syalith
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Post by syalith on Sept 29, 2019 19:27:34 GMT
If they've come clean about the sale price what is it? I can't see anything in the updates about a price although it does say it is enough to repay 1st charge holders so really if I'm being selfish that's good enough for me but there is no sale price anywhere? What p****ed me off was that the updates have talking about a specific buyer since April. No mention of him/her/it paying a 25K holding deposit? Such a deposit would be paid soon after a sale is agreed in principle and is paid well before the main conveyancing legals are started. Yet the update prior to this one was talking IMO nonsense about lawyers and documentation being completed and agreed. It is, in my opinion, all utter rubbish. Even if they repay, we deserve an explanation and apology for the how shall I put it.... somewhat economical with the truth? I would certainly be very happy (4 figures happy) to be proved wrong. I agree, the updates are still not clear enough however this one is a huge improvement over the previous ones, which were as you say, utter rubbish. You're correct, they don't tell us the exact sale price but do tell us it's slightly more than enough to pay back the first ranking loan, not ideal, but better than before where they told us nothing. The property was found by someone in this thread to have recently been placed back on the market so I believe this is a new buyer and not the one who's been messing us about for months on end, but again, the update is not clear and we cannot be sure. One thing that gives me hope is that I've been using Fundingsecure for a few years now and on every occasion when they've posted a confidant update like this stating that the loan will be repaid in full, it has been. I suppose for now it's just more waiting, then in six weeks time we will know for sure. If this buyer pulls out having put down £25,000 then we'll know there's something seriously wrong, perhaps structurally, with the property. As always, nothing is certain, and we can't count our chickens yet, but I'm about 85% sure this sale goes through shortly and we as first charge holders get paid out in full, whereas before this update I was expecting a 50% capital loss on the first loan.
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syalith
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Post by syalith on Sept 29, 2019 14:43:18 GMT
If you read the latest update it seems quite positive. Then remind yourself of the previous few for this year and you can see it makes no sense. That's true, they've given us false hope before, but this time seems different, they've come clean about the sale price which has revealed millions in losses for investors. You would think if they were going to continue down the path of lies and deception they would have kept that bombshell hidden, but they didn't and so I'm inclined to believe the latest update is truthful. I will be very surprised if the buyer does not recover this sum by forcing the price down. I have been thinking about this exclusivity fee and I am not happy. The way I read the update, the [new] buyer has agreed a price but isn't ready to complete for 4-6 weeks. They have paid £25k to have the property taken off the market during this time. I don't see what the purpose of a deposit would be if the price had not already been agreed upon?
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syalith
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Post by syalith on Sept 28, 2019 15:53:17 GMT
I'm over the moon with this update.
I have large sum in the first charge loan and had half written it off in my mind. I'm not home and dry yet but with the new buyer paying a £25k deposit they certainly seem committed to buying it.
The biggest positive for me is the price, it seems to be more than enough to cover the first loan with interest even after receiver's costs which was my main concern.
I invested in this loan knowing that it had a high chance of failure but figured with the extremely low LTV and 15% interest rate it was a good investment to make, even in the event of a default, and it looks like my bet may have paid off.
I steered well clear of the lower ranking loans, having had my fingers burned in the past on a much smaller 2nd charge loan, but I can certainly see why so many would have invested in it, and none of those people deserve the outcome they are likely to get.
I'll be interested to see if Fundingsecure find any success going after the RICS surveyor and their insurance, as in my mind that surveyor is as much complicit in this as the fraudulent borrower. I don't see anything coming from the legal action against the borrower - he's probably on some tropical island enjoying his ill-gotten spoils.
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syalith
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Post by syalith on Sept 17, 2019 12:24:19 GMT
Completion was expected four months ago. Fundingsecure have fobbed us off with the same "completion in 2 weeks" update repeatedly during those four months. Clearly something is wrong with the property if the buyer has not paid up after this much time. As a lender with a substantial sum in this loan I currently have: - No idea what the sale price is likely to be.
- No idea what the delays are.
- No idea when I can expect any progress.
- No hope of any meaningful update from Fundingsecure.
This, at a time when the company is spouting nonsense about improved lender communication and loan book management. How about you communicate to us the following: - The sale price, or the reasons why you are not able to divulge this.
- The cause of any delays, and the time frame for their resolution.
- The likely cost of any receiver's fees which we as lenders will be paying in an ever increasing amount as this drags on.
A one/two sentence cryptic update each month is just not adequate when you consider that £2,585,000 of retail investor's money is at stake in this loan.
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syalith
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Post by syalith on Aug 9, 2019 13:19:58 GMT
Coins already sold with capital and interest paid back in full. Great result!
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syalith
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Post by syalith on Aug 8, 2019 14:17:54 GMT
Haven't checked current prices but did you read the earlier mrclondon 's post on this thread ? I'm extremely familiar with these coins, I have some myself, they are pure silver bullion so are basically cash, there is simply no way this security will not cover the capital + interest in full. Fundingsecure could take these coins straight to any good bullion dealer and have the money the same day.
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syalith
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Post by syalith on Aug 8, 2019 14:05:47 GMT
sure is - I estimated this one at £800K - whatever I really can't see it being well over £2m! On what basis are you predicting £800k given that the borrower bought it for £375k? Surely any supposed works carried out can be dismissed as cheap, shoddy, smoke-and-mirror type stuff done with the sole intent of fooling Fundingsecure into lending more money against the same security? We've been robbed. Investors in the 2807104089 loan may get a decent percentage of their capital back, perhaps 50%, but everyone else will get nothing. I'm no expert but that's the way I see it.
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syalith
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Post by syalith on Aug 8, 2019 13:53:54 GMT
Loan has been defaulted. Should be a quick and full recovery as even at scrap silver price these are worth £56k and britannias usually attract a premium on top of that.
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syalith
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Post by syalith on Aug 2, 2019 21:29:17 GMT
It appears Bridgette lied to me.
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syalith
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Post by syalith on Aug 2, 2019 10:55:40 GMT
Bridgette from live chat tells me an update will be posted today.
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syalith
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Post by syalith on Jul 31, 2019 14:33:57 GMT
They were telling people at the investor meeting that their goal is better communication and updates yet all we see is tumbleweed.
It would literally take minutes to post an update to this loan saying "The sale has been delayed, this is the reason, and this is what we expect to happen going forward".
Isobel on live chat has just promised me an update will be posted "as soon as possible". I'll be expecting an update today then!
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syalith
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Post by syalith on Jul 30, 2019 17:09:49 GMT
Fundingsecure, it has been two months since the borrower's solicitor sent you a proposal to sort this one out. You said you would inform us of your position regarding this proposal after you had met with the solicitor.
May I ask, has this meeting taken place yet or are you waiting until after Christmas? Also, I think it would be a great idea to UPDATE investors about it.
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syalith
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Post by syalith on Jul 30, 2019 17:03:09 GMT
It has been four weeks since Fundingsecure said this would be completed within two weeks.
Personally, I think it would be a good idea to UPDATE investors as to what is causing the delay.
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syalith
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Post by syalith on Jul 30, 2019 16:58:38 GMT
This is over two months late, isn't it time to take the coins down to the bullion dealer or at least UPDATE investors as to what is going on???
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syalith
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Post by syalith on Jul 18, 2019 10:39:17 GMT
Well 7 weeks now, and despite proof of the ISA transfer being received, and cash funds there to deal with it...nothing. All questions are being ignored, phone calls brushed off. The recipient provider has now been told FS have no account in my name. So whats happening Funding Secure ?? I have twice transferred ISA funds from Fundingsecure, the first time went smoothly but the second time I had heard nothing after a couple of weeks so just assumed it had gone missing in the post. I sent the same form again and it worked with the money appearing after a week or so. Are you thieves, or liars, or just completely incompetent? Answers on a postcard...be quick going to small claims court next week They are proven liars, and are certainly completely incompetent, but I'm not sure they are thieves.
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