kissing the ground and praising the Good Lord! Of course I may be wrong and FC will default T*******Y as they stated they would about 2 weeks ago..... Any comments welcome I agree, however if you sign up for the new scheme, where you can't pick and choose your loans, then this is unavoidable, I will just be glad to get my money back out.
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damar
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Post by damar on Aug 22, 2017 5:35:15 GMT
I'm now totally out, well apart from the Tewkesbury property loans, but thats another story.........
Gadget makes a good point, some people want to spend more time on their investments, and therefore get a better return, others just want the 'balance managed' portfolio, that gets them a better return than the bank, this option is now being taken away, which will suit some but not others. Personally I like to spend a bit longer as the compounded effect of the few extra percent makes a difference.
I have watched the returns go down over time on FC as it gained in popularity, but as they say, when everybody else wants to get in, its time to get out.
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damar
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Post by damar on Aug 21, 2017 6:14:08 GMT
i sold all mine this morning, I thought there may be a rush, mine will go to Lendy & Funding secure
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damar
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Post by damar on Aug 21, 2017 5:13:43 GMT
Missed this bit:
A simpler selling process Just tell us how much you’d like to withdraw and you can sell a selection of your loan parts directly to other investors. The option to sell individual loan parts and set a premium or discount will be removed.
Oh dear
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damar
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Post by damar on Aug 21, 2017 5:10:38 GMT
Morning,
This morning there is an update which tells us that from 18th September we can no longer choose which loans we can invest in, we will have two options, Conservative or Balanced.
FC will then bid on all loans for you, conservative being A & A+, balanced being A+ to E, also maximum loan part sizes will be £100.
Personally, this will be the end of the small amount of funds I have in, as I liked the ability to pick who I invested in.
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damar
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Post by damar on Aug 16, 2017 16:59:44 GMT
I chased them again for a more time bound update, as there are no dates on the last update, probably because they keep missing them.
This was the response.
Thank you for your email regarding the above loans.
We are expecting the confirmation to come from the external very shortly, however I cannot provide a definite time frame at this stage unfortunately. Please be assured that I am in constant communication with the case manager of this particular loan frequently and will update you once we have a little more definitive information for you.
As mentioned in the comments, we will be sure to update you once we have confirmation or more of an exact time frame for when we expect this confirmation.
I apologise I cannot be of further assistance in the meantime.
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damar
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Post by damar on Aug 8, 2017 19:52:57 GMT
Ok, so i pushed them a bit more, i sent them this in response
Thanks,
your last comment was steps would be taken to default the loan, please can you confirm which steps have been taken
Thanks
Their reply was
Thank you for your reply.
I understand that the last comment advised that we were taking steps to default the loan. Following our last update we are in direct discussions with the external lender to come to a solution that is in the best interests of investors.
We will provide an update outlining the next steps once the discussions are resolved.
I appreciate that it is important to be kept updated on this late loan, and can only apologise for this delay. Thank you so much for your patience with this, and I'm sorry for the inconvenience caused.
If I can assist with anything else, please let me know.
So we still have no idea.
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damar
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Post by damar on Aug 4, 2017 17:13:13 GMT
I chased them for an update and as expected, they have given full details.......
Thanks for your email regarding the Tewkesbury property loans.
I understand that an update was due on Thursday, regarding this late loan.
We are currently finalising a few matters with the borrower, and will provide a further update on the circumstances early next week.
Please accept our sincere apologies for the delay in providing an update, I can appreciate that this may be inconvenient, given the timescale that was provided.
However, if there is anything else I can assist with in the meantime, please do let me know.
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damar
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Post by damar on Aug 2, 2017 11:37:01 GMT
Tomorrow is D-Day for these loans, who thinks they will be defaulted?
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damar
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Post by damar on Jul 23, 2017 7:50:30 GMT
This apparently is the reason for not defaulting.
Thank you for your email regarding the Tewkesbury property loans, I understand your frustration caused by this and I hope to alleviate some of the concerns regarding this.
We will default a property loan if we are uncertain that the properties will complete, or if we believe the borrower is not in a position to pay the remaining amount of the loan. Whilst we appreciate there have been significant delays with funds being repaid for the Tewkesbury loans in particular, our Property team are in regular contact with the borrower, and they have good visibility on the progress of the developments. The sites are regularly visited, and with the current late property loans it is a case of when, and not if, the loans will be repaid.
If we were to default a property loan, then we would look to exercise first charge rights. However, as the borrower is currently in advanced stages of re-financing these loans, defaulting these property loans is likely to be counter-productive at this stage. Exercising first-charge is likely to take a number of months, and as a result, it could take a significantly extended period of time until any money is received.
Therefore, investors are more likely to have their funds repaid quicker if we work with the borrower to ensure that their loan is settled as soon as possible.
I appreciate the ongoing delays may instill some concerns given that investors are only updated via the loan comments whenever we have any further information to provide. Having said this I would like to assure you that the property team are in regular contact with the borrower and are working as hard as possible to ensure that the external re-finance is completed as soon as possible.
I hope this provides a sufficient level of clarification to your query. If you have any further questions then please do not hesitate to get back in contact.
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damar
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Post by damar on Jul 19, 2017 19:23:37 GMT
I have to agree with this, the communication needs to be a whole lot better.
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damar
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Post by damar on Jul 18, 2017 5:25:50 GMT
Wouldn't it be nice on some of these late property loans if the comments stated something to the effect of "...we have seen evidence that...." rather than "...the borrower has advised.....". Once might have a bit more faith in the FC minions who look after these things. This. The endless "The borrower has advised..." frankly gets a bit trying as the borrower keeps being proved wrong. I perfectly willing to leave it to the experts as to if t's a good idea to put the loan into default and start proceedings but a hint of what FC are doing would reassure. "We have visited the sites and..." "We have spoken to the external lender and confirm...." "We have seen correspondence confirming..." They claim to have seen the offer of finance, see my earlier comment
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damar
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Post by damar on Jul 12, 2017 18:32:46 GMT
i Pushed them for more information about if they had seen any documentation and this was the response
I can confirm that the property team have seen the new lenders offer of finance and this has been evidenced by the borrower. In addition the borrowers legal team are working towards finalising the legal documentation requested by the new lender. In regards to the late interest this will be paid to investors when the facility is refinanced.
I hope this answers your question, if you have any further questions then please do not hesitate in getting back in touch with us.
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damar
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Post by damar on Jul 12, 2017 8:16:13 GMT
I questioned FC on these loans and this was the response:
Thank you for your email regarding the Tewkesbury property loans, I understand your frustration caused by this and I hope to alleviate some of the concerns regarding this.
We will default a property loan if we are uncertain that the properties will complete, or if we believe the borrower is not in a position to pay the remaining amount of the loan. Whilst we appreciate there have been significant delays with funds being repaid for the Tewkesbury loans in particular, our Property team are in regular contact with the borrower, and they have good visibility on the progress of the developments. The sites are regularly visited, and with the current late property loans it is a case of when, and not if, the loans will be repaid.
If we were to default a property loan, then we would look to exercise first charge rights. However, as the borrower is currently in advanced stages of re-financing these loans, defaulting these property loans is likely to be counter-productive at this stage. Exercising first-charge is likely to take a number of months, and as a result, it could take a significantly extended period of time until any money is received.
Therefore, investors are more likely to have their funds repaid quicker if we work with the borrower to ensure that their loan is settled as soon as possible.
I appreciate the ongoing delays may instill some concerns given that investors are only updated via the loan comments whenever we have any further information to provide. Having said this I would like to assure you that the property team are in regular contact with the borrower and are working as hard as possible to ensure that the external re-finance is completed as soon as possible.
I hope this provides a sufficient level of clarification to your query. If you have any further questions then please do not hesitate to get back in contact.
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