r1200gs
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Post by r1200gs on Jul 5, 2017 12:34:00 GMT
Think about it - who goes to a pawn shop? Me, I had to use a Pawn brokers back in late February 2013, I pawned my Wedding band (17 grams 14 Ct Gold) to pay for a critical antibody blood test for my wife who had been refused assistance by the NHS; we had no savings left after fighting Haemophilus influenzae 'B' alone for 133 days. Such an arrogant pontification as the one you have expressed stupefies. When I read his comment, I immediately thought of a certain infamous Dutch landlord who called tenants " ".
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r1200gs
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Post by r1200gs on Jul 5, 2017 9:16:23 GMT
Is it possible to identify this loan by its Reference Number? I am having difficulty finding it just using Whitehaven. Just go to "all loans". I suspect you are looking on the available loans page? It comes up straightaway. You'll recognise it by the contractors just putting up some nice façade to finish it off. NOT! (Hole in the wall).
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r1200gs
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Post by r1200gs on Jul 5, 2017 8:49:40 GMT
What do you realistically expect? FS is lending to the very lowest in the food chain of borrowers. These are people who can't get financing from anywhere else, are not credit checked and who would fail if they were. Defaults, dodgy projects and even fraud are only to be expected at these interest rates. "The cheque is in the post" will be the most frequent comment. Lenders' expectations on this platform are way too high. If you're making over 8% you are doing very well. As for earning 11% to 12% - forget it! Think about it - who goes to a pawn shop? Expecting realistic updates is expecting too much? Are you serious? Please spare me the condescending lecture on returns, we all know we are not going to get the headline rate. That does not mean we should be fed the sort of utter tripe that FS have been giving out on the likes of the hole in the wall, certainly not after they must have been inundated with lenders pointing out that the borrower was lying. They are STILL issuing total nonsense on that loan! Well, until somebody tells me that those timber frames really could be up next week.
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r1200gs
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Post by r1200gs on Jul 4, 2017 11:39:35 GMT
Well I'm not a builder, but unless there has been substantial work we are unaware of, I don't see how it's possible to get those frames up next week. Honestly, I'm waiting for the update that says they are just doing the final decoration, and still we get pictures of a hole in the wall. Nothing would surprise me any more. Have you never heard of 'skyhooks'? Extensively used in the field of Engineering that I used to inhabit ..... They do exist you know. I was actually sent to collect one when I first started work. I think they were out of stock at the time. Actually, come to think of it, I was sent a few places to get them, always out of stock. Seriously though, with every update on this loan, I am starting to feel very angry indeed. This is taking the mickey on a monumental scale. Assuming skyhooks are still tricky to come by, we're going to need some foundations. Can any of you with some knowledge suggest how long it would take to get that site ready for the timber frame? Is it remotely possible it could go up next week?
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r1200gs
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Post by r1200gs on Jul 4, 2017 11:28:02 GMT
Oh gawd! Entire pipeline prefunded yet again! No way did I do that.
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r1200gs
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Post by r1200gs on Jul 4, 2017 10:31:57 GMT
maybe you should read the update like this: "Timber frames should be going up next week (w/c 10/7/17)": company who made the frame want to get rid of it and be paid for, so they are delivering next week . "Borrower met with contractor today onsite": panic, site is not ready, can we place it somewhere? Well I'm not a builder, but unless there has been substantial work we are unaware of, I don't see how it's possible to get those frames up next week. Honestly, I'm waiting for the update that says they are just doing the final decoration, and still we get pictures of a hole in the wall. Nothing would surprise me any more.
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r1200gs
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Post by r1200gs on Jul 4, 2017 10:05:12 GMT
"Borrower met with contractor today onsite. Timber frames should be going up next week (w/c 10/7/17"
Everything I can sell is sold, withdrawal made today.
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r1200gs
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Post by r1200gs on Jul 2, 2017 12:03:08 GMT
I must admit, a couple or three repayments is desperately needed now, if only for the confidence factor. If I remember rightly there was a biggie due to repay soon. C'mon Lendy, let's see some cash returned. Try sending in the boys. It is a matter of confidence - Repayments would help, but better if some defaulted loans saw some resolution. A big one - such as the Gloucestershire Six would kill several birds with one stone I could not agree more. I'm still thinking that SM famine is only a few repayments and default resolutions away, but I'm feeling optimistic in the sunshine!
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r1200gs
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Post by r1200gs on Jul 2, 2017 11:41:29 GMT
I must admit, a couple or three repayments is desperately needed now, if only for the confidence factor. If I remember rightly there was a biggie due to repay soon. C'mon Lendy, let's see some cash returned. Try sending in the boys.
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r1200gs
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Post by r1200gs on Jul 2, 2017 11:34:17 GMT
I think we need to remember that winning a court case and receiving payment from the resulting judgement are two different events -- often separated by a considerable time. Do we know whether the borrower actually has received any payout from the successful case yet? 09dolphin : ? ? ? According to the FS updates the borrower hasn't yet won the court case, it's been adjourned. I'd also agree that winning a court case and receiving the compensation monies are not the same thing, no guarantees at all, I also find the court case a totally irrelevant smoke screen. Even if monies are received by the borrower will he hand them over to pay off this loan? Seems a long shot at best. This loan is pure incompetence by FS. It proves that any scammer can scam FS without much hard work. With the exception of my "not available for sale" parts, my entire portfolio on both accounts is for sale and mostly sold already. I did think about going through them all very carefully, but decided to lose the lot. I wouldn't say I would never lend here again, but if I ever do it will have to be a very good loan indeed. As to the court case, I said some time back that I knew somebody who won a case and years later still didn't have the money. I don't know if he ever got it. Regardless, as has been pointed out already, we loaned against security for a building project and that loan was never to exceed 70 of the value of the security. We did not lent to fund legal action in the hope we get paid out from the proceeds of a court case. five tranches, the last one sold on the basis that the project was going well with the foundations down. And we have a nearly cleared hole in the wall. And despite FS knowing full well that they have been fed a pack of lies and knowing they have some very unhappy lenders, FS have continued to pass on updates from the borrower without checking if they are true or not. That is disgraceful. Latest one being that the contractor is on site followed by works continuing. I have £1500 in this FS, and I better get it back.
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r1200gs
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Post by r1200gs on Jun 30, 2017 16:46:05 GMT
Ninth tranche of Development Funding £523,013 now in the Pipeline (complete with a more detailed IMS update) With £272k already underwritten on this loan (SM availability minus SM queue) and with £819k available on the SM - how long will it take for this tranche to fill?
Personally, I'm up to my limit on this loan although I have no intention of selling it in the current climate. I think I have to see it through to term.
I am very tempted to add a little to help with the development but it would not do my diversity any good at all!
I'm in exactly the same boat. At the end of the day though, I have let the diversity rule slip a little on a couple of loans.
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r1200gs
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Post by r1200gs on Jun 30, 2017 10:05:50 GMT
Interesting - I always wondered why these loans fill on the pipeline when there are amounts on the SM, but you just provided a good reason - confidence in the loan and a wanting to see development progress and the loan to complete (which as investors in the loan we want to see) Never considered that before On Monday I prefunded the tranche on DFL019 and was asked (here) why I didn't simply buy from the SM.
My response (here) included two reasons, the first of which was to add money to the loan - the same sentiment as warn (above) and lendinglawyer (here).
From this we can see that there are some investors who have realised this difference but others have not. It is certainly an obvious difference once pointed out but I think many investors have missed this point (as I did until it hit me a few weeks ago).
Perhaps Lendy Support or Paul64 should make an effort to publicise this difference; it may just help a little in filling tranches with prefunding.
That's certainly something I had never thought about before. I must say, as somebody who is pulling all my funds out of one platform due to the appalling misinformation regarding progress being made by one borrower, I am very happy indeed to see the IMS report.
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r1200gs
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FundingSecure (FS) in Administration
Not for resale?
Jun 29, 2017 12:27:11 GMT
Post by r1200gs on Jun 29, 2017 12:27:11 GMT
As threatened over a certain hole in the wall fiasco, I intend to pull out of FS completely and have listed what I can. Can anybody explain what circumstances trigger "not for resale" for me?
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r1200gs
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Post by r1200gs on Jun 28, 2017 15:43:26 GMT
And just as my funds are arriving from my FS wind down. Perfect. :-)
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r1200gs
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Post by r1200gs on Jun 28, 2017 13:18:23 GMT
I have lived at same address for over 20 years and always sailed through any checks until Lend Invest who wanted copies of documents. I queried it and a manual check resolved it but it was because I had been mistakenly flagged as a "politically exposed person" as I had a similar name to, I guess, a "politically exposed person", whatever that might be. So, always worth querying it IMHO. en.wikipedia.org/wiki/Politically_exposed_person
Basically, they are subject to enhanced AML and KYC requirements.
Or just a flat out refusal of the banks to do business with them, hence them appearing on P2P platforms on occasions. SS had one with a very nice boat. Anyway, MT have been on the phone (nice touch) and explained that they have run the new details and still not coming back verified, we know not why. She also informs me that my local friendly bank manager should be able to verify the docs in a jiffy and shouldn't charge me, unlike the Belgian lawyer wanting stupid money. So, all good I think
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